DLA Piper advises Korean investors on acquisition of iconic Vienna Hilton Parkview

DLA Piper has advised a consortium of Korean investors on the acquisition of the “Hilton Parkview” congress hotel in Vienna as part of a joint venture. The consortium includes Meritz Securities Co. Ltd., Hana Financial Investment Co. Ltd. and NH Investment and Securities Co. Ltd. The investors are working with Korean asset manager Mastern Investment Management that acquired the property through a joint venture with Munich-based asset manager Wealthcore Investment Management. The sellers are two Austrian Family Offices represented by Invester United Benefits. It is one of the largest hotel transactions in Europe with a volume of more than EUR370 million.

With around 50,000 sqm floor space, prospective over 660 rooms and 241 parking spaces, the “Hilton Parkview” is one of Europe’s top 10 inner-city congress-hotels. It is centrally located directly opposite the Vienna City Park and the shopping mall “The Mall” in Wien Mitte. The central building complex includes a shopping arcade, offices and a parking garage.

DLA Piper had previously advised Korean investors led by Meritz Securities Co. Ltd. on real estate transactions in Germany. Meritz Securities Co. Ltd. is a Korea-based company specializing in the provision of securities and financial services. Its product range includes online banking services, investment advisory services, asset management services and research services such as investment strategies and corporate analysis. In addition, Meritz Securities Co. Ltd. engages in unsecured lending and private equity foundations.

The international DLA Piper team was led by partner Dr Florian Biesalski (Real Estate, Frankfurt). In Austria, a team under the leadership of partner Dr Oskar Winkler including partners Dr Christoph Urbanek (both Finance, Projects and Restructuring) and Dr Dimitar Hristov (Tax), counsels Alexander Schultmeyer and Lothar Farthofer (Finance, Projects and Restructuring), senior associate Jasmina Kremmel (Litigation and Regulatory) as well as associates Danijel Ficulovic, Tristan Lind (both Finance, Projects and Restructuring), Annika Wanderer and Andreas Winkler (both Litigation and Regulatory, all Vienna) advised on the deal. In Germany, partner Semin O (Antitrust) and senior associate Sonja Beier (Real Estate, both Frankfurt) provided advice. Further support was also provided by a Luxembourg-based team comprising of partner Catherine Pogorzelski, counsel Ambroise Foerster, senior associate Gersende Masfayon and associate Natalie Goormans (all Corporate/M&A).