Schoenherr has advised REDSIDE investiÄnĆ spoleÄnost, a.s. (“Redside”), the manager of the real estate open-ended investment fund NOVA Real Estate (SICAV), on its acquisition of the Panorama Business Center building, from Dutch closed private investment fund MINT FUND 8 B.V. The closing took place on 1 December 2016. Schoenherr advised Redside on the due diligence process, on negotiations related to the transactional documentation and assisted with the signing and closing.
“We saw this year a surge in commercial real estate transactions in Prague with both local and international investors showing interest in this sector. The Panorama Business Center is a well-known building in downtown Prague and we are thrilled that we could support Redside on this transaction,” said Gabriela PorupkovĆ”, Schoenherr real estate partner.
Built in 2000, the Panorama Business Center is a modern office building in the centre of Prague. It offers 6,800 m2 of leasable floor space and 91 parking places in the underground garage. The building has 8 floors and 3 underground floors.
Redside, part of the ASB Group, provides extensive services related to company formation and accounting, as well as reporting, tax advisory and trust management. Founded in 2012, Redside manages qualified investor fund assets worth billions of Czech crowns. The company offers its services in particular to private equity investors and financial groups, Czech developers and real estate investors, as well as foreign asset managers and institutional investors. MINT FUND 8 B.V. is one of Mint Investments’ funds, a leading Central European manager of real estate investments.
The Schoenherr team advising Redside consisted of Gabriela PorupkovĆ” (partner, real estate), Miroslav Dudek (attorney, real estate), Otakar Fiala (attorney, corporate/m&a), Denisa AssefovĆ” (attorney, ip/it & life sciences), Christoph DĆ¼rr (associate, real estate) and Jakub KarfilĆ”t (associate, real estate).
ASB Consulting were the financial and tax advisors to Redside, and construction consultancy Sentient provided technical advice and support. MINT FUND 8 B.V. was supported by CBRE.
