The law firm Baker McKenzie advised the Kerbler group on the sale of Seeparkcampus West in Seestadt Aspern to Erste Immobilien KAG. The office building with a gross floor space of 15,500 m2 is located south of the lake, close to Seestadt's city center.
While construction works are still ongoing and expected to be completed in the fall of 2017, all spaces have already been rented out. The building will accommodate about 330 work stations and have its own customer service center. The office building is being built using an ecological construction method and complies with the requirements of a nearly zero-energy building.
The sale was structured as a share deal, while at the same time a general contractor agreement regarding the completion of the building was entered into with cetus Baudevelopment GmbH, a subsidiary of Kerbler. "We have noticed that real estate funds secure attractive objects at an increasingly early stage, investing in buildings that are still under construction", states Stephan Größ, head of Baker McKenzie's Vienna-based real estate team. "The transfer of an object that is yet to be completed presents legal challenges that are quite specific. Thanks to the excellent cooperation, we were able to solve those challenges smoothly."
From day one, Größ and his team have advised real estate transactions at Seestadt Aspern, which is one of the biggest urban development projects in Europe: a new quarter, in which more than 20,000 people will live and work, is being developed here over a period of about 20 years.
Legal advisor Kerbler group: Baker McKenzie
Lead: Real Estate: Dr. Stephan Größ (Partner, Vienna)
Other attorneys involved: Real Estate: Dr. Julia Moser (Senior Associate, Vienna), Sandra Seldte (Junior Associate, Vienna)