The COVID-19 pandemic undoubtedly hit the real estate market. In response, the government adopted a series of measures that included an extraordinary moratorium, often used by commercial tenants, and a rent reduction scheme in which the government subsidized the rent in cases where the landlord was willing to provide a discount. Most importantly, the crisis made the government abolish the 4% real estate transfer tax.

Clifford Chance has advised UniCredit Bank Czech Republic and Slovakia on the refinancing of the existing financial indebtedness of the Mattoni 1873 group. 

Kocian Solc Balastik has advised the VGP Group on leasing a 49,000 square-meter warehousing commercial space in VGP Park Olomouc to Hella Autotechnik Nova. Dentons reportedly advised Hella Autotechnik on the deal.

DLA Piper has advised the Karlin Group on a joint residential investment in Prague with PPF Real Estate. Kocian Solc Balastik advised PPF.

Kocian Solc Balastik has advised Alkohol.cz on receiving an investment from the Rockaway Capital group.

Contributed by Kocian Solc Balastik.

Former Counsel Tomas Sequens has been promoted to Partner at Kocian Solc Balastik.

Kocian, Solc, Balasitk has advised Titans Freelancers on the acquisition of a 75% stake in Bridgewater from Topelex and Jakub Konecny. Reportedly, Evan Advokatni Kancelar advised Topelex and Cerha Hempel advised Jakub Konecny.

Kocian, Solc, Balastik has advised Focus Estate Fund in the sale of the Centro Ostrava Retail Park in Ostrava and the Most Retail Park in Most to the Czech investment group DRFG. Hartmann, Jelinek, Frana & Partners reportedly advised DRFG on the deal.

Kocian, Solc, Balastik has advised Aramark on the acquisition of the catering division of the Czech branch of French company Sodexo. Baker McKenzie advised the seller on the deal.

Kocian Solc Balastik has advised the AI Startup Incubator fund on investing in AssetFloow.

Clifford Chance has advised Komercni Banka on financing J&T Agriculture and Ecology Holding's acquisition of agricultural holding Farma Neznasovy (formerly Cesky Real). Kocian Solc Balastik advised J&T on the deal.

Kocian Solc Balastik has advised the Arete investment and real estate group on the closing of its ARETE Invest CEE II sub-fund.

Paksoy, working with global counsel Linklaters, has advised PwC on the agreement to sell its Global Mobility Tax and Immigration Services business to US private equity group Clayton, Dubilier & Rice. Debevoise & Plimpton was global counsel to the buyer.

Thinking about my journey and experiences as an expat lawyer in the Czech Republic, I vividly recall one of the early client meetings I had fresh off the boat in the mid-1990s. A CEE client came to the office with a “suitcase” telephone … an old school plastic telephone with a rotary dial and a long antenna, encased in an MDF “custom telecommunications suitcase” which he proudly lugged onto the desk …  (He was also wearing one of those plum-colored shiny polyester suits so beloved by New Europe Entrepreneurs in the 90s). Note to incredulous young lawyers reading this: in those days there were no mobile phones (The horror!).

As the Czech government signed off on the EU “Green Deal”, which aims to cut carbon dioxide emissions to zero by 2050, the Czech Republic needs to find ways to achieve this goal, or at least to get close to it. Even though certain legislative and other supporting measures are currently being undertaken towards transitioning to low carbon energy – changes to the Czech Act on supported sources of energy, state subsidies for the (re)construction of power plants – given its geographical specifics and historical background, nuclear power is likely to play a key role in replacing coal-burning power plants. Under current state policy, construction of new nuclear reactors is to begin shortly. The first new reactors, to be located at the current Dukovany power plant, should begin operations by 2037. The Dukovany project took precedence over the construction of new nuclear blocks at the Temelin power plant, a priority at the beginning of the 21st century.

Kocian Solc Balastik has advised Czech technology accelerator AI Startup Incubator on its investment in US-Bangladeshi OpenRefactory.

Kocian Solc Balastik has advised accounting program developer Solitea on its acquisition of Czech logistics information systems supplier Prytanis.