Wilson & Partners have advised the Irish investment and development company Markland Holdings Limited on its sale of two multifunctional buildings in Prague to the VIG Fund, an Austrian real estate investor that was represented by Schoenherr. The transaction closed on July 21st, 2016.
The buildings, which are located at Revolucni 1 and 3 in the historical center of Prague, offer 6,300 square meters of retail space and 7,700 square meters of office space. The sale follows several others by Markland in the Czech Republic, including the Klimacentrum mixed use scheme and the Kotva Department store. Bryan Wilson, who led the Wilson & Partners team on the sale with colleague Monika Kajankova, commented “I’ve been advising Markland now for the past 14 years and to sell another asset is an achievement. It has been 14 years where we have seen the market peak and trough but to maintain a constant working relationship with the same client over this period of time has been a pleasure.”
The Schoenherr team was led by Partner Gabriela Porupkova, who commented that: "Commercial real estate investment in Prague is on the rise, drawing the interest of both foreign and local investors. The acquisition of these premium retail and office assets in the centre of Prague illustrates the appeal of the market and the persistent demand for premium and high street properties.”
Porupkova’s team at Schoenherr consisted of Attorney Miroslav Dudek and Associates Katerina Jancova and Christoph Durr, as well as Attorneys Otakar Fiala, Jitka Linhartova, Natalie Rosova, and Veronika Hockova.
