Our Prague team provided comprehensive legal support to Union Investment throughout the transaction, the bid process and leading structuring the transaction. This cooperation follows up on the successful representation of Union Investment when acquiring Palladium back in 2015. The price for the disposal remains confidential but it is evident that this is so far the biggest single asset real estate deal on the Czech market ever.
Commenting on the transaction, Emil Holub, partner at Clifford Chance Prague Association, said: "We are proud to have supported Union Investment once again in connection with such a landmark transaction on the Czech real estate market. Palladium is a unique asset, and this deal demonstrates the continued attractiveness and maturity of Prague’s commercial property sector. It was a pleasure to guide our client through a competitive and complex process to a successful closing."
Palladium is one of the most prominent retail and commercial hubs in the Czech Republic, generating a turnover of over CZK 4 billion since 2023. Situated on náměstí Republiky in central Prague, the five-story complex features 180 retail units, restaurants, cafés, and bars, as well as office spaces and a large underground parking facility with a total usable floor space of around 60,000 sqm, of which around 17,500 sqm is office space.
Union Investment Real Estate is an active German real estate asset manager based in Hamburg, offering a comprehensive range of investment solutions across various asset classes and regions. Union Investment was founded in 1965. The team focuses on developing customised investment solutions that meet clients' requirements. Current assets under management, were amounting to EUR 52.6 bn., within 43 managed real estate funds worldwide.
Our team advising on the transaction was led by Emil Holub, partner, and Ondřej Dolenský, associate. The team was further supported by other colleagues with various experts ranging from real estate, corporate, competition to real estate finance.