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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
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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

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HAVEL & PARTNERS, attorneys-at-law, with offices in Prague, Brno, Bratislava, Pilsen, Olomouc, and Ostrava, has a team of 220 lawyers, tax advisors and 500 employees in total, is the largest independent law firm in Central Europe.

Our clients include large international companies, leading Czech and Slovak firms, including strategic state-owned companies and public sector authorities, as well as medium-size businesses, individual entrepreneurs, and investors. We advise approximately 100 of the Fortune 500 companies, and almost 50 of the Czech Top 100 companies. HAVEL & PARTNERS currently provides its services to a total of 2,000 clients. We have the most comprehensive international support available to both Czech and Slovak law firms. We provide legal and tax advice in 12 world languages in more than 90 countries around the globe. Up to 70 % of the transactions we deal with involve an international aspect.

HAVEL & PARTNERS was named the best law firm operating in the Czech Republic by the prestigious British rating agencies Chambers and Partners (2020) and Who’s Who Legal (2018, 2019). It is also the most successful law firm, providing the most comprehensive legal services in the Czech Republic and Slovakia, based on the total number of all nominations and awards in all years of the Law Firm of the Year awards. The firm became the absolute winner of this competition four times in the last six years, receiving the main award Domestic Law Firm of the Year in the Czech Republic (2015, 2017, 2018, 2020) and ranking as one of the most recommended law firms in all categories of law. Our company is also a three-time winner of the Law Firm of the Year award for Best Client Services (2015, 2016, 2019). In the field of M&A, HAVEL & PARTNERS is the best law firm in the Czech Republic based on the annual International Advisory Experts awards (2018, 2019). In Slovakia, it also won the prestigious global M&A Today Awards (2013–2018) for Mergers & Acquisitions six times in a row, and repeatedly won first place in the ranking by Lawyer International Legal 100 (2017, 2018). Prestigious international rating agencies EMIS DealWatch and Mergermarket have ranked HAVEL & PARTNERS among the leading law firms by the number of transactions completed in the entire CEE region since 2009. Based on annual awards of the Acquisition International magazine, HAVEL & PARTNERS has become the Law Firm of the Year 2019 in the M&A category in the CEE region.

Firm's website: https://www.havelpartners.cz/en/

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