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Schoenherr Advises Union Investment on Investment Into Green Worx

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Schoenherr advised Hamburg-based Union Investment Real Estate GmbH on investments that the German group made into Green Worx, the first LEED Platinum-certified office complex in Austria. Green Worx's developers were advised by Hule Bachmayr-Heyda Nordberg.

Green Worx, which is located in Vienna's second district, was jointly developed by the S+B Group and Raiffeisen-Holding Niederosterreich-Wien. Union Investment initially acquired four buildings (UNITS 1-4) with approximately 16,000 square meters of office space and underground parking in a transaction signed in March 2014 for a deal volume of EUR 50 Million.

In November 2014, another group member of Union Investment – Union Investment Institutional Property GmbH – signed a purchase agreement for three further Green Worx objects: two ibis hotels (one with 158 rooms and one with 250 rooms) and Unit 5 (a building with approximately 3,400 square meters of office space).

Schoenherr advised Union Investment on the drafting and negotiation of the transaction documentation, the signing, and the closing for these transactions, which closed in February 2015 and April 2015, respectively.

The Schoenherr team advising Union Investment on its Green Worx investments was led by Partner Michael Lagler and Counsel Arabella Eichinger, supported by Partner Wolfgang Tichy and Associates Claudia Barnhouse, Teresa Goriany, and Dieter Wohlmuth.