Global law firm Dentons advised Gobii Europe on the establishment of a joint venture with ČSOB Group. The joint venture, Igluu, will introduce a technology solution to the Czech real estate market to serve the needs of real estate professionals, financial intermediaries and other people interested in housing. Gobii Europe is indirectly owned by Stratus Data Systems and its management.
For the Czech real estate market and its participants, Igluu will offer digital tools, which are already used by more than 115,000 real estate professionals and financial intermediaries in the US and Canada. The technology will significantly simplify and speed up their work, accelerate the arrangement of mortgage loans and other housing-related services, and support the development of new business opportunities. Igluu’s digital tools will also provide a connection to the real estate cadaster and thus enable the use of cadastral data and services or real estate valuation. The solution will include a public online portal with a comprehensive real estate listing, into which innovative technologies of the ČSOB Group and third parties will be gradually integrated, including, for example, online comparisons of financial and non-financial products of most domestic providers. This service will benefit all those interested in buying or renting housing as well as other participants in the real estate market. The first version of the solution is expected in the Czech market at the turn of the year 2021/2022.
Counsel Adrian Stewart (New York), partner Petr Zákoucký (Prague) and senior associate Ivo Hartmann (Prague) led Dentons’ legal team on the transaction consisting of partner Timothy Santoli (New York), counsel Petr Kotab (Prague), senior associate Adam Přerovský (Prague), and associates Lucie Kubínyiová, Petr Müller, and Justina Bodláková (all Prague).
Petr Zákoucký commented, “This transaction brings digital innovation onto the Czech real estate market. Dentons is a law firm that has innovation in its DNA, so we are thrilled to have been able to support this innovation coming into the Czech Republic.”
Adrian Stewart added: “Gobii has a great energy and appetite and as a global firm, we are happy to support them in their global expansion after their successful start in New York and Toronto.”
Martin Mucha, the CEO of Gobii Europe said: “We are grateful to have had the Dentons team by our side to facilitate a smooth and efficient project launch. We were impressed with their skills, flawless coordination, and dedication. They are essential to our global growth.”