Clifford Chance

Clifford Chance facilitates landmark transaction as Finep sells residential property to Mint Fund for almost CZK 1 billion

The Prague office of Clifford Chance has advised Finep, a prominent Czech developer, in the sale of a residential complex in Hloubětín to the Mint residential fund. The transaction's value is approaching one billion Czech crowns.

In this landmark transaction, Finep sold a residential complex in the Hloubětín district of Prague, comprising 168 units. Building on their previous cooperation, Clifford Chance assisted Finep in preparation and negotiation of the documents and final closing of the transaction. The project involved the conversion of a former industrial facility, the Veltex building, into a vibrant residential hub, offering a diverse range of unit types, including studio apartments and spacious two and three-bedroom flats. At present, this marks Finep's ninth project sold under such terms.

Finep, a leading real estate developer, boasts a 23-year history as a market influencer on the Czech real estate market. Over the years, the firm has delivered over 15,000 residential units and 200 houses. Finep remains committed to diverse housing options, including personal ownership, cooperative ownership, and rental solutions, emphasizing affordability.

Mint is a retail real estate fund focused on residential properties. Over the last two decades, it has successfully managed real estate investments for a range of global institutions and large private investors from the Czech Republic. The value of these assets consistently exceeds 15 billion Czech crowns. This marks Mint's fourth acquisition, following Vysočany, Brno, and Plzeň.

The Clifford Chance team was led by Counsel Milan Rákosník and supervised by Partner Emil Holub. The core team further consisted of Associate Josef Lysoněk, Junior Lawyer Jiří Krejča and Paralegal Daniel Honc.