Almost 18 months before its completion date, scheduled for autumn 2018, SIGNA Development Selection AG has successfully sold its office project “The Icon Vienna”. The building complex, adjacent to the city’s new Central Station, is one of the biggest real estate transactions to take place in Austria this year. Transaction related due diligence processes were conducted online via Drooms’ virtual data room. The Icon Vienna consists of three office blocks (with heights of 38.5m, 66m and 88m) covering a total area of 88,000m2 and includes direct access to Vienna’s public transportation network. The transaction was carried out as a forward deal, following high leasing rates of over 50% and increasing demand from prospective tenants. Standard floors cover an average area of approximately 1,700m2 and can be split into a maximum of four rental units. Different formats are available depending on the demand for individual offices and open-space solutions.
SIGNA has been working successfully with Drooms for many years
The various parties involved in the transaction were all able to access transaction-relevant information
simultaneously via Drooms’ virtual data room in order to conduct due diligence as part of the property valuation process. In the virtual data room, the individual users were assigned the appropriate authorisations as a result of the detailed rights management system available at group and document level. This ensured that confidential information did not fall into the wrong hands. Additionally, all activities in the data room were continually rec-orded. The high-speed document display ensured a seamless transaction process for all parties involved.
Drooms has been working successfully with Signa on various projects since 2013. More than 25,000 companies around the world use Drooms. Over 10,000 complex transactions such as commercial real estate sales, IPOs and mergers and acquisitions have been concluded securely, transparently and efficiently with the SaaS provider. As the leading European provider of data room solutions, Drooms has assisted in transactions amounting to a total of over EUR 300 billion.