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Schoenherr Advises Redside on Acquisition of Panorama Business Center in Prague

Schoenherr Advises Redside on Acquisition of Panorama Business Center in Prague

Czech Republic

Schoenherr has advised Redside Investicni Spolecnost, a.s. ("Redside"), the manager of the real estate open-ended investment fund NOVA Real Estate, on its acquisition of the Panorama Business Center building from Dutch closed private investment fund Mint Fund 8 B.V. The closing took place on December 1, 2016.

Built in 2000, the Panorama Business Center is a modern office building in the center of Prague. It offers 6,800 square meters of leasable floor space and 91 parking places in the underground garage. The building has eleven floors, including three underground.

Redside, which is part of the ASB Group, provides services related to company formation and accounting, as well as reporting, tax advisory, and trust management. Founded in 2012, the company manages qualified investor fund assets worth billions of Czech crowns. The company offers its services in particular to private equity investors and financial groups, Czech developers, and real estate investors, as well as foreign asset managers and institutional investors.

Mint Fund 8 B.V. belongs to Mint Investments, a leading Central European manager of real estate investments.

"We saw this year a surge in commercial real estate transactions in Prague with both local and international investors showing interest in this sector," said Schoenherr Real Estate Partner Gabriela Porupkova, who led the firm's team on the deal. "The Panorama Business Center is a well-known building in downtown Prague and we are thrilled that we could support Redside on this transaction." 

In addition to Porupkova, the Schoenherr team advising Redside consisted of Attorneys Miroslav Dudek, Otakar Fiala, and Denisa Assefova, and Associates Christoph Durr and Jakub Karfilat

ASB Consulting provided financial and tax advice to Redside, and construction consultancy Sentient provided technical advice and support.

Mint Fund 8 B.V. was supported by CBRE, but did not retain external legal counsel.

Czech Republic Knowledge Partner

For more than 25 years PRK Partners has been providing top tier, comprehensive legal services in all areas of law – always at the highest professional level. The company’s offices in Prague, Ostrava and Bratislava, as well as its specialised teams of legal practitioners and tax advisors, allow PRK Partners to offer solutions to any kind of legal issues, providing an international point of view and in-depth knowledge of the respective local legal system.

The full-service law firm has worked on many of the region’s largest and most complex transactions. The firm puts emphasis on the highest standards of quality, efficiency and flexibility in its advisory services, which are tailored to the specific requirements of each client. 

Our team is composed of professionals with international education and experience. The firm frequently works on a non-exclusive basis with leading international law firms on large cross-border transactions.

PRK Partners is consistently recognised among the top law firms by leading international and domestic directories and ratings agencies and has been honoured with numerous awards: 

• National Law Firm of the Year 2016 by the Chambers Europe Awards, the most prestigious international law firm competition. This is the fifth award PRK Partners has received since the awards were first given; National Law Firm of the Year 2014, 2013 and 2010 and Law Firm of the Year 2012 for Best Client Service.

• 2018 Best Law Firm of the Year in the category of Banking &Finance and the absolute winner in the main category of the Domestic Law Firm of the Year awards organised by epravo.cz under the auspices of the Czech Bar Association three times since the award's inception (in 2016, 2013 and 2011).

• a finalist of the Central European Law Firm of the Year category in The Lawyer European Awards 2018. 

The firm has a strong commitment to corporate social responsibility and pro bono work.

PRK Partners is the exclusive member firm in the Czech Republic for Lex Mundi, the world’s leading network of independent law firms, with in-depth experience in 100+ countries worldwide. In addition, the firm is a member of Celia Alliance, AFI (Association for Foreign Investment) and CVCA (the Czech Private Equity and Venture Capital Association).

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