Dentons’ Real Estate team advised Crestyl on the acquisition of a company owning several buildings on Wenceslas Square, a prime location in Prague, for further development of a mixed-use (office and retail) property scheme. The project, is also referred to as Savarin Palace, and was sold by Ballymore Properties.

Savarin Palace comprises six separate buildings around the Square, including the baroque palace building, which is to be linked to form  a four-story upmarket mall centered around old riding stables.

Dentons’ cross-border real estate team represented Crestyl throughout the entire transaction, from the tender, through to the formation of the joint venture investment and shareholding structuring and agreements, arranging for the financing and ultimately, the acquisition.

Jiří Stržínek, Co-Head of Dentons’ Prague Real Estate group led the team, which included Corporate Partner Edward Keller, Real Estate Counsels Markéta Tvrdá, Daniel Hurych and Gary Maguire, Associates Martin Manduľák and Jan Hrivnák as well as Corporate Senior Associate Faye Garvey based in Milton Keynes.

“We are very pleased to have assisted Crestyl on the acquisition of such a prime asset in Prague, the transaction proved to be a complex one and took over six months to complete. We now look forward to assisting the client in the development phase and with other tasks on this highly attractive project” said Jiří Stržínek.

Evan Lazar, Co-Chairman of the Dentons Global Real Estate Group, added: “The commercial real estate investment market in the Czech Republic is currently on the rise, with transaction volume in Q1 outperforming all other Central and Eastern European countries this year, according to JLL’s initial research. We were happy to help Crestyl again expanding its business.”

The Global Real Estate Group at Dentons, with nearly 600 professionals, is one of the largest dedicated global real estate teams among the world’s leading international law firms and is a market leader in Canada, the US, continental and Emerging Europe, the Middle East, Asia and Africa.  Dentons Global Real Estate team offers specific, industry sector advice in Real Estate Development and Construction, Real Estate Finance, and Real Estate Investment.

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