Real Estate & Construction
An important area in which we specialize is Real Estate & Construction. We have substantial experience in assisting clients in real estate acquisitions for property development and on sale. Our team has a reputation for developing innovative approaches to real estate transactions. We pride ourselves with our knowledge of international and internal financial mechanisms linked to such transactions as well as security title ramifications related to property. We have undertaken various audits, advising on compliance with local legislation and obtaining necessary authorizations and have advised on greenfield projects from hotels to residential and commercial constructions. We offer complete legal service to the construction industry, including founders, developers, contractors and professionals.
Our recent instructions include:
- Advising Nova Imobiliare with regard to the development of the largest shopping center in Bucharest City (Colloseum Center), the total value of the investment being in excess of EUR 500,000,000. Our involvement in the project (ongoing) included drafting and negotiating a partnership agreement with Bucharest City Hall for the rebuilding of the area, legal opinions on various real-estate related issues, legal assistance for the execution of the design agreements, construction contracts and related subcontracting agreements, as well as with respect to the obtaining of the necessary authorizations, permits, approvals, etc as necessary for the development of the project.
- Advising Africa Israel Investment / AFI Europe in respect of the approx. EUR 234,000,000 financing from Hypo Real Estate Bank International for the development of the shopping mall Cotroceni Park (one of the biggest in Bucharest) of approx. 215,000 sqm (comprising a state-of-the-art family recreation centre, Romania’s only IMAX complemented by a 20-screen cinema complex, world-class designer and fashion brands shops and approximately 2,500 parking spaces).
- Advising CEIF Properties S.a.r.l., an investment vehicle of Central European Industrial Fund, in relation to a EUR 225,000,000 term loan facility made available by Hypo Real Estate Bank International for refinancing of the acquisition and management of the industrial real estate portfolio of the fund owned in Czech Republic, Poland, Hungary and Romania. Our assistance consisted mainly in performing an updating of the legal due diligence relating to the acquisition and operation of ASPC Domnesti Business Park, one of the real estate owned by CEIF in Bucharest Romania, as well as various assistance with the preparation of financing related documentation. CEIF is managed by a partnership created between Morley – an active asset managers, part of AVIVA Group – and Valad Property Group – an Australian property management company which recently took over Teesland iOG.
- Assisting a group of UK investors in connection with the acquisition of 1,200,000 sqm land and the development (pending) of the EUR 200,000,000 Sabareni Residential Park (one of the largest residential project to date in Romania). We provided legal assistance to the client during all stages of the acquisition of the land (including performing legal due diligence and drafting and negotiating the sale documents for the acquisition of each plot of land) as well as on various legal matters regarding the development of the project, including permits, authorizations, approvals, as well as financing and other related matters.
- Advising Flash Consult Invest, a Romanian investment company, part of the French group Euromall, in connection with the development of two shopping centers in Pitesti and Galati, projects worth in excess of EUR 160,000,000. The firm has advised on all aspects related to the development of the projects, starting with the land acquisitions, permitting, marketing, transaction documents such as lease, pre-lease agreements for the commercial areas, supply agreements, financing and security agreements, forward funding agreements, project manager agreements, projects selling agreements, as well as a various range of related consultancy and services agreements.
- Advising Euromall chain of shopping centers in connection with the sale of the two malls located in Pitesti and Galati to Immoeast in a transaction worth EUR 150,000,000. Our mandate included organizing and supervising the due diligence process, drafting the transaction documents shaped as a forward funding structure, including heads of terms, share sale purchase agreement, various intra and extra group loan agreements, security documents, assisting the client during the negotiations and signing of the transaction documents.
- Assisting Immoeast Corporate Finance in connection with Jandarmeriei Project for developing a large office and residential project worthing in excess of EUR 130,000,000. The firm carried out legal due diligence on the real-estate property, as well as drafted and negotiated the project transaction documentation.
- Assisting Caja de Ahorros y Pensiones de Barcelona Romania (La Caixa) in relation to various multimillion real estate acquisition and development project financing in Romania totalling over EUR 125,000,000; our involvement included an extensive legal due diligence process on the acquired companies and on the real-estate property, drafting and negotiating the transaction documents (security package, SPA, loan assignment agreements, etc.) in connection thereto, as well as drafting/negotiating of financing documentation and relevant security package.
