CMS advises Revetas on portfolio disposal to ČMN
International law firm CMS has advised Revetas on the successful disposal of the remaining assets of its Revetas Capital Fund II’s Project Papa office portfolio in Prague. Revetas sold the three remaining buildings with a total GLA of c. 33,000 sqm, located in close proximity of each other in the Karlin neighbourhood of Prague’s 8th district, to local real estate group Českomoravská Nemovitostní (ČMN).
Previously, Revetas had already sold the fourth asset initially included in the portfolio, BBC Vila, to Passerinvest Group. The value of the disposal of the entire Project Papa portfolio exceeded EUR100 million. The terms of the individual transactions were not disclosed.
The portfolio sold to ČMN comprised the Corso Karlin building, initially built as an industry hall in 1890 and subsequently repurposed to office use by world-famous architects Ricardo Bofill Levi and Jean Pierre Carniaux. The two other assets, Apeiron and Zirkon, were designed by the Czech architect Aulický, otherwise known for his work on the Žižkov Television Tower, one of the tallest buildings in Prague.
The CMS team advising Revetas was led by partner Libor Prokeš and included Pavel Srb, Ivana Lobotková and Andrea Haushalterová.