NewsClifford Chance advises Finep on the disposal of Nová Elektra project

The Prague office of Clifford Chance has advised Finep, a prominent Czech developer, on the divestment of a part of Nová Elektra, an emerging residential project located in the immediate vicinity of the former Elektra factory, to AFI EUROPE. The subject of the transaction were two residential buildings forming part of the Nová Elektra development consisting of 291 apartments and 309 parking spaces.

The Nová Elektra project is a brand-new residential quarter transforming over 43,000 square meters of a former industrial and administrative area into a vibrant urban space. The name refers to the industrial history of the western part of Hloubětín and the original light bulb factory founded in 1921. Nová Elektra offers a blend of residential living, employment opportunities, services, and public amenities, including a central boulevard with green spaces.

Finep, a leading real estate developer, boasts a 23-year history as a market influencer in the Czech real estate market. Over the years, the firm has delivered over 15,000 residential units and 200 houses. Finep remains committed to diverse housing options, including personal ownership, cooperative ownership, and rental solutions, emphasizing affordability. AFI EUROPE Czech Republic is a leading investor and developer in the area of commercial and residential real estate. The company has been operating in the Czech Republic since 1997 and has completed a number of successful projects, including the shopping centres Palác Flora and AFI Palác Pardubice, the residential complexes Korunní Dvůr, Tulipa Rokytka, Tulipa Modřanská Rokle, and Tulipa City, and the logistics park D8 European Park.

The Clifford Chance team was led by counsel Milan Rákosník and with support from senior associate Josef Lysoněk.