Stefan Artner
, DORDA partner and head of the Real Estate practice group, and attorney
Magdalena Brandstetter
advised PATRIZIA AG on the acquisition of the residential project development "AIRA Tower" in Graz. They were further supported by associate
Caroline Lessky
. A particular challenge in the legal handling of the project were the regulations for the historically listed Villa Keil on the property. The urban planning specifications for the consideration of contemporary soft mobility (car sharing, cycling concepts, and incentives for public transport) also had to be taken into account.
"We have been advising PATRIZIA for many years now and are happy that we have now also been able to assist in this transaction,"
says
Stefan Artner
, head of DORDA's multiple award-winning Real Estate practice group.
"The acquisition is a strategically wise expansion of our client's portfolio in Austria and shows that the Austrian real estate market is characterised by growth, development and sustainability despite the current corona pandemic".
The AIRA Tower with 104 apartments includes a commercial unit as well as a day care in a villa on the property, which is a historic landmark. The AIRA Tower forms the entrance to the Reininghaus Gründe district, a newly developed urban neighbourhood on the former premises of a brewery between Gries, Wetzelsdorf and Eggenberg. The AIRA Tower will be completed by the end of 2021 and will be part of an area of around 520,000 sqm consisting of apartments, local amenities, offices, restaurants and educational facilities. With the development of the district, Graz is reacting to the positive population prognosis of around 30,000 new inhabitants by 2028.
About PATRIZIA AG
PATRIZIA AG has been active as an investment manager on European real estate markets for over 35 years. The spectrum of the German company includes the purchase, management, value enhancement and sale of residential and commercial real estate. As a global partner for real estate investments in Europe, the company acts for both large institutional investors and private investors.