Austrian property developer S + B Group is selling the DC Tower 3, which will be finished by 2021 on the Donau City site in the north of Vienna, for more than 100 mio euros to Greystar Real Estate Partners. The deal marks the first investment of the American property developer, investor and manager, specializing in student and other build-to-rent multi-occupancy buildings, in Austria. At 110 meters, the DC Tower 3 will provide more than 900 student apartments, from 20 to 40 square meters, on 34 floors.
The closing took place on Thursday, 25 October 2018. The transaction was executed as a share deal in the form of a forward purchase. The subject of the deal was not only the sale of the developed property including the building permit, but also the construction of the tower.
Hule Bachmayr-Heyda Nordberg has advised the entire transaction with lead counsel and partner Dr. Christian Nordberg, lawyer Dr. Stephanie Langer (Real Estate) and associate Lisa-Marie Unterpertinger (Public Law). Hule Bachmayr-Heyda Nordberg has previously advised the S + B Group in the purchase of the area on which the DC Tower 3 is now being constructed.