Wolf Theiss has advised the Sekyra Group on its forward sale of the Opatov II residential project to Dostupne Bydleni Ceske Sporitelny and the Vienna Insurance Group's Kooperativa Pojistovna.
The Sekyra Group has operated in the Czech real estate market for more than twenty years and is currently developing projects with a total area of over one million square meters.
According to Wolf Theiss, “the Opatov II project will become one of the first cases of affordable housing sponsored by the private sector in the Czech Republic and one of only a few cases of rental housing projects in general. This is part of a new trend in the residential market in the Czech Republic, as soaring mortgage rates limit buyer demand and force developers to adapt their business strategy to offer more rental projects than before the current crisis. The project will comprise over 300 apartment units, half of which will be rented to key workers in local municipalities at 20% below market value.”
The Wolf Theiss team included Counsel Tomas Kren, Senior Associate Barbora Malimankova, and Associates Dan Schneeweiss and Matej Korger.
Editor's Note: After this article was published, CEE Legal Matters learned that Wilsons advised both purchasers on the acquisition as well as Komercni Banka as the financing bank. The firm's team included Partner Martin Bendik and Legal Assistant Tomas Vohrabal.