Taylor Wessing has advised the Passerinvest Group on its acquisition of the building housing the general headquarters of the Directorate of Roads and Motorways, in the Prague 4 district, from investor Simona Otavova.
Financial details were not disclosed.
The Passerinvest Group, founded in 1991 by Radim Passer, is a Czech development and investment firm experienced in the construction of administrative and commercial buildings as well as residential projects. According to the firm, "with this acquisition, Passerinvest has expanded its portfolio of commercial properties in the Prague 4 and Prague 11 area of interest, in which it has been active as an investor long-term. In Prague 4 alone, the company has invested almost CZK 16 billion, of which CZK 1.6 billion has been invested in non-profit projects that are used by the general public (education, public green spaces, sports and urban infrastructure, security, ecology).
"This transaction confirms that the interest in quality office properties persists despite current economic and other challenges," Taylor Wessing Partner Jakub Adam said.
"In these times of volatile inflation and interest rates, we have accelerated our strategy of expanding investment in key properties in and around the Brumlovka area. I would like to acknowledge the professional and at the same time very pleasant cooperation with Jakub Adam’s team at TW," Passerinvest Group Development Director Eduard Forejt commented.
Taylor Wessing's team included Partner Jakub Adam and Associates Marek Stradal, Radim Dolezal, and Martin Serak.
Taylor Wessing could not provide additional information on the deal.