White & Case advises on landmark financing for REICO’s acquisition of prestigious Prague property

Global law firm White & Case LLP has advised the financing banks on the acquisition of Palladium, a prestigious mixed-use property in Prague, by REICO investiční společnost Erste Asset Management, which represents the largest single-property deal ever completed in the Czech market.

"The White & Case team supported the financing banks in this landmark transaction, which sets a new benchmark for the Czech commercial real estate market," said White & Case partner Jan Linda, who led the Firm's deal team. "The deal's successful completion demonstrates the strength and sophistication of the Czech financing environment and the continued attractiveness of prime assets in Prague."

Financing for the acquisition was provided by a syndicate of four banks, led by Erste Group Bank AG as coordinator and facility agent, for a €400 million loan. The syndicate also included Česká spořitelna, Komerční banka and UniCredit Bank.

Palladium offers nearly 60,000 square metres of retail and office space, including 17,500 square metres of offices and 866 parking spaces. It is a key retail destination in central Prague and has maintained full occupancy over the long term.

The White & Case team in Prague which advised on the transaction was led by partner Jan Linda and included partner Václav Kubr, local partner Radek Kraus and associates Bohuslav Hrdý, Lucie Zanášková and Gabriela Blahoudková.

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