Taylor Wessing has advised and represented Best in Parking - Holding AG on a private tender process regarding the sale of the city center multi-story underground car park in Bratislava.
The car park — Garaz Centrum — has space for 163 cars, and is located at Ursulinska Street in Bratislava.
Taylor Wessing describes Best in Parking - Holding as "one of the leading providers in planning, construction, financing and operation of parking facilities.” The company was established in 1976 and it expanded in Austria, Italy, and Switzerland. It operates, with its headquarters in Vienna and Milan, about 60,000 parking lots in 135 locations.
The transaction was structured as an asset deal. Taylor Wessing's legal advice included drafting and negotiation of transaction documentation (involving a third party leasing company), creation of a Slovak SPV, transfer of the employees, drafting of new commercial contracts and a temporary operational agreement, as well as handling regulatory issues related to operational approvals/consents.
Johann Breiteneder, Managing Director of Best in Parking – Holding AG, commented that: "Our focus lies on high quality standards and sustainable management with continuous improvements of the constructional and technical equipment at our locations, best utilization of our existing parking capacities and economic results at good valued prices for our clients. Adding the first Slovak operation to our portfolio underlines our strategy to expand into Slovakia. We highly appreciate the professional cooperation with Taylor Wessing. We benefited both from their international legal experience and strong local foot print on the Slovak market and knowledge of the local environment.“
Taylor Wessing Partner Andrej Leontiev described the transaction as “challenging,” explaining that, “we had to align the commercial interest of the parties and the legal and operational risks related to the car park itself.” According to Leontiev, “ he multi-party negotiations involving the seller, the real estate leasing company and the buyer required an extremely solution driven approach by our lawyers. We are pleased to report that the acquisition was closed in April 2016 and the operation was officially accepted by the buyer on July 1, 2016."
The Taylor Wessing team consisted of Leontiev and Senior Associates Milan Cervenkaand Jana Olach Kostrabova.