White & Case advises LaSalle on its first investment in the Czech Republic for ERAFP
1.06.2016Company: White Star Real Estate s.r.o.
Global law firm White & Case has advised LaSalle Investment Management, one of the world's leading real estate investment managers, on its acquisition of a complex of buildings located on Prague’s prime shopping street, Na Příkopě, from a private owner for approximately € 80 million.
Global law firm White & Case has advised LaSalle Investment Management, one of the world's leading real estate investment managers, on its acquisition of a complex of buildings located on Prague’s prime shopping street, Na Příkopě, from a private owner for approximately € 80 million.
The asset comprises three adjacent buildings located on Na Příkopě 23, 25 and 27. It combines over 4,000sqm of retail space along with a 3,153sqm office unit and is fully let to tenants including Tommy Hilfiger, Salamander and Tezenis. Na Příkopě is in the ‘Golden Triangle’, Prague’s most sought-after retail and pedestrian zone accommodating many retailers’ flagship stores for Central Europe.
“We were very pleased to support LaSalle on this landmark deal. The Prague real estate market needs this type of professional investors with a long-term focus,” said partner Petr Pánek, head of the White & Case real estate practice in Central & Eastern Europe. “The transaction also represents the first acquisition LaSalle has made on behalf of “ERAFP”, its French public service additional pension scheme, in the Czech Republic and thus allows our client to significantly expand its exposure on the Czech market”.
LaSalle is an independent subsidiary of Jones Lang LaSalle Incorporated (NYSE: JLL), one of the world’s largest real estate companies. LaSalle manages capital on behalf of more than 400 investors across the globe, including pension funds, insurance companies, sovereign wealth funds, endowments and individual investors.
The White & Case team in Prague which advised LaSalle was led by partner Petr Pánek, with support from local partner Ladislav Chundela and associate Karel Petržela.
