Clifford Chance advises Finep on strategic residential project transaction with REICO ČS NEMOVITOSTNÍ

The Prague office of Clifford Chance has advised Finep, a prominent Czech developer, on the strategic transaction involving the sale of the Nový Opatov G1 residential rental project to REICO ČS NEMOVITOSTNÍ (RČSN). This landmark deal marks RČSN's first venture into the residential real estate market, diversifying its portfolio, which has traditionally focused on commercial properties.

The Nový Opatov location is particularly attractive in terms of accessibility – it is located near the D1 and is also directly on the C metro. The project will feature 170 rental apartments and is set to commence construction in September, with completion expected in 2.5 years.

Clifford Chance and Finep have maintained a long-term successful cooperation, marked by numerous significant transactions. In the past year alone, Clifford Chance advised Finep on the disposal of the Nová Elektra project, the expansion of the Harfa project, and the sale of a residential complex in Hloubětín. This enduring partnership underscores Clifford Chance's commitment to providing top-tier legal services and Finep's continued trust in their expertise.

Finep, a leading real estate developer, boasts a 30-year history as a market influencer in the Czech real estate market. Over the years, the firm has delivered over 15,000 residential units and 200 houses. Finep remains committed to diverse housing options, including personal ownership, cooperative ownership, and rental solutions, emphasizing affordability.

RČSN, the largest and oldest real estate fund in the Czech Republic, has a robust portfolio of 20 properties across the Czech Republic, Slovakia, and Poland, valued at nearly 38 billion CZK. At the end of August 2024, over 120,000 shareholders had invested in the RČSN fund, and the fund's yield over the last 12 months was 5.1%.

The Clifford Chance team working on this transaction was led by counsel Milan Rákosník with support from senior associate Josef Lysoněk.