Clifford Chance advises on EUR 268 million financing for Centrum Černý Most expansion

Clifford Chance has successfully advised a consortium of banks, including ING Bank, Erste Group Bank (alongside its Czech subsidiary Česká Spořitelna), and Komerční Banka, on a significant EUR 268 million financing agreement. The funding will support the entrance of a new joint venture partner and the expansion of Unibail-Rodamco-Westfield’s Centrum Černý Most, one of Prague’s premier shopping destinations. Dentons reportedly advised Unibail-Rodamco-Westfield on the transaction.

Centrum Černý Most, an iconic indoor shopping center in Prague, is set to undergo a transformative upgrade. According to Clifford Chance, the financing aims to bolster Unibail-Rodamco-Westfield’s investment in modernizing and expanding the center’s facilities, ensuring it remains a top-tier retail and leisure destination in the region.

The expansion project is poised to introduce cutting-edge design, enhanced retail experiences, and improved leisure amenities. It aligns with the broader industry trend of transforming shopping centers into multi-functional hubs that cater to a diverse range of consumer needs, including shopping, dining, and entertainment.

The financing agreement marks a strategic milestone for the participating banks, as well as for Unibail-Rodamco-Westfield, Europe’s leading commercial real estate developer and operator. The consortium’s commitment reflects strong confidence in the long-term viability of Centrum Černý Most as a key player in Prague’s retail landscape.

Clifford Chance’s legal team brought its expertise to the complex transaction, providing comprehensive counsel on banking, finance, and real estate matters. The team included Counsel Milan Rakošník, Senior Associate Tereza Boguská Rehořová, Associate Jan Christelbauer, and Junior Lawyer Šimon Pavlas.

The funding agreement underscores the evolving role of shopping centers in Europe. No longer just retail hubs, these spaces are adapting to changing consumer behavior by incorporating experiential elements and sustainability measures. The modernized Centrum Černý Most is expected to feature innovative green solutions, energy-efficient technologies, and enhanced public spaces, further cementing its role as a community and commercial landmark.

Unibail-Rodamco-Westfield has long been recognized for its forward-thinking approach to retail and mixed-use development. This latest expansion builds on the company’s track record of delivering state-of-the-art shopping centers that cater to evolving market demands.

The new joint venture partner’s entry into the project signals increased investor confidence in Prague’s commercial real estate market. With robust financial backing, the expansion is expected to drive economic growth, generate jobs, and elevate the overall shopping experience for residents and visitors alike.

As Prague continues to grow as a key economic and cultural hub in Central Europe, investments like this highlight the city’s importance on the international retail and real estate stage. Clifford Chance’s involvement in this high-profile transaction reaffirms its standing as a leading advisor in major real estate and financing deals across the region.

The expansion of Centrum Černý Most is anticipated to commence in the coming months, with phased openings expected over the next few years, transforming the center into a beacon of modern retail and leisure in Prague.