CMS advises Penta Real Estate on landmark pre-lease to Raiffeisenbank

CMS has advised Penta Real Estate on the landmark pre-lease of office space at Churchill III, a major new office development in central Prague, to Raiffeisenbank.

Churchill III is being developed by Penta Real Estate together with Sudop Invest near Prague’s main railway station. The project will provide approximately 18,000sqm of office space and more than 2,000sqm of retail space, with total investment expected to reach CZK 2.9bn.

Raiffeisenbank will lease approximately 16,000sqm of office space at the development for its new Czech headquarters, relocating from its current premises in Prague’s Pankrác district. The move is planned for 2028.

The CMS team advised Penta Real Estate throughout the transaction, from the initial heads of terms through the negotiation and completion of the lease documentation.

Tereza Kotlabová, Real Estate Senior Associate at CMS, commented: “We are delighted to have advised Penta Real Estate on this landmark pre-lease. A transaction of this scale required detailed negotiations across a wide range of leasing and development matters, and it was a pleasure to work closely with the Penta Real Estate team throughout the process. Churchill III is an exciting project for Prague, and we look forward to seeing Raiffeisenbank establish its new headquarters there.”

Churchill III follows the existing Churchill I and Churchill II developments and will complete the development along Seifertova Street towards the railway viaduct. Construction is now underway.

The CMS team was led by Tereza Kotlabová, supported by Lukáš Hejduk and Jan Nešpor (Real Estate).