16 May 2023
Trei Real Estate, a real estate venture of the German Tengelmann Group, has completed the sale of its Czech and Slovak real estate portfolio at the transaction value of approx. EUR 250 mil. Legal services to the seller were provided by Taylor Wessing. The deal will undoubtedly rank among the largest real estate transactions of 2023.
The Taylor Wessing team assisted Trei Real Estate, a real estate venture from the Tengelmann Group, in the sale of its Czech and Slovak real estate portfolio. The transaction involved a unique portfolio including Billa and Penny Market supermarkets and retail parks in the Czech and Slovak Republics. In terms of size and financial volume, it will undoubtedly be one of the largest real estate transactions of 2023.
Jakub Adam, partner, and head of the Real Estate & Construction group in the Czech Republic, coordinated the work of the Czech and Slovak Taylor Wessing team, providing comprehensive legal advice to the client both during the preparatory phase and the execution of the transaction. The team also included partners Janka Brezániová (Corporate, Prague) and Juraj Frindrich (Corporate, Bratislava) as well as senior associates Martin Šerák, Markéta Cibulková and Marek Strádal (Taylor Wessing Czech Republic) and Andrea Kováčiková, Barbara Bartovičová and Zuzana Kordíková (Taylor Wessing Slovakia).
"The transactional environment has been very volatile in recent months. Due to many uncertainties, the number of aborted transactions has been increasing substantially. We are genuinely pleased that we were able to successfully navigate Trei Real Estate to the completion of this transaction, sending far beyond the borders of our region an upbeat message about the reliability of quality commercial real estate investment in the Czech and Slovak Republics ", says Jakub Adam, Partner at Taylor Wessing Czech Republic.
Speaking about the successful cooperation, Patrick Noack, General Counsel of Trei Real Estate, confirms. "Due to the complexity of this transaction, we chose to work with Taylor Wessing Prague as a firm with an outstanding reputation in the Czech Republic. This decision turned out to be the right one and we thank the lawyers of Taylor Wessing for helping us to complete the transaction even in this extremely challenging market climate. Among other things, I would like to highlight the very pleasant cooperation and personal approach of Jakub Adam’s entire team."
Trei Real Estate is one of the leading German real estate companies based in Düsseldorf and belongs to the Tengelmann Group. With its portfolio of properties in Germany, the Czech Republic, Poland and the United States, it strives to create opportunities for lasting value and properties of a vibrant new standard with prime locations and compelling architecture.