Fellner Wratzfeld & Partner has advised IKEA on negotiations with Jo & Joe Open House, a branch of the French hotel group Accor, related to the construction of a hotel on top of the future IKEA Westbahnhof in Vienna. DSC Doralt Seist Csoklich advised Accor Hotelbetriebs.
The IKEA Westbahnhof is planned to open in 2021.
The FWP team included Partner Markus Kajaba and Attorney at Law Michael Froner.
The DSC team included Partner Wilfried Seist.
The Supreme Court of Cassation in Italy has recently rendered a decision that products containing Cannabidiol (CBD) shall be prohibited from being marketed on the Italian market, even if they contain less than 0.2% of the psychoactive substance Tetrahydrocannabinol (THC). The sale of such products had previously been permitted based on an amendment to the law regulating hemp production that removed the requirement to obtain a permit for “cannabis light.” This led to a “cannabis light boom.” The change was triggered based on the opinion of the Highest Italian Sanitary Council that even such “cannabis light” products could conceivably endanger human health. Following the Supreme Court of Cassation’s ruling, only products specified as medicinal products or certain agricultural varieties may be sold.
Similarly, in December 2018 the Austrian Federal Ministry of Labor, Social Affairs, Health and Consumer Protection (Bundesministerium fuer Arbeit, Soziales, Gesundheit und Konsumentenschutz) issued a binding order heavily restricting the use of CBD in cosmetics, food, and food-supplements, and as liquids for electronic cigarettes. And the guidelines of the German Federal Office of Consumer Protection and Food Safety (Bundesamt fuer Verbraucherschutz und Lebensmittelsicherheit) take a similar path with respect to how CBD should be classified in the various product categories. Both the Germans and the Austrians also took the fact that products containing THC often exceed the permissible threshold into account. All three countries have heavily limited the use of CBD in products which can be freely marketed without specific authorization (unlike, for instance, medicinal products).
Cannabis sativa undoubtedly constitutes a narcotic substance under the Single Convention on Narcotic Drugs and has a pharmacological effect – including, among other things, an anti-psychotic, neuroprotective, or anti-inflammatory effect. This means that products containing cannabis sativa can only legally be marketed if they have obtained a marketing authorization in accordance with the Human Use Directive if the THC content is above 0.2 % (in Germany) or 0.3 % (in Austria). Products containing CBD as an active substance are already approved as medicinal products – in Germany, for instance, such products can only be obtained via a prescription. Not only can the pharmacological properties trigger the application of the Human Use Directive, but also the presentation of the product per se. If the product is advertised using diseases related claims, the product would qualify as a medicinal product even if the THC content is below 0.2%. Austrian authorities are increasingly checking homepages advertising CBD products.
According to the EU Novel food catalogue, synthetically obtained Cannabinoids are considered novel food, thus require authorization in accordance with the Novel Food Regulation. Even if extracted in a natural way, CBD is classified as a novel food, as it is when added to traditional hempseed products, under the wording “this applies to both the extracts themselves and any products to which they are added as an ingredient.” Therefore, only traditional food such as hempseeds, hempseed-oil, hempseed-flour, or fat free hempseed proteins can be legally marketed within the European Union. The use of CBO in veterinary food supplement products is also not permissible for the German authorities, which also pursue companies sending such products via mail order to Germany.
For CBD in cosmetics there are some differences – and the Austrian Ministry strictly prohibits use in cosmetics altogether simply for the listing of cannabis in the Single Convention.
In various countries CBD is used as a liquid for electronic cigarettes as well. The Austrian Ministry states that such liquids are not permissible at all (even if the THC content is under 0.3%) out of a concern that consumers could be misled into believing that CBD liquids have a positive health effect due to the pharmacological effects. The Austrian Tobacco and Non-Smoker Protection Act does not allow any claims going into this direction. This opinion of the Ministry is triggered more by the political position that CBD products should not be on the Austrian market at all.
What can be derived from the Austrian, German, and Italian approaches? These three countries currently consider CBD products as the devil and are of the opinion that products containing CBD should not be marketed for human/veterinary consumption until scientifically valid data is available, either gained during a clinical trial or during an evaluation in accordance with the Novel Food Regulation supporting the safe use of such products.
