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International law firm, SJ Berwin has advised long standing client Matrix European Real Estate Investment Trust Limited (MEREIT) on the sale of the IZD Tower in Vienna to a joint venture between Signa Recap Development Fund 1 and a large German insurance group, for a headline price of €212.25 million. Wolf Theiss led on Austrian law matters. The property is a substantial office tower adjacent to the United Nations in the Donaustadt region of Vienna. The sale releases €64.4 million of cash of which €35 million will be utilised in-line with the Lloyds Banking Group refinancing, put into place at the beginning of the year. The sale is the latest in a package of measures MEREIT has been undertaking over the past two years in order to degear and stabilise the portfolio. Following the sales of Munster, Montpellier and IZD, together with the refinancing of the Company’s LBG debt, all of which SJ Berwin advised upon, the Company’s gearing is now 64.6% LTV, placing the Company in a strong position to look to future growth. The SJ Berwin team was led by corporate real estate associate Steven Cowins and corporate real estate partner David Ryland. The Wolf Theiss team was led by partner Nikolaus Paul, finance associate Lothar Cladrowa and real estate associate Andreas Eder. The purchasers were advised by partner Stefan Eder of Benn Ibler.
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