Reals has advised the Mint Residential Fund on its acquisition of a 168-apartment built-to-rent residential project in Prague 9 from Czech developer Finep. Clifford Chance advised the seller.
According to Clifford Chance, the transaction value for the residential complex in Hloubetin was close to one billion Czech crowns. "The project involved the conversion of a former industrial facility, the Veltex building, into a vibrant residential hub, offering a diverse range of unit types, including studio apartments and spacious two and three-bedroom flats. At present, this marks Finep's ninth project sold under such terms."
Finep has a 23-year history in the Czech real estate market. The firm has delivered over 15,000 residential units and 200 houses. The company offers diverse housing options, including personal ownership, cooperative ownership, and rental solutions, emphasizing affordability.
Mint is a retail real estate fund focused on residential properties and has been active for 20 years. Over that time, the value of managed assets exceeded CZK 15 billion. This marks Mint's fourth acquisition, following Vysocany, Brno, and Plzen.
The Reals team included Partner Miroslav Dudek and Attorney-at-Law Zdenek Chroust.
The Clifford Chance team was led by Partner Emil Holub and Counsel Milan Rakosnik and included Associate Josef Lysonek, Junior Lawyer Jiri Krejca, and Paralegal Daniel Honc.