By Karina Hellbert, Head of Life Sciences / Pharmaceutical Law, Polak & Partner Rechtsanwalte
This Article was originally published in Issue 6.6 of the CEE Legal Matters Magazine. If you would like to receive a hard copy of the magazine, you can subscribe here.
Dorda has advised European hotel developer UBM Development and real estate developer S IMMO AG on the sale of the QBC 1&2 office properties in Vienna to EPH Eastern Property Holding. Schoenherr advised EPH on the deal, which was valued at approximately EUR 233 million.
The Dorda team included Partner Stefan Artner, Senior Associate Magdalena Brandstetter, and Associate Markus Buchleitner.
The Schoenherr team was led by Partner Michael Lagler.
Editor’s note: On January 15, 2021, Dorda announced that the deal successfully closed shortly before the end of 2020.
Dominik Geyer has been promoted to Partner at bpv Huegel and will co-head its Real Estate division with Partner Michaela Pelinka.
Geyer specializes in real estate and corporate law, and bpv Huegel reports that he “advises investors, project developers and real estate funds on purchase and sales transactions, project developments and large-volume property development projects.”
“We are delighted to be able to welcome Dominik Geyer, an excellent lawyer and team player from our ranks, in the partnership,” said bpv Huegel Co-Managing Partners Florian Neumayr and Christoph Nauer, in a joint statement.
Geyer graduated from the University of Vienna in 2007 and obtained an LL.M. from the university in 2011.
Fellner Wratzfeld & Partner, working with Linklaters, Wolf Theiss, and Gleiss Lutz, achieved the successful implementation of a “Company Voluntary Agreement,” paving the way for the financial restructuring of the Steinhoff Group. Binder Groesswang and Allen & Overy advised the international creditor coordinating committee consisting of banks and funds. Latham & Watkins and Dorda advised the Secondary creditor committee, while Eisenberger & Herzog and Kirkland & Ellis advised the convertible bondholder.
On August 13, 2019, Steinhoff Group reported that, following the implementation of the Company Voluntary Arrangement, the financial restructuring has now, too, been successfully implemented.
The FWP team included Partners Markus Fellner, Paul Luiki, and Florian Kranebitter, Attorney-at-law Elisabeth Fischer-Schwarz, and Associates Carine Nsiona, Julian Zarre, Elisabeth Gehringer, and Daniel Wadl.
The Binder Groesswang team included Partners Tibor Fabian, Gottfried Gassner, Christian Klausegger, and Christian Wimpissinger, Counsel Robert Wippel, Attorneys at law Georg Wabl, Maximilian Holtl, Clemens Willvonseder, and Clarissa Nitsch, and Associates Mona Holzgruber, David Roetzer, and Patrick Mayrhuber.
The Wolf Theiss team included Partner Claus Schneider, Counsels Matthias Schimka and Eva Stadler, Senior Associates Georg Harer and Markus Taufner, and Associate Nevena Skocic.
The Eisenberger & Herzog team included Partner Marcus Benes, Attorney at law Philipp Schrader, and Associate Katharina Paar.
The Allen & Overy team included Partner Peter Hoegen and Associates Christopher Kranz and Sascha Franke
Editor’s Note: After this article was published Dorda informed CEE Legal Matters that its team consisted of Partners Felix Horlsberger and Tibor Varga, Attorney at Law Magdalena Nitsche, and Of Counsel Alexander Schopper.
BPV Huegel has worked with lead counsels Herbert Smith Freehills and Proskauer Rose in advising AnaCap Financial Partners on the sale of its majority shareholding in its German fintech business, the Heidelpay Group, to US investment firm KKR.
Financial details of the transaction, which remains subject to approval by the German Federal Financial Supervisory Authority and the Commission de Surveillance du Secteur Financier, were not disclosed. The deal is expected to close in the first quarter of 2020.
Founded in 2003, Heidelpay Group is a payment provider offering a range of payment processing services to online and face-to-face merchants. Following KKR’s acquisition, Heidelpay founder and CEO Mirko Hullemann and other key managers will remain as long-term shareholders.
