Crestyl group completed its acquisition of Savarin project at Wenceslas square in central Prague from Ballymore. The revitalization and development project includes the reconstruction and rebuilding of seven properties stretching from Wenceslas square to Panská street and from Jindřišská street to Na Příkopě. The price of the transaction has not been disclosed. Crestyl group was represented in the transaction by the law firm Dentons. Ballymore’s advisors in the sale of the project were lawyers Wilson & Partners and its consultants were from Cushman & Wakefield. “The stable economic environment, retail rental growth and increasing investor appetite offer an ideal time to invest into a prime Prague city centre redevelopment opportunity, in a location where there are approximately 110,000 pedestrians every day,” says Jonathan Hallett, managing partner of Cushman & Wakefield CEE.
