CMS has advised Spanish investment fund Azora Europa l on its sale of the Galleries Louvre office property in Prague to Redstone Real Estate. Squire Patton Boggs advised Redstone on the deal. The price was not disclosed.
Galleries Louvre is a mid-sized office building offering approximately 4,800 square meters of administrative space and is fully and long-term let to tenants such as Lukoil Accounting and Finance Europe (LAFE), the Vseobecnazdravotnipojistovna (VZP) health insurance company, and the Stadler engineering company.
“We are very satisfied with the sale of Galleries Louvre," said Anna Szelc of Azora Europa. "It is a high quality project located in an established and still improving area. It has been appreciated by international tenants with whom we extended the leases during last six years. The decision on the sale was taken considering the positive investment mood in the Czech market and the internal strategy of the fund."
“Galleries Louvre, as a well-established asset in a growth location, fits well in our opportunistic strategy to seek tenants who appreciate attention and high-quality service," added Richard Moravek, the founder of Redstone Real Estate. "With our strong financial backing and an experienced team which keeps expanding, we are confident to build a growth-oriented portfolio of assets located in the Czech Republic and Slovakia."
The CMS Prague team consisted of Partner Lukas Hejduk and Associates Petr Koral and Michal Samek.
The Squire Patton Boggs team was led by Partner Radek Janecek and included Senior Associate Hana Cekalova and Associates Lenka Nova and Marek Hrubes.
Image Source: europaproperty.com