Taylor Wessing Czech Republic provided legal services to Passerinvest Group in acquiring the building housing general headquarters of the Directorate of Roads and Motorways. Passerinvest Group is an entirely Czech development and investment firm, founded in 1991 by Radim Passer, experienced in construction of administrative and commercial buildings as well as residential projects.
The focus of Taylor Wessing's services was the legal due diligence of an office building in Prague 4, currently home to the headquarters of the state-funded Directorate of Roads and Motorways of the Czech Republic, and of the special purpose entity that owns the building. The team led by partner Jakub Adam and including associates Marek Strádal, Radim Doležal and Martin Šerák also provided Passerinvest Group a.s. with legal support in preparing the transaction documentation.
said Jakub Adam, partner at Taylor Wessing, Czech Republic.
Passerinvest carried out the transaction within an extremely short period of time through acquisition of 100 % of the shares of the special purpose entity that owns the property. Both parties agreed that the value of the transaction would not be disclosed. 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).
says Eduard Forejt, Development Director of Passerinvest Group.