Binder Grösswang Advises UBM Development on Sale of “Nordbahnviertel” Housing Project to BUWOG Group
The Binder Grösswang real estate law team advised UBM Development on the sale of its housing project in Vienna’s “Nordbahnviertel”. The site of the former Nordbahnhof railway station in the 2nd municipal district is one of the city’s most popular urban development locations. The total purchase price agreed upon with the buyer, the BUWOG Group, was approximately EUR 50 million.
The Nordbahnviertel urban housing project is the largest and one of the most attractive currently under development in the Austrian capital. A new urban quarter with residential units, offices, green spaces and businesses is being built on a total area of 85 hectares, in immediate proximity to the city centre and only a few minutes away from the Prater park and the Danube Island. In cooperation with a project partner, UBM Development is constructing three buildings with a total of 181 privately financed and affordable residential units as well as commercial and shopping premises, plus 59 parking spaces, on two lots with a total area of 10,850 m2, close to the pulsating city centre. Construction was begun in September 2020, with completion planned for the autumn of 2022.
The sale of the project companies took place on 30 September 2020 in the form of a share deal. Together with a project partner, UBM Development will complete the project as its general contractor.
The Binder Grösswang team comprised Markus Uitz (partner, real estate / M&A) and Michael Delitz (senior associate, real estate / M&A).