Clifford Chance

Clifford Chance advises CA Immo on the acquisition of Visionary office building in Prague

Clifford Chance has advised CA Immobilien Anlagen AG (CA Immo) , an Austria-based stock listed real estate company specialising in office properties in Central European capitals, on the €68 million acquisition of 'Visionary', an A-class office building in Prague. The seller was Skanska, one of the leading development and construction companies in Europe.

The Visionary project was completed in April 2018 and features 23,000 sqm of gross leasable area. Located in Prague 7, one of the most dynamically developing districts in Prague, the building is currently around 91% occupied with tenants such as Accenture, Business Link and WMC/ACTUM Digital. The A-class office building is expected to receive LEED Platinum and WELL Core & Shell certifications (the first to do so in the Czech Republic).

On closing the transaction, Dr. Ingo Steinwender, Group Head of Legal Affairs of CA Immo, commented: "Following the purchase of the office complex Campus 6.1 in Bucharest earlier this year, the acquisition of this landmark building in the emerging district Prague 7 – (Holešovice), with great future development potential, is the next step in the expansion of our CEE core portfolio. We worked closely with Clifford Chance on both transactions, in Bucharest and in Prague and have been extremely satisfied with their level of advice and dedication, not only in purely legal matters but also in overall transaction advisory.”

The Clifford Chance team advising on the transaction was led by the Prague office's head of real estate Emil Holub, with senior associate Milan Rákosník acting as executive lawyer. The team further comprised of junior associates Josef Lysoněk and Matej Kučera.