Working pro bono, Binder Groesswang has advised on the creation of a social impact hybrid bond to finance the CAPE 10 social project: a future medical treatment center for homeless and socially disadvantaged people initiated by Viennese doctor Siegfried Meryn.
The CAPE 10 Foundation building, which will be built in Vienna’s 10th district, will house non-profit companies devoted to the medical care of people in need, as well as profit-oriented enterprises from the health sector.
Commenting on the firm’s pro bono contribution to the project, Binder Groesswang Partner Emanuel Welten explained: “We attach great importance to giving help where help is needed. We are supporting Cape 10 because children are our future.”
The law firm is advising on the financing of the project, particularly in connection with the creation of the bond intended to get the non-profit foundation up and running. According to Binder Groesswang, “this financial instrument is a new, innovative financing model that is being used in Austria in connection with a double-digit million euro project for the first time.”
Binder Grosswang’s team included Partners Michael Kutschera and Emanuel Welten.