Category: Austria

Schoenherr, working with Raue, has advised Allmyhomes on establishing a joint venture with a consortium of Austrian real estate experts operating as Allmyhomes Venture Partner AT. Frimmel Anetter Schaal reportedly advised the consortium.

Allmyhomes is a real estate marketing platform founded in Berlin offering data-based marketing of new-build apartments as well as financing brokerage for buyers in Austria through licensed cooperation partners.

According to Schoenherr, “the newly founded AMH AT GmbH marks Allmyhomes’ entry to the Austrian market, where it has already secured projects with a total volume of EUR 161 million. Further projects with a volume of around EUR 90 million have already been contractually agreed. Allmyhomes will hold a 75% stake in the new joint venture.”

Schoenherr’s team included Partner Markus Piuk, Counsel Teresa Waidmann, Attorney at Law Michael Marschall, and Associate Lukas Pirringer.

Taylor Wessing has advised the Amedes Group on its acquisition of the remaining 49% stake in ArchimedLife from VLSI Holding. KPMG Law advised the seller.

According to Taylor Wessing, the Amedes Group acquired the initial majority stake in Archimed Life Science in 2020, from the same seller. “With this acquisition, the Amedes Group will strengthen its competence in the field of rare metabolic diseases,” the firm announced.

Archimed Life Science is a Vienna-based company that provides and develops diagnostic services ranging from inborn errors of metabolism to oncological diseases.

The Amedes Group is a medical-diagnostic services provider for patients and physicians in private practice and hospitals.

The Taylor Wessing team was led by Partner Philip Hoflehner and included Associates Bence Toro and Cezary Dominik Kinski.

The KPMG Law team was led by Partner Stefan Arnold and included Partners Kurt Fischer and Michael Petritz and Counsel Pablo Essenther.

Wolf Theiss has advised the JP Hospitality Investors Club and the JP Immobilien Group on two hotel development and lease agreements for projects in Kitzbuehel and Trieste. DSC Doralt Seist Csoklich and Graf von Westphalen reportedly advised the two hotel operators.

According to Wolf Theiss, “the former Klausner hotel in Kitzbuehel was successfully leased to a subsidiary of DSR Hotel Holding, which will operate the hotel as Henri Country House from December 2023.”

Separately, the “hotel in Palazzo Compartimentale in Piazza Vittorio Veneto in Trieste, Italy, will welcome a new tenant: KNSA Hospitality, which will operate the hotel under the 25hours Hotels brand. The owner of the venerable hotel is PVV Investments SRL, an Italian subsidiary of the JP Immobilien Group. The opening is expected to take place in 2025.”

The Wolf Theiss team included Partner Erik Steger and Counsel Stefan Horn.

On February 13, 2023, E+H announced that Airports Group Europe’s increase of stake in the Vienna Airport through a voluntary public offer (reported by CEE Legal Matters on August 16, 2022) had closed.

Airports Group Europe currently holds a 43.37% stake in the Vienna Airport. It is an indirect subsidiary of the IFM Global Infrastructure Fund. 

“We are very pleased with the result of the public offer and the lively interest of investors,” IFM Investors Executive Director Werner Kerschl commented. “The increase in our share also underlines our commitment to a long-term and responsible commitment at Vienna Airport and to Austria as an investment location. As the largest shareholder of the airport, we look forward to continuing cooperation with the other shareholders, the supervisory board, and the executive board for the benefit of Vienna Airport.”

As previously reported, last year E+H had advised Airports Group Europe on its partial voluntary public offer to increase its stake in Flughafen Wien Aktiengesellschaft to over 40%. The offer, launched in accordance with the Austrian Takeover Act, targeted free-float shareholders (roughly 10% of total shares).

E+H also advised on the subsequent “investment control proceedings for the approval of the transaction before the Austrian Ministry of Labour and Economy, which was approved in phase II. This was the first public tender offer under the Austrian takeover act that required approval under the new Austrian investment control act. Due to Vienna Airport’s shareholding in Malta Airport, approval was also required from the Maltese investment control authority.” 

The IFM Global Infrastructure Fund is managed by IFM Investors, a global funds manager owned by a group of Australian pension funds. 

The E+H team included Partners Philipp Karaman, Judith Feldner, and Ulrike Sehrschoen, Attorney-at-Law Felix Frommelt, and Associates Laura Glibusic, Alexander Reiter, Vincenz Stockert, Marcel Neuhauser, and Titus Kahr.

Binder Groesswang, working with Davis Polk & Wardwell, has advised Lone Star on the American Chapter 11 restructuring of GTT Communications.

