DORDA Advises Eastern Property Holdings in a Further Acquisition of an Office Building in Vienna
June, 2020 - Vienna, Austria
Eastern Property Holdings ("EPH") has successfully signed the acquisition of another prominent and centrally located office building in Vienna. EPH was advised by DORDA led by real estate partner Stefan Artner and by Magdalena Brandstetter (Attorney, Real Estate and Construction Law).
The property is located at Lassallestraße 1, which is part of the Quartier Lassalle, a growing office location in Vienna's upcoming 2nd district near the city centre with excellent transport links. The building itself was constructed in 1993 and is currently being renovated; completion is expected in 2022. Once all renovation and construction work has been completed, the building will have a total of around 29,000 m² with 150 underground parking spaces and 70 outdoor parking spaces. The property will be used as a mixed-use building, offering a diverse, modern working environment with modern office concepts, future-oriented workspaces and technical refinements. Among others, the City of Vienna and the State Police will be tenants of the building.
"We have already advised EPH on another deal in Vienna and are pleased that we were able to successfully negotiate and sign this acquisition. The Quartier Lassalle is next to Praterstern, which is amidst one of the largest inner-city urban development areas in Vienna. It is a great property with an excellent infrastructure and numerous leisure opportunities nearby, creating an optimal work-life balance", says Stefan Artner.
The parties have agreed not to disclose the price of the acquisition. The closing is still subject to various closing conditions, but is expected in the coming weeks.
About Eastern Property Holdings
Eastern Property Holdings is an investment company listed on the SIX stock exchange. The company has an extensive real estate portfolio with a total value of around EUR 1.3 billion. As part of its geographical diversification and strategic intentions to stablise values and cash flows, the company currently invests exclusively in Western Europe. EPH is managed by Valartis International Ltd., a wholly owned subsidiary of Valartis Group AG.
