Following the transaction, Penta Real Estate becomes the leading developer of the Bubny project, while the newly established investment group of Michal Strnad has acquired a 35% stake and J&T retains the remaining 15% interest as a financial investor. The new ownership structure brings together significant development expertise and long-term investment capital for one of the largest and most ambitious urban regeneration projects in the Czech Republic.
Commenting on the transaction, Milan Rákosník, Partner at Clifford Chance Prague Association, said: “Bubny is an exceptional development opportunity that will help shape the future of Prague, and we are proud to have assisted Penta with its investment in this landmark project. We greatly value the continued trust of the Penta team and look forward to supporting them as the project moves forward.”
Bubny-Zátory is one of the largest remaining brownfield development areas in Prague's wider city centre, spanning more than 250,000 square metres between the Vltavská and Nádraží Holešovice metro stations. The area is expected to undergo a major transformation into a new mixed-use urban district comprising approximately 25 city blocks and up to 10,000 apartments, with the capacity to accommodate around 25,000 residents. The development is expected to combine housing, workplaces, public amenities and high-quality public spaces, supported by existing transport infrastructure, including the newly developed Praha-Bubny railway station.
The Clifford Chance team was led by partner Milan Rákosník, with strong support from senior associates Šárka Hrdá and Šimon Dušek and junior lawyers , Maciej Gorski Dominik Čtvrtníček, Lada Reisnerová and Natálie Kurková. While counsels Jan Dobrý, Tomáš Brožek, senior associate Ondřej Dolenský additional specialist support.