Flow East filed a lawsuit claiming unfair competition in the sale of the Savarin portfolio in Prague 1. Crestyl won the tender. The Savarin portfolio, formerly owned by the indebted Irish developer Ballymore Properties, includes properties worth an estimated CZK 2bn, stretching from Wenceslas Square to Panská street and from Jindřišská to Na Příkopě in Prague 1.
Hospodářské noviny writes, that Flow East, controlled by James Woolf, offered €81.5m for the portfolio. Woolf partnered with the US investment fund HIG Capital to finance the deal. Exclusivity was negotiated with contracts agreed on 11th February with Stevan Tenant of Ballymore. This was later withdrawn and HIG understandably withdrew. Flow East found another investor. Cushman & Wakefield, which broker the transaction, said that Flow East was unable to provide a reliable financing source, writes the daily.