“Lone Star is the largest lender to multinational telecommunications and internet services provider GTT Communications. GTT Communications was able to reduce its liabilities by USD 2.8 billion as a result of the restructuring,” the firm announced. “The exit from the Chapter 11 process took place on December 30, 2022.”

Operating since 1995, Lone Star is a private equity firm that advises funds investing in real estate, stocks, credit, and other financial assets.

The Binder Groesswang team included Partners Johannes Barbist, Regina Kroell, and Christine Dietz and Lawyer Christoph Raab.

Binder Groesswang was unable to disclose further information on the deal.

CMS Partner Daniela Karollus-Bruner has been elected to the Board of the Vienna International Arbitral Center of the Austrian Federal Economic Chamber.

The Vienna International Arbitration Center, a European arbitration institution, is an agency for addressing regional and international commercial disputes. It was established in 1975 and is part of the Austrian Federal Economic Chamber.

Karollus-Bruner is the Head of the Dispute Resolution practice group and the Insurance Law team at CMS in Vienna. Karollus-Bruner has been with CMS for 23 years.

According to CMS, “working in concert with a distinguished group of arbitration specialists, Daniela will bring her expertise to bear in supporting VIAC’s mission of advancing and promoting the practice of arbitration in Austria.”

Wolf Theiss has advised Austrian state holding company OeBAG on the extension of its partnership with America Movil concerning Telekom Austria. Schoenherr reportedly advised Telekom Austria.

According to Wolf Theiss, “the shareholder agreement entered into by major shareholders of Telekom Austria is for a term of ten years. The Telekom towers will be spun off into a separate company guaranteeing shareholder rights. The agreement grants an important set of shareholder rights to the Republic of Austria, attached to the 28.42% stake it holds via OeBAG.”

According to the firm, “under the agreement, the parties aim to maintain and reinforce Telekom Austria’s leading position in the Austrian telecom market as well as to further expand its capabilities in Central and Eastern Europe. In this regard, and subject to the completion of the intended tower spin-off, the shareholders have formalized their agreement on a continued investment program with a total value of EUR 1 billion for Austria to accelerate the expansion of high-speed connectivity infrastructure, including fiber-optic roll-out and 5G mobile infrastructure.”

The Wolf Theiss team included Partners Horst Ebhardt, Florian Kusznier, and Robert Wagner, Counsels Doris Buxbaum and Isabel Firneis, Senior Associates Gregor Grablowitz and Christopher Juenger, and Associate Jessica Kerber.

Editor’s Note: After this article was published, Schoenherr announced it had advised Amercia Movil on the Telekom Austria partnership extension. The firm’s team included Partners Christian Herbst, Sascha Schulz, and Guenther Leissler and Associate Markus Fasching.

Wolf Theiss, working with Clifford Chance, has advised private equity investor Altor – on behalf of Altor Funds – on the acquisition of an 80% majority stake in Kommunalkredit Austria and entering into a partnership with the existing owners and the management of the bank.

Founded in 1958, Kommunalkredit is a provider of financing solutions for infrastructure and energy projects in Europe. According to Wolf Theiss, “with EUR 4.4 billion of assets, Kommunalkredit is expected to generate approximately EUR 120 million in net interest income in 2022, with an impressive compound annual growth rate in excess of 50% over the past years.”

Altor Equity Partners is a private equity firm focused on leveraged buyouts and growth capital investments in Sweden, Denmark, Finland, Norway, and the DACH region. Since its inception, Altor funds have raised over EUR 10 billion in total commitments. According to Wolf Theiss, “the funds have invested in more than 85 medium-sized predominantly Nordic companies with the aim to create value through growth initiatives and operational improvements.”

According to Wolf Theiss, “Altor will support Kommunalkredit with incremental capital to continue its growth trajectory towards becoming the leading sustainable infrastructure platform in Europe. The existing long-term oriented shareholders, Interritus, Trinity Investment Management, and the Austrian Association of Municipalities, will remain minority shareholders.”

Wolf Theiss’ team included Partners Florian Kusznier, Andrea Gritsch, Matthias Schimka, Eva Spiegel, Matthias Unterrieder, and Birgit Kraml, Counsels Zeno Grabmayr, Alexander Zollner, and Stefan Wartinger, Consultant Karin Spindler-Simader, Senior Associates Christopher Juenger and Phillip Wrabetz, and Associates Angela Liu and Nikolaus Wollner.

Wolf Theiss did not respond to our inquiry on the matter.

