DORDA advises GalCap on the purchase of a property in Vienna
DORDA's real estate law experts support GalCap in the acquisition of a mixed-use building in Vienna-Meidling. The sellers are UBM and Invester.
Vienna, 6 March 2020 – DORDA partner and head of the real estate practice group Stefan Artner and lawyer Magdalena Brandstetter advised GalCap Europe on the purchase of a property in Pohlgasse in 1120 Vienna. It is being contributed as a start-up property to the open special fund "GalCap - Austria Immobilien I" of the German investor platform 2IP and has been part of the Ekazent portfolio, which comprises 28 properties with almost 7,000 m2. UBM and Invester have taken over the portfolio from Bank Austria as a construction right as part of a joint venture. After the sale to GalCap they will remain responsible for the development until completion. The sale amounting to EUR 28.65 million was carried out in a forward share deal.
Fund launch in Vienna's 12th district
The property "Pohlgasse 26" with 121 privately financed rental apartments and a supermarket on the ground floor should be completed by the end of 2021. It is located in Vienna-Meidling near the shopping street Meidlinger Hauptstraße and offers an excellent infrastructure with an underground station and the Meidling railway station within walking distance.
"The property in Pohlgasse in Vienna-Meidling is an ideal prelude to our client's open special fund. We are happy that we were able to provide GalCap with legal support in this purchase and thus enable them to set in motion their intended strategy for the Austrian market," says Stefan Artner, who heads DORDA's award-winning real estate practice group.
"Through further purchases the open special fund 'GalCap - Austria Immobilien I' is to be expanded to a total volume of up to EUR 250 million in the near future", according to GalCap. At least half of the fund volume is to be invested in Vienna, with a further focus on the metropolitan areas of Linz, Graz, and Salzburg.
GalCap is a leading real estate investment manager based in Vienna, operating in Austria and CEE and overseeing real estate engagements over their entire cycle. With the investment vehicle of the special fund following the German Investment Act, GalCap and 2IP (Institutional Investment Partners) are pursuing a defensive investment strategy in Austria, in which a combination of medium-sized office buildings with many smaller residential properties is intended to generate an ongoing distribution of four percent p.a.
DORDA is a leading law firm in Austria, advising in all areas of business law. In addition to Corporate, M&A, real estate and tenancy law, banking and capital markets law, the firm's practice areas comprise insolvency law and restructurings as well as dispute resolution, tax law, competition/antitrust law, employment law, public law, data protection, IT, IP, and media law.