DLA Piper advised Israeli billionaire Teddy Sagi on the acquisition of a 24.79 % stake in Viennese real estate company, conwert. The shares were sold by Austrian entrepreneur Hans Peter Haselsteiner.

The deal, which involved the Hakim family trust and Albona Limited selling their 21,160,921 shares, was completed on 13 May 2015.

conwert Immobilien Invest SE was founded in 2001. With a portfolio of approximately 25,000 apartments the firm is known as one of the largest real estate companies in the German-speaking market.

Christoph Mager, partner and head of the Corporate group in Vienna, said: "I am very pleased with  the successful conclusion of this deal, which is an important one for the Austrian and German real estate market. This transaction was a perfect opportunity to apply our interdisciplinary, cross-border M&A expertise."

The DLA Piper team was headed by partner Christoph Mager and included senior lead lawyer  Johanna Höltl, partner Christian Temmel, senior associate Suzy Park, associate Miriam Astl (Corporate) as well as partner Franz Althuber, senior associate Daniel Varro (Tax) and Florian Schuhmacher (Litigation & Regulatory). Tax partners Konrad Rohde and Martin Heinsius from the Frankfurt office assisted.