DGAP-News: Noerr LLP: New legal territory - Noerr advises on first compulsory auction of commercial property by a bank in the Czech Republic
(firmenpresse) - DGAP-News: Noerr LLP / Key word(s): Legal Matter
Noerr LLP: New legal territory - Noerr advises on first compulsory
auction of commercial property by a bank in the Czech Republic
02.12.2010 / 09:36
---------------------------------------------------------------------
On the instructions of Eurohypo AG, a commercial property in Brandýs nad
Labem near Prague was sold in the largest compulsory auction in the Czech
Republic so far. A Noerr team led by partner Barbara Kusak and Libor
Prokes, Prague, advised Eurohypo comprehensively on the selection of the
method of realisation, its effects on the lease and the conduct of the
compulsory auction.
The auction was the first compulsory auction of a major commercial property
in the Czech Republic on behalf of a bank. Formerly, distressed loans
usually led to a settlement or insolvency of the debtor and there was
therefore litte experience with the realisation of property in the Czech
Republic. The auction therefore evoked considerable interest in the media.
The property was knocked down at 340 million Czech Crowns (13.6 million
Euro), the reserve having been 284 million Czech Crowns (11.4 million
Euro). The successful bidder is a company controlled by Radovan Vitek, one
of the five richest Czechs. The lessee of the building is Continental
Automotive Czech Republic, the Czech subsidiary of the German automotive
supplier Continental AG. The auction is seen in the Czech Republic as a
clear indication of the maturity of the property market there.
End of Corporate News
02.12.2010 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
105266 02.12.2010
Datum: 02.12.2010 - 09:36 Uhr
Sprache: Deutsch
News-ID 32778
Anzahl Zeichen: 0
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 201 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: Noerr LLP: New legal territory - Noerr advises on first compulsory auction of commercial property by a bank in the Czech Republic"
steht unter der journalistisch-redaktionellen Verantwortung von
Noerr LLP (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