Editor’s Note: After this article was published, Binder Groesswang announced it had worked with the German office of Hengeler Mueller to advise sellers Interritus Limited and Trinity Investments Designated Activity Company. Roschier reportedly advised the sellers on Swedish law.

Binder Groesswang’s team included Partners Thomas Schirmer, Stefan Frank, and Clemens Willvonseder and Lawyer Philipp Tagwerker.

Subsequently, FWP announced it had advised Kommunalkredit on the deal. The firm’s team included Partners Markus Fellner and Kurt Wratzfeld, Attorneys at Law Peter Stiegler, Peter Blaschke, and Florian Dauser, and Associates Christoph Haberhauer and Michael Pointl.

Waste transports with a total quantity of more than 10 tonnes must be carried out by rail or other means of transport with equivalent or lower pollutant or greenhouse gas potential (e.g. propulsion by means of fuel cell or electric motor). The decisive factor is the transport distance covered in Austria, which will gradually decrease. From 1 January 2023, this obligation applies to a transport distance of 300 km or more; from 1 January 2024, the distance will be only 200 km.

An exception applies if the lorry access and departure to the railway station in Austria amounts to more than 25% of the total distance travelled in Austria. The list of relevant reloading railway stations can be found on the webpage of the Federal Ministry Republic of Austria. Next exception is given in case that the transported waste is not listed on the waste list relevant for 2023. The list can also be found on that webpage.

The rail transport obligation applies also to the transit of waste through Austria. Taking into account that the transport distance between, for example, Germany or Italy and Slovakia is more than 300 km at some border crossings, this obligation definitely also affects German, Italian or Slovakian companies, such as waste producers, waste processors, recyclers, traders or transporters.

If a transport falls under this obligation, the waste can only be transported by road if a negative confirmation from an online platform “Aufschiene” was received. This confirms that there is no capacity for the requested waste. Only this confirmation leads to exemption from punishment.

By Annamaria Tothova, Partner, Eversheds Sutherland

Green energy and ESG will be a significant focus in the coming year in Austria, with a slight upward trend expected in restructuring, alternative finance, and regulatory work, according to Wolf Theiss Banking & Finance Partner Andrea Gritsch.

“Austria, as a smaller country, is affected, just like the rest of the world, by global macroeconomic circumstances,” Gritsch says. “The impact of the invasion in Ukraine was significant due to intertwining jurisdictions and markets, leading, among other things, to rising energy prices and supply chain disruptions.”

“The impact of the EU and US sanctions that were imposed on Russia influenced the banking sector greatly,” Gritsch adds, highlighting that Russian banks – such as Sberbank – had their EU headquarters in Vienna. “Russian businesses pulled out of our geography, leaving a trail of very complex legal matters behind. In the aftermath, we advised numerous clients in dealing with the intricacies that arose due to the sanctions.”

According to Gritsch, the topic of changing macroeconomic circumstances is and will remain particularly prominent in many areas: “years of easy financing conditions appear to be at an end. The European regulators will pay close attention to what is going on, and stability ratios will receive extra attention.”

On the other hand, “the biggest positive development we are excited about is the green transition, including renewable energy projects,” Gritsch notes. “It’s going to be a very interesting year as ESG ratios continue on the daily agenda and will be one of the main focus points of the supervisory authorities. Wind farm projects, both onshore and offshore, sustainable housing, and investment into green transitions will keep our transaction teams busy.” She highlights that ESG “has become a game-changer these days. It is no longer just a matter of window dressing – companies have to show that they are serious about ESG. Assets need to be rated and certified, making it a decisive factor.”

According to Gritsch, the banks continued to finance ongoing projects and also engaged in supporting the economy through refinancings and new loans. “There will additionally continue to be a need for alternative funding, particularly due to increasing interest rates,” she notes. 

And, in 2023, the “crypto winter might be turning into a crypto spring – from a legal work perspective – as last year’s cold experience for many investors showed once again the urgent need for harmonized regulation in the virtual space,” she points out.

With regards to corporate and financial restructurings, Gritsch says that there will likely be an uptick, but nothing massive: “the mid-market might come under pressure, but not in the form of a wave. In Austria, we will probably experience a smaller impact, but neighboring countries including CEE/SEE jurisdictions could experience harder blows.”

Finally, “this demanding market situation also requires the best talent,” Gritsch says in conclusion. “It is a competitive employer’s market for law firms, with the changing expectations of young lawyers when it comes to a sense of purpose at work and the demands of one’s personal life with an impact on a lawyer’s career. This plays a major role in our strategic focus on attracting and retaining the best talent.”