Schoenherr has advised the shareholders of Austrian freight wagon holding company ERR Rail Rent Vermietungs GmbH ("ERR") on the sale of 100 % of their shares in ERR as well as 33.3 % of their shareholding in the asset management company ERR European Rail Rent GmbH to Aves One AG ("Aves One"), a logistics equipment company.

Schoenherr supported the sellers on the drafting of the share purchase agreements and the negotiations with Aves One. The share purchase agreement was signed and announced on 22 August 2016, while closing of the transaction is expected to take place in October 2016. The purchase price for the acquisition of the ERR group companies amounts to EUR 33.5 million.

Through this acquisition, Aves One will nearly double its total value of assets under management to more than EUR 400 million. In addition, Aves One will increase its freight wagons inventory to over 4,200 units. The participation in the ERR asset management company enables Aves One to cover the entire freight transport value chain. Jürgen Bauer, the managing director of ERR's Austrian freight wagon holding company will be appointed to the Board of Aves One as COO.

Aves One is a global asset owner of logistics equipment based in Hamburg. ERR is a freight transportation company focusing on the rental of freight wagons for rail-bound transport.

The Schoenherr team consisted of Alexander Popp (partner, corporate/m&a) and Miriam Simsa (attorney at law, banking & finance).

Gleiss Lutz advised the shareholders of ERR on the German law aspects of the transaction. Huth Dietrich Hahn provided legal advice to Aves One in Hamburg alongside Jakobljevich & Grave Rechtsanwälte GmbH in Vienna.