Benson Elliot Real Estate Partners V, L.P. managed by Benson Elliot Capital Management LLP and Schroder Real Estate Hotels completed the acquisition of Vienna House Dream Castle Hotel and Vienna House Magic Circus Hotel from UBM Development AG and Warimpex Finanz- und Beteiligungs AG for approximately 120 million.
September 26, 2019
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Benson Elliot Real Estate Partners V, L.P. managed by Benson Elliot Capital Management LLP and Schroder Real Estate Hotels reached an agreement to acquire Vienna House Dream Castle Hotel and Vienna House Magic Circus Hotel from UBM Development AG (WBAG:UBS) and Warimpex Finanz- und Beteiligungs AG (WBAG:WXF) for approximately 110 million on August 27, 2019. The execution of definitive agreement and implementation of the transaction is subject to the conclusion of consultations with employees. The transaction is expected to complete in 2019. Alexandre Couturier, Jitka Susankova, Romain Boisset, Karen Bortolotti, Mehdi Bouzekri, Nawel Belabdelouahab, Clément Silve, Cécile Zoro, Emmanuel Maudet, Grégory Sroussi and Jérémy Guilbault of Clifford Chance acted as legal advisor to Benson Elliot and Schroder Real Estate Hotels in the transaction. Alfred Fink, Markus Asshoff, Tiphaine Puzin, Christophe Flaicher and Bertrand Hermant of Taylor Wessing e|n|w|c Attorneys at Law and Philip Hoflehner of Taylor Wessing France acted as legal advisor to UBM Development and Warimpex in the transaction. David Maria of Wildgen acted as legal advisor to Warimpex and UBM Development.
Benson Elliot Real Estate Partners V, L.P. managed by Benson Elliot Capital Management LLP and Schroder Real Estate Hotels completed the acquisition of Vienna House Dream Castle Hotel and Vienna House Magic Circus Hotel from UBM Development AG (WBAG:UBS) and Warimpex Finanz- und Beteiligungs AG (WBAG:WXF) for approximately 120 million on September 27, 2019. Warimpex will use the sale proceeds to drive forward current development projects.
UBM Development AG is an Austria-based company. The Company's business activities primarily focuses on the development, sale and management of real estate. It offer services in market analysis, project development, planning and project management, financing, rental and asset management. In addition, the Company is engaged in the development of timber construction projects and its main focus is providing green and smart building in cities such as Vienna, Munich, Frankfurt or Prague. The Company is also active as a hotel lessee. The Company's subsidiaries are UBM Development Deutschland GmbH, UBM Development Oesterreich GmbH, UBM Development Polska and UBM Development Czechia. Its subsidiary UBM hotels Management GmbH bundles the operational know-how for hotel management and combines all UBM hotel leasing operations. The Company focuses on environmentally friendly and energy-saving solutions from the design stage and realization to utilization and revitalization.
Benson Elliot Real Estate Partners V, L.P. managed by Benson Elliot Capital Management LLP and Schroder Real Estate Hotels completed the acquisition of Vienna House Dream Castle Hotel and Vienna House Magic Circus Hotel from UBM Development AG and Warimpex Finanz- und Beteiligungs AG for approximately €120 million.