Sat, Oct
52 New Articles

CMS and Squire Patton Boggs Oversee Sale of Galleries Louvre in Prague

CMS and Squire Patton Boggs Oversee Sale of Galleries Louvre in Prague

Czech Republic

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

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).

Firm's website: www.prkpartners.com

Our Latest Issue