Allen & Overy advised Všeobecná úverová banka on the sale and leaseback of a large real estate portfolio
25 November 2019
Allen & Overy has announced that the sale and leaseback of Všeobecná úverová banka's (VÚB)'s real estate portfolio was successfully signed on 12 June 2019 and closed on 7 October 2019. Post-closing works will continue during 2020.
The deal was structured as a true asset sale and followed a lengthy auction process with multiple bidders. Various types of real estate properties were included in the transaction perimeter, including self-standing administrative and retail buildings, residential and non-residential units, individual land plots and co-ownership shares in the aforementioned types of assets. The final portfolio consisted of over 300 individual properties in more than 60 locations across Slovakia.
Because the properties were of various types and thus governed by different sets of legal rules, the transaction was difficult to structure. Moreover, in the course of the transaction, dozens of historical issues were identified that had to be resolved swiftly. The deal was also very administratively demanding as hundreds of documents had to be signed and dozens of individual approvals had to be obtained.
The Allen & Overy team was led by partner Martin Magál, who was assisted by associate Drahomír Široký , junior associate Michaela Némethová and other team members.
Martin Magál said: “We are very happy that we have successfully concluded this transaction on which we have been working since 2017 and which is one of the most complicated portfolio sales ever concluded on the Slovak market. The tremendous complexity of the deal thoroughly tested our legal knowledge as well as our ability to deliver first-class user-friendly advice. Our performance on this transaction cements our position as a leading real estate team on the market.”
For further information, please contact Monika Berzáková on +421 5920 2445.