Success for KŠB Client: VGP Group Completes Giant Property Deal11/09/14 / News
Leading developer VGP recently announced the completion of one of the biggest real-estate transactions in Europe in the last decade. KŠB has advised VGP Group since 2005 and helped build the large property portfolio that was sold.
The property – 58 modern logistics buildings with 627,000 m2 of leasable area and 90 acres of development land primarily in the vicinity of Prague – was sold to the Prague branch of Point Park Properties. VGP Group sold the property together with its joint venture partner, Tristan Capital Partners. The value of the transaction amounts to EUR 523 million (approximately CZK 14.5 billion). VGP Group will re-invest its part of the proceeds to develop projects in Central Europe and Germany.
“In building our portfolio, it paid off to invest in high-quality legal services. And KŠB was just the law firm to provide top advice. The professionalism of their work was confirmed in the due diligence process, which underscored the quality of the complete portfolio during the sales process,” says Tomas Van Geet, VGP Group’s CCO.
KŠB has advised VGP Group since the developer first launched its operations on the market and has provided legal advice on the acquisitions, development, construction, leases and operations of a substantial part of VGP’s property portfolio.