UBM Development, a leading European real estate developer, and ARE Austrian Real Estate GmbH, a subsidiary of Bundesimmobiliengesellschaft (BIG) specialising in office and residential properties, are jointly developing part of the Aspanggründe in Vienna's 3rd district and a project area in Munich-Moosach. The cooperation is a joint venture in Austria and in Germany through mutual shareholdings in the property-owning project companies. On almost 14,000 sqm (Vienna) and almost 28,000 sqm (Munich), realisations of mixed-use neighborhoods with primarily apartments, commercially used space and offices are planned.

The completion of the transaction is subject to the approval of the relevant competition authorities and is expected for mid-2020.

ARE Austrian Real Estate was advised by DORDA led by partner Stefan Artner. Hogan Lovells (Germany) led by partner Martin Günther advised ARE on the German side of the transaction.

Eisenberger & Herzog advised the UBM Group in Austria and GSK Stockmann on German law.

"I would like to thank all parties involved for their flexibility and cooperation, especially in the current Corona situation. We have been advising ARE Austria Real Estate GmbH for many years and are pleased that we were able to successfully negotiate and implement this cross-border transaction with our long-standing client," says Stefan Artner.

Advisors ARE

DORDA: Stefan Artner (Partner, M&A, Real Estate), Heinrich Kühnert (Partner, Antitrust law), Julia Berent (Attorney, Corporate), Marie-Luise Pugl (Attorney, Real Estate and Construction, Corporate law), Caroline Lessky (Associate, Real Estate, Landlord and Tenant Law, M&A, Corporate Law) and Lisa Todeschini (Associate, Antitrust law)

Hogan Lovells (Munich): Martin Günther (Partner, Real Estate), Tim Hinrichsen (Associate, Real Estate ), Nikolas Zirngibl (Partner, Corporate/M&A), Tobias Kahnert (Counsel, Corporate/M&A), Christoph Wünschmann (Partner, Antitrust law)

Advisors UBM

Eisenberger & Herzog (Austria): Alric A. Ofenheimer (Partner, Corporate/M&A, Real Estate), Clemens Lanschützer (Partner, Corporate/M&A, Real Estate), Judith Feldner (Ppartner, Antitrust), Helena Neuner (Associate, Corporate/M&A, Real Estate), Joseph Moser (Associate, Real Estate) and Sophie Bara (Associate, Antitrust)

GSK Stockmann (Germany): Michael Stobbe (Partner, Corporate/M&A), Olaf Schmechel (Partner, Real Estate), Jennifer Bierly (Partner, Corporate/M&A), Mark Butt (Partner, Public law) and Wolfgang Jegodka (Counsel, Antitrust law)

About ARE

ARE Austrian Real Estate GmbH is a real estate company specialising in office, residential and development properties and is owned by BIG (Bundesimmobiliengesellschaft m.b.H.). ARE Development, a wholly owned subsidiary of ARE Austrian Real Estate GmbH, realises neighborhood and city district developments and freely financed residential real estate projects throughout Austria - also in cooperation with partners.

About UBM

UBM Development is a listed property developer. The strategic focus is on the three asset classes residential, hotel and office as well as on European metropolises such as Vienna, Berlin, Munich or Prague. With over 145 years of experience, UBM concentrates on its core competence, development. From planning to marketing, all development services are offered from one source. UBM shares are listed in the Prime Market, the segment with the highest transparency requirements of the Vienna Stock Exchange.