SCWP Schindhelm has advised UBM Development on the acquisition of a 23,000 square meter property located near the Danube Canal in Vienna from Reitenburg. The seller, represented by B-legal, continues to hold a 10% interest in the project.
UBM Development is a European hotel developer, focusing on hotel, office, and residential areas in Germany, Austria, and Poland.
The property it purchased from Reitenburg is located in Vienna’s second district, and currently consists of an office building and a parking garage. According to SCWP Schindhelm, “UBM Development intends to develop a mixed use real estate complex combining hotel and residential with a projected development volume of approximately EUR 400 million.”
The transaction was structured as a share deal.
The SCWP Schindhelm team included Partners Immanuel Gerstner and Lukas Leitner and Associate Stella Zankl.
B-legal’s team included Attorneys Georg Blumauer, Daniela Smutny, and Veronika Fussenegger-Vanas.