Hogan Lovells Advises UniCredit Bank on Sale of Headquarters in Czech Republic
05 January 2012
Prague, 5 January 2012 - Hogan Lovells has advised UniCredit Bank Czech Republic on the sale and leaseback of its Prague headquarters to CPI Group, and on the financing of the property acquisition.
The headquarters buildings were constructed between 1894-1896 in the historical centre of Prague under the supervision of the Czech architect Osvald Polivka, and offer 19,000 m2, including flagship premises, technical facilities and parking. The Hogan Lovells team advised the bank on the entire tender and selection procedure, vendor due diligence, transaction documentation, and liaison with the Ministry of Culture in relation to an option over the cultural heritage monuments located in the buildings. The team also acted for the bank on the financing of the property acquisition for the selected bidder.
The Hogan Lovells team advising UniCredit Bank was led by Prague partner Miroslav Dubovsky, assisted by counsel Howard Chapman, associate Bystrik Bugan and trainees Martin Kraft and Andrea Hamorska.
Commenting on the transaction, Miroslav said:
"We are pleased to have had the opportunity to support our client's team in successfully closing this project; it has been interesting to address specific features such as cultural heritage and privatisation transfer issues, as well as a Czech Ministry of Culture statutory option to buy certain historical monuments and requirements for a temporary lease of the premises. We are delighted to have worked with one of the leading banks in the Czech market on its property optimisation process".