Clifford Chance

Clifford Chance advises Atrium on acquisition of Palac Flora shopping centre in Prague for €191m

Clifford Chance has advised Atrium European Real Estate Limited on the acquisition of a property company holding the Palac Flora shopping and office centre in central Prague from its joint owners, AFI Europe and Avestus Capital Partners.

Clifford Chance's role was to advise the buyer on the acquisition transaction and on the simultaneous refinancing. The acquisition was in line with Atrium's strategy of acquiring prime, income producing, supermarket anchored shopping centres in the tier one cities of its target
'A' rated and above markets of Czech Republic, Poland and Slovakia.

Palac Flora shopping centre is one of the prime shopping centres in Prague with a gross letable retail area (GLA) of 20,000 sqm plus 17,600 sqm of office space on its upper floors. The strong performance of the centre has attracted a very powerful tenant mix and managed to maintain
its high profile since 2003.

The Clifford Chance team was led by partner Emil Holub, primarily assisted by senior associates Lubomír Bartál from the Prague office real estate team and Miloš Felgr from the finance department.