Wolf Theiss has advised Soravia on the sale of its "The Brick” building complex to Wiener Stadtische Versicherung. DSC Doralt Seist Csoklich advised the buyers on the deal, which was signed and closed on November 21, 2018.
The Brick, which is being developed aAs part of the Vienna’s new Biotope City, is expected to be completed by 2020. The building complex, with 23,700 square meters of floor space, includes a hotel, catering, and two office blocks.
According to Wolf Theiss, the transaction was completed as a Forward Purchase Deal. Wolf Theiss Partner Birgit Kraml, who led the firm's team on the deal, explained that: “The properties were sold as part of a share deal; further, a design and manage contractor agreement and further agreements were drawn up for future lettings at the site and to secure the separate operation of the two office buildings on the one hand and the hotel building on the other."
Kraml was assisted by Wolf Theiss Partner Erik Steger and Associates Stefan Horn and Marlene Bouzek.
The Doralt Seist Csoklich team was led by Partner Wilfried Seist and included Senior Associate Theresia Grahammer.