The Prague office of Clifford Chance has successfully advised Atrium Group Services, a subsidiary of G City Europe, on the sale of Atrium Flora shopping center to Max RealitnĂ, a premium real estate fund focused on investment in commercial retail and office properties in the Czech Republic, part of the Redstone Group.
Atrium Flora is a renowned shopping center located between Prague’s popular districts of Vršovice and Vinohrady. Spanning 20,000 square meters of retail space and 17,600 square meters of modern office space, the center features approximately 130 stores across four floors, a dedicated food court on the top level, and an underground garage with 750 parking spaces. Additionally, Atrium Flora houses the only IMAX cinema in the Czech Republic, making it a notable destination for both shopping and entertainment.
G City Europe (formerly Atrium European Real Estate) is a prominent owner, operator and redeveloper of shopping centres and retail real estate in Central Europe, with a majority of its portfolio located in Warsaw. Atrium Flora was the last asset located in the Czech Republic.
Max RealitnĂ, co-founded by Richard Morávek, manages properties with a market value of CZK 10.19 billion, a leasable area of 92,000 square meters, and over 250 long-term tenants. Recently, the fund expanded its portfolio with the acquisition of the Myslbek shopping gallery.
The Clifford Chance team advising on the deal was led by counsel Milan RákosnĂk, with strong support from associate Ĺ imon Dušek and in cooperation with partner Emil Holub.
