Clifford Chance has advised Allianz Real Estate Germany GmbH on the establishment of a joint venture between affiliates of the Allianz Group and a real estate vehicle of the Austrian company SES Spar European Shopping Centers GmbH for the purpose of acquiring the "Fischapark" shopping centre in Wiener Neustadt, Austria.

By acquiring a share in "Fischapark", Allianz complemented an existing joint venture with SES established in 2013 which has a portfolio comprising seven other shopping centres in Austria, Italy and Slovakia (the "Senza Confini Portfolio"). 

Fischapark was first opened in 1996 and, following recent refurbishment and extension work, the total leasable area is now around 46,000 m², accommodating more than 100 separate retail outlets. It is the largest shopping center in the region and one of the largest companies based in Wiener Neustadt.

The two affiliates of Allianz Group acquired just under 50 per cent in "Fischapark" by means of a capital increase. The other holding of just over 50 per cent remains to be held by SES, which will also continue to manage the center. The implementation of the transaction is still subject to antitrust clearance.

Clifford Chance advised on the purchase agreement, the joint venture agreement as well as on an Asset and Center management contract for "Fischapark" which was agreed with affiliates of SES Group.

The Clifford Chance team was led by partner Dr. Christian Keilich and comprised counsel Henning Aufderhaar and transaction lawyer Elmostafa Habib (all Real Estate, Frankfurt).