Dentons advised Penta Real Estate, the real estate division of Central European investment group Penta, on the €250 million sale of the Waltrovka office complex in Prague, Czech Republic, to Munich-based real estate fund manager GLL Real Estate Partners (GLL), a member of Macquarie Group. On this transaction, GLL acted together with LB Asset Management on behalf of South Korean investor Hanwha Investment & Securities.

The 80,000 sqm Waltrovka office complex, consisting of the Aviatica, Dynamica, Mechanica I and II and Walter buildings, was completed between 2015 and 2018. The buildings are leased to a broad range of sector diverse tenants including Johnson & Johnson, Oracle, Sberbank, Strabag, Amrest, and Astra Zeneca. This project has received several national and international real estate awards, including the CEE Quality Awards for the best development project in Central and Eastern Europe in 2016.

Penta was represented by Cushman & Wakefield and Dentons, and GLL by Wilsons and CBRE.

Jiří Stržínek, Partner and Co-head of the Real Estate practice in Prague, led the Dentons team on the transaction, supported by a Prague-based team led by Markéta Tvrdá, Partner with Associate Jakub Nosek.

Jiří Stržínek said: “We were delighted to advise Penta on this landmark sale to Korean investors advised by GLL. The deal was completed in a relatively short time despite the complexity and high value of the transaction.”

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