Dentons’ real estate group in Europe has advised the Orco Property Group (Orco) on the formation of a joint venture with Unibail-Rodamco to develop a prime shopping center in the Bubny area in Prague, in the Czech Republic.

Orco sold a plot of 3.6 hectares to the joint venture in April this year. The parties will now focus on the development of the project with the aim being to start construction by 2016.

Luxembourg based Orco, established in 1991, is one of the leading Central European property companies, with listings on NYSE Euronext Paris, Prague and Warsaw.

Jiri Strzinek, Co-head of the Dentons real estate practice in the Czech Republic and Slovakia, said: “We are pleased to have assisted ORCO with this key transaction. The development will be a major anchor for the much-needed redevelopment of the Bubny area of Prague.”

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