Clifford Chance advises AMADEUS Real Estate on the sale of Máj Národní shopping and entertainment center
The Prague office of Clifford Chance has advised AMADEUS Real Estate on the sale of a majority shareholding interest in Máj Národní a.s., a company owning this historically significant shopping and now also entertainment center situated in the heart of Prague. The share was acquired by Fond Realita, one of the oldest professionally managed real estate funds in the Czech Republic, managed by ATRIS investiční společnost.
Valued at several billion Czech crowns, this deal is expected to rank among the most significant transactions of the year.
With its longstanding history, distinctive architecture, and prominent status, Máj Národní stands as one of Prague's most iconic and recognizable landmarks. Since July 2022, it has undergone a comprehensive renovation under the ownership of AMADEUS Real Estate, culminating in its reopening on June 24, 2024. The refurbished space spans 16,995 m², featuring retail shops, a food court, restaurants, and an entertainment park, making it a dynamic destination for both locals and visitors. Annually, the centre is visited by approx. 12 million people.
AMADEUS Real Estate is a family-run property development company with over 30 years of experience in the Czech real estate market. Specialising in the restoration of historic buildings, the company transforms them into modern, functional spaces while preserving their architectural heritage.
Founded in 2009 by ATRIS investiční společnost, an investment company with 15 years of market experience, Fond Realita currently manages 17 properties across the Czech Republic, valued at CZK 5 billion. Its portfolio includes notable assets such as the Delta Ruzyně building in Prague, the Spa area of Lázně Bohdaneč, and the Technology Center in Říčany - Jažlovice, alongside various retail, healthcare, administrative, production, and accommodation properties. Through its broad diversification, Fond Realita maintains a low-risk profile, ensuring stability and continued satisfaction for its more than 16,000 investors.
Emil Holub, partner of the Prague office of Clifford Chance law firm noted: "For us, an important aspect was the nature of the relationship between ATRIS investiční společnost and AMADEUS Real Estate which required maintaining the highest level of transparency and adherence to industry standards throughout the transaction, in order to ensure a fair and objective process."
"This transaction brought a unique set of challenges addressing the need for the highest standard of so-called arm's length principle. This included purchase price value being confirmed by the independent valuator and payment of a part of the purchase price being delayed in time based on the actual performance of the property. In addition, we had to delicately balance exposure of the seller towards risks steaming from the guarantees for rental payments and bank loan which the seller provided in the purchaser's benefit within the transaction." commented Milan Rákosník, counsel at Clifford Chance's Prague office.
The Clifford Chance team advising on the deal was led by partner Emil Holub and counsel Milan Rákosník. The team was further supported by associate Šimon Dušek and junior lawyers Šimon Pavlas and Petr Ryšina. Other advisors included commercial advisors Cushman & Wakefield on the sell-side and CBRE on the buy-side of the deal. Law firms BBH advised the purchaser while White & Case acted for the banks financing the property – UniCredit Czech Republic and Slovakia and Raiffeisenlandesbank Oberösterreich.
