Leading global law firm Baker McKenzie assisted Amundi Immobilier in obtaining their first license to launch their cross-border foreign real estate investment for private investors in Austria under the Alternative Investment Funds regime. The "OPCIMMO" fund, managed by Amundi Immobilier was established in France in 2011. Now, it will be offered to private investors in another country for the first time.
The fund mainly invests in commercial real estate in ten different countries. In Vienna, the portfolio includes the Florido Tower (height: 113 meters) and the Solaris building in St. Marx.
First license for a foreign real estate investment fund
According to the EU directive regarding alternative investment funds, Member States are free to decide whether or not to permit cross-border licenses to private investors. The Austrian AIFM Act provides for this opportunity. "However, a precondition for the means that the foreign investment fund is comparable to a domestic investment fund. Equivalence to domestic real estate investment funds primarily requires a comparable investment horizon and investor protection. In constructive exchanges, the Financial Market Authority confirmed that the OPCIMMO is, in fact, comparable to an Austrian open-ended real estate investment fund," says Dieter Buchberger. The partner in Baker McKenzie's Vienna office is among Austria's leading experts in investment fund law.
Dieter Buchberger and his team had already advised Amundi on the acquisition of BAWAG P.S.K. INVEST in 2014. Since the admission of the OPCIMMO fund to the Austrian market, he has also advised Amundi Immobilier and Amundi Austria on the legal aspects of the marketing of the fund in Austria.
Legal advisor to Amundi S.A.
Banking & Finance: Dr. Dieter Buchberger (Partner, Vienna)
Other attorneys involved
Banking & Finance: Andrea Eigner (Associate, Vienna)
Real Estate: Dr. Stephan Größ (Partner, Vienna)
Public Law: Dr. Franz Josef Arztmann (Senior Associate, Vienna)