- Advising PPF Investments (the largest investment fund in the Czech Republic) in connection with the acquisition of S.C. Continental S.A. and several other private acquisitions in Romania amounting over EUR 100,000,000. We performed extensive legal due diligence with respect to ownership of various hotels and advised on all legal aspects related to the transaction, including drafting and negotiating relevant sale-purchase agreements and related documentation.
- Assisting ING Real Estate Development – a major real estate developer on Romanian market, in relation to various real estate residential and mixed-use schemes developments in Romania in excess of EUR 250,000,000, including legal due diligence reviews and advices on a variety of partnerships with private and public entities, concession legal regime, as well as preparation of specific documentation during the permitting and construction phases of the projects.
- Advising Grupo Lar, a leading Spanish real estate developer, in connection with various land acquisitions in Bucharest and Cluj and developing residential compounds with a project investment value in excess of EUR 200,000,000. The legal work included extensive legal due diligence with respect to ownership of the various land and acquisitions, advice on all aspects related to the transaction, including drafting and negotiating promissory agreement, sale-purchase agreements and related documentation; currently we are advising Grupo Lar on various legal matters regarding the development of the residential projects, including permits, authorizations and other related matters.
- Advising Teesland iOG with respect to a EUR 100,000,000 syndicated loan facility for the financing of the acquisition of industrial outlets in Romania. We performed extensive legal due diligence with respect to ownership of land and buildings and advised on all aspects related to the transaction, including drafting and negotiating promissory agreement, sale-purchase agreements and related documentation for the acquisition, as well as negotiation of the financing related security documents.
- Legal assistance to Liebrecht & wooD, a major Belgian real estate developer, in connection with the development and sale of various office buildings located in Bucharest with a value in excess of EUR 100,000,000. We advised the client throughout the acquisition, development and sale of the project, drafted the entire transaction documentation and assisted in the negotiation process, as well as provided a varied range of related legal services.
- Assisting Avante Group (a leading Spanish investment group) in relation to Mirador Residence Project, a mixed scheme real estate development on 142 ha land in Tartasesti (near Bucharest) including advising on regulatory issues specific to the permitting stage of the project, and financing related legal work for the development of the project.
- Advising Immofinanz AG with regard to various real estate project refinancing in excess of EUR 44,000,000 made available by Erste Bank AG in relation to certain projects developed by the client in Bucharest.
- Legal assistance to a group of real estate investors, in connection with the sale of a 26,000 sqm land in Bucharest (downtown) to GTC Romania, for the development of a EUR 80,000,000 real estate residential and commercial project (Rose Garden).
- Advising Africa Israel Investment / AFI Europe in connection with EUR 78,000,000 acquisition of Cotroceni Park, one of the biggest real estate project in Bucharest, consisting of a shopping mall of approx. 120,000 sqm (comprising a state-of-the-art family recreation centre, Romania’s only IMAX complemented by a 20-screen cinema complex, world-class designer and fashion brands shops and approximately 2,500 parking spaces) and five stand-alone office buildings (of approx. 100,000 sqm). The project is built over a surface of land of 120,000 sqm in the City of Bucharest and the investment is set for approx. EUR 300,000,000.
- Advising Africa Israel Investment and its subsidiaries in respect of the approx. EUR 77,500,000 acquisition of approx. 155,000 sqm of land owned by Laromet S.A., the biggest transaction with a land plot in Romania.
- Advising Rom Canada Group in connection with the development, financing, and sale of the EUR 70,000,000 residential project West Park; our work included due diligence investigations on the title, regulatory aspects and authorizations for construction purposes, drafting, negotiating and revising various agreements required for the development and marketing of the project such as construction agreements, project management agreements, supply agreements, technical services agreements, sale-purchase agreements and pre-agreements, revising the financing agreements and the related security agreements, as well as drafting and negotiating the transaction documents related to the sale of the project.
- Assisting Tehnofrig in relation with the sale of a landplot of 11 ha in Cluj to Avrig 35, a Romanian real estate investment fund, for EUR 40,000,000. Our assistance included drafting and negotiating all transaction documents.