The bpv Huegel team was led by Attorney at Law Daniel Reiter and included Partners Sonja Durager, Christoph Nauer, and Thomas Lettau, Attorneys at Law Holger Steinborn and Paul Pfeifenberger, and Associate Tamara Tomic.
Proskauer Rose’s London-based team included Partners Richard Bull and Rob Day and Associates Andrew Houghton and Jacky Ball.
Herbert Smith Freehills’s Frankfurt-based team included Partner Nico Abel and Associate Rudiger Hoffmann.
DLA Piper has advised a consortium of South Korean investors working with asset manager Mastern Investment Management on the EUR 375 acquisition, made as part of a joint venture with Munich-based asset manager Wealthcore Invester Management, of the Hilton Parkview Vienna. The sellers — two Austrian family firms — were represented by Invester United Benefits and advised by Schoenherr.
Mastern Investment Management acted on behalf of a consortium of South Korean investors led by Meritz Securities Co. Ltd. and including Hana Financial Investment Co. and NH Investment & Securities Co
International real estate advisor Savills brokered the transaction.
The Hilton Parkview has around 50,000 square meters of floor space, over 660 rooms, and 241 parking spaces.
DLA Piper’s Austria-based team included Partners Oskar Winkler, Christoph Urbanek, and Dimitar Hristov, Counsels Alexander Schultmeyer and Lothar Farthofer, Senior Associate Jasmina Kremmel, and Associates Danijel Ficulovic, Tristan Lind, Annika Wanderer, and Andreas Winkler. The firm’s Germany-based team included Partners Florian Biesalski and Semin O and Senior Associate Sonja Beier. DLA Piper also had a Luxembourg-based team that included Partner Catherine Pogorzelski, Counsel Ambroise Foerster, Senior associate Gersende Masfayon, and Associate Natalie Goormans.
The Schoenherr team included Partner Michael Lagler, Attorney at law Clemens Rainer, and Associate Wolfgang Rapberger.
Eisenberger & Herzog has advised SevenVentures Austria, the investment arm of ProSiebenSat.1 Media SE, on its entrance into a “media for equity” agreement with shopping.at, the online marketplace of the Austrian Post.
Eisenberger & Herzog describes SevenVentures as “the investment arm of ProSiebenSat.1 Media SE, which offers young companies support in their growth through various investment models with its large TV reach.” The firm describes shöpping.at (with an umlaut over the o”) as “an online marketplace for Osterreichische Post AG (the Austrian Post), with an extensive range of brands and products from local, regional, and national retailers.”
According to Eisenberger & Herzog, “the leading Austrian private TV group ProSiebenSat.1 PULS 4 will provide the online marketplace with substantial TV advertising. The cooperation gives SevenVentures Austria an option to acquire at least 14% of the operating company of shopping.at.”
The Eisenberger & Herzog team was led by Partners Alric Ofenheimer and Clemens Lanschutzer.
Wolf Theiss has advised Swiss logistics group Kuehne & Nagel on the takeover of Austrian freight forwarding and transportation company Joebstl. RPCK Rastegar reportedly advised Joebstl.
Kuehne & Nagel is a global shipping and logistics group with 82,000 employees at more than 1,300 locations worldwide.
The Wolf Theiss team included Partners Christian Mikosch, Matthias Unterrieder, Hartwig Kienast, and Roland Marko, Counsel Jochen Anweiler, and Associate Clemens Pretscher.
Schoenherr has advised the Tscherne family — the owners of Hotel Weismayr in Bad Gastein, Austria — on their entrance into a 20-year lease with the Selina hospitality group. DLA Piper advised Selina on the deal.
Going forward, the Hotel Weismayr — which opened in 1888 and is located in the center of Bad Gastein — will operate as Selina Bad Gastein. It will open its doors with 90 rooms and suites in December 2019.
Selina is a Latin American hospitality group that was founded in 2014 and has since expanded throughout the Americas and into Europe.
The Schoenherr team included Partner Arabella Eichinger and Associate Christoph Tittes.
The DLA Piper team was led by Partner Oskar Winkler.