HN: UniCredit re-auctioning Na Prikope building

Hospodarske noviny is running with a story about UniCredit bank cancellation of a tender it held to find a buyer for its historic  (and gorgeous) building on Na Prikope in downtown Prague. The paper’s headline reads Tender winner finds out he didn’t win

The “winner” in this case was James Woolf of Flow East, who told the paper “We won the auction…with an offer of €30m” and he says he was told the bank was satisfied with the bid. UniCredit bank isn’t commenting on the matter at the moment, but HN cites “previous media reports” that it was looking to cash in €60m.  It says Flow East isn’t taking part in the current auction for the building, but writes that CPI Group is.

Kind of a strange article, really. Filled with vague winks and nudges from anonymous property experts (who weren’t used in the transaction) implying that the process is legally sound, but odd. It does get Bent Walde-Jensen, head of real estate at KPMG, on record saying “It’s unusual. When you go through a long process, the goal is usually to get cash, and not the initiation of another process.”

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