Dentons advised Česká spořitelna on €113 million refinancing of Czech real estate portfolio

Dentons advised Česká spořitelna on €113 million refinancing of Czech real estate portfolio

Global law firm, Dentons advised the Czech subsidiary of ERSTE Bank, Česká spořitelna on the €113 million (CZK 2.7 billion) refinancing of the Czech real estate portfolio managed by real estate developer and asset manager Zeitgeist Asset Management.

Through this deal Zeitgeist will ensure the financial stability of its current portfolio for the next 10 years. The portfolio includes 23 buildings in Prague – consisting primarily of residential apartment buildings and student accommodation – with a total value of €220 million.

The financing of this project will enable Česká spořitelna to demonstrate its support of quality alternatives to home ownership, by bringing more stability into the Czech rental market.

Zeitgeist Asset Management, headquartered in Prague, specializes in development services and asset management for private and institutional investors. The company has operations in the Czech Republic, Poland, Hungary and Germany. Since its founding in 2014, Zeitgeist has grown rapidly, and currently manages assets of approximately €800 million.

Dentons legal team was led by Partner Daniel Hurych, Co-head of the Banking and Finance practice in Prague, along with Martin Manduľák and Jana Málková Želechovská and associates Martin Fiala, Samuel Bodík, Jan Blažek and Leontýna Bártová.