Eight Advisory supported PORR Group and Quaero Capital on the financing of Vienna’s new Central Vocational School

The new vocational school in Aspern will be Austria’s largest public-private partnership (PPP) construction project, notable for its unprecedented size and complexity. It will accommodate 7,500 students and 350 staff across a 26-meter-high main building and a two-storey workshop, connected by a glass bridge and an underground corridor. The timber hybrid structure spans 29,000 m² and emphasises a sustainable and energy efficient construction. The resource optimised build by LEAN Construction features sustainable elements like timber facades, green roofing, photovoltaics, geothermal energy (140 probes), and CO₂-reduced cement for an eco-friendly construction. An As-Built model is being created using Building Information Modelling (BIM), supporting efficient planning and execution. Furthermore, the building is targeting TQB certification in accordance with ÖGNB criteria, underscoring its commitment to high sustainability and energy efficiency standards. 

The project is being implemented by a consortium consisting of PORR and Apleona. Within approximately 32 months, the joint venture partners PORR and Apleona will complete the construction, allowing the school to open for operations in September 2028. 

Karl-Heinz Strauss, CEO of PORR, stated: 

“This project creates employment for up to 400 people during the construction phase. A building of this scale demands enormous quantities of materials – including 38,000 m³ of in-situ concrete and 5,800 tonnes of reinforcement. The processes required to efficiently coordinate such a project are highly complex and call for the full breadth of our expertise.

Porr Beteiligungen und Management GmbH and Quaero Capital are the equity providers for the project. PORR AG is one of the leading construction companies in Europe. As the general contractor, they are helping to shape this forward-looking educational project, focusing on the highest construction quality, sustainability and innovation. The architectural design originates from Kronaus Mitterer Architekten, and PORR subsidiary pde Integrale Planung contributes as general planner, structural engineer, and architect. Founded in 2005 in Geneva, Quaero Capital is an independent, specialist fund management firm which brings together independently minded investment managers who use original research to provide actively managed strategies for clients in the institutional and wholesale markets. 

The vocational school will be operated by German facility management specialist Apleona for 25 years after construction. The project is financed through a Public Private Partnership (PPP) model, in which the city of Vienna retains full control over the building, while it is constructed and operated by third parties at a fixed price. In addition to the equity providers, debt financing is provided by the EIB, DZ, and—for the first time in an Austrian education project—by five insurance investors led by Ampega Asset Management. These include HDI and Neue Leben (from the Talanx Group), and Wiener Städtische Versicherung (part of Vienna Insurance Group). The City of Vienna will pay an availability fee during the 25-year operation phase to cover investment and running costs. The total investment volume is approximately EUR 200 million. 

Eight Advisory team members supporting this transaction:  

• Financial advisory: Thomas Gummert, Mathias Köhler, Marco Goretzka, Christoph Zapf