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Clifford Chance advised G City Europe on retail-oriented transactions

Clifford Chance is pleased to announce the legal support of G City Europe Limited (formerly Atrium European Real Estate), a leading owner and operator of shopping centres and residential rental properties in Central Europe, in connection with their strategic transactions in the Czech Republic.

Clifford Chance advised G City Europe Limited on the purchase of a remaining 25% stake in Arkády Pankrác shopping center. The Clifford Chance team also consequently advised on the related EUR 112,000,000 of the project obtained from UniCredit Bank Czech Republic and Slovakia a.s.

Arkády Pankrác is a major shopping center in Prague, Czech Republic boasting 38,700 sqm of retail GLA and 1,030 sqm of office GLA, plus parking for 1,100 cars. With an existing metro stop and an interchange station under construction, the center is well connected and sought-after with approx. 96% occupancy rate. The 5,400 sqm adjacent land plot allows for an additional 22,500 sqm of building space. Since G City Europe obtained a 75% stake of Arkády Pankrác in 2015, the new acquisition solidifies its ownership of the widely popular retail and office complex.

Clifford Chance also supported G City Europe on recent disposal of Atrium Palác Pardubice, a shopping centre located in the heart of Pardubice, Czech Republic, and the adjacent land plot for EUR 123.8 million. The high-end shopping mall nicknamed "the heart of Pardubice city" is a vibrant shopping and entertainment hub, providing an array of amenities to visitors. The complex features an underground parking facility, game room, food court and multiplex cinema. The transaction is part of G City Europe's ongoing strategy to divest non-core assets.

The Clifford Chance team advising G City Europe on the transactions was led by the Prague office's partner and head of real estate Emil Holub, partner and head of the finance practice in Prague Miloš Felgr and counsel Milan Rákosník. The team further consisted of senior associate Tereza Řehořová, associate Josef Lysoněk and junior associate Šimon Dušek.