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.