Key to success
We united the landowners in the vicinity of Prague, who were interested in selling the set of plots for a long time, and presented this investment opportunity to a selected buyer — a major developer. Winternitz’s consultants facilitated the entire process to the satisfaction of both parties, from the Due Diligence preparations, over the drafting of Term Sheet terms, to the contractual documentation signature.
Challenges along the way
There were 6 people co-owning a large plot of land on the client’s side, for whom it was necessary to first unify and harmonize expectations. Those were originally somewhat different, associated only with an interest in selling. The second step in this challenge was to find and contact a potential buyer who would be able to follow through with the entire transaction given the scale.
In this case, we chose to proceed “from above” i.e., quick confirmation of interest with a key decision-maker acting on behalf of the potential buyer. Thus, we avoided the usually lengthy handover of the project between the various sections of the corporation. This shortcut proved to be very functional and in 12 months from the first meeting with the client, despite all COVID-19’s restrictions, purchase contracts were signed.
This is type of transaction would usually require a number of advisors; specifically it would be so complicated and inefficient that neither side would agree to it. We managed to close a 100 million transaction in a span of 12 months since the initiation, connect the seemingly impossible and find the right target group for which this opportunity was attractive.