- Acting for Generali Immobilien AG and Immoeast (Austria) in connection with the EUR 33,000,000 acquisition of Bucharest Business Center. Our lawyers carried out legal due diligence on the real estate property (advising on ownership issues, concession agreements, urbanism certificate, construction permits), as well as drafting and negotiating the sale-purchase agreement and related documentation. The firm also assisted the client with respect to the lease agreement for office areas, to be concluded with future tenants.
- Assisting Equest Partners Limited, a UK real-estate investment fund, in connection with the acquisition of Moldova Mall (the largest shopping center in Iasi City), for a total transaction value of EUR 34,500,000. The firm performed extensive due diligence with respect to the ownership over the real estate, as well as regarding the lease agreements concluded for the commercial premises and advised the client throughout the negotiation process, drafted the entire transaction documentation, including memorandum of understanding, promissory agreement, sale-purchase agreement and lease assignment agreement.
- Advising European Bank for Reconstruction and Development (EBRD) in relation with the EUR 27,000,000 loan granted to GTC (an Israeli-owned company) with a purpose to develop America House commercial center including office buildings, hotels etc. The firm has reviewed the loan agreement, has drafted the security package and has prepared an extensive legal due diligence report targeted on property and real estate issues.
- Assisting Equest Partners Limited in connection with the acquisition of a shopping center in Bucharest, for a total transaction value of EUR 26,500,000. The firm performed a full due diligence process over the real estate, focusing also on the construction agreements, lease agreements, permits and licenses. Further on, the firm drafted the transaction documents and assisted the client throughout the completion of the acquisition.
- Assisting Equest Partners Limited in relation to a EUR 40,000,000 syndicated term loan facility made available by Bank Austria Creditanstalt AG and Unicredit Tiriac Bank S.A. for the refinancing of a park within a shopping centre in Bucharest.
- Assisting Carmel Residential, a major real estate developer, in connection with the negotiation and conclusion of a EUR 25,000,000 FIDIC based construction contract with Consola Grup Construct, one on the biggest Romanian contractors, in respect of a residential project in Bucharest.
- Advising Africa Israel Hotels in respect of the EUR 18,000,000 acquisition of four hotels in the center of Bucharest.
- Advising Piraeus Real Estate on a EUR 15,000,000 loan granted for the financing and development of an office building in Bucharest. We performed extensive legal due diligence and advised on various legal aspects related to the transaction, including drafting and negotiating sale-purchase agreements and related documentation for the acquisition as well as legal assistance during the negotiation of the refinancing.
- Acting for Atlas Estates Investments B.V., a major real estate developer, in connection with the acquisition of Golden Tulip Hotel, a major four stars hotel located in Bucharest (Golden Tulip Hotel Project). We provided legal assistance to the client during all stages of the acquisition, including an extensive legal due diligence and drafting and negotiating the sale documentation for the acquisition.
- Assisting Tamir Fishman regarding the acquisition of a land plot of 40 ha in Saftica (near Bucuresti) amounting to EUR 15,000,000 through a Romanian SPV, with respect to incorporating the Romanian SPV, performing due diligence on the ownership title, drafting and negotiating the transaction documents.
- Assisting Atlas Estates Investments B.V., in connection with the EUR 14,100,000 acquisition of 31,977.27 sqm land located in Bucharest (Project Solaris Oil Factory). We provided legal assistance to the client during all stages of the acquisition (including performing legal due diligence on corporate, real estate and environmental issues and drafting and negotiating the sale documents for the acquisition).
- Retained by Motorola Real Estate Development and Facilities Management for providing legal counselling for all its real estate projects in Romania.
- Assisting Transfond during negotiations of a consultancy agreement for the design and technical assistance for the development of a database center in Brasov.
- Assisting Remco Group with respect to a FIDIC standard construction agreeement for the construction of a warehouse, as well as amending and reviewing standard construction agreements used by Remco Romania.
- Advising PPF Investments in connection with the acquisition of a 28,000 sqm land plot situated in north-east of Bucharest, in Baneasa area, the set-up of a joint venture with a local investor, as well as during the development and financing of an office real estate project.
- Assisting Tornator, a leading Finnish forest management group, with respect to their acquisitions of various forest lands in Romania, such as the 447 ha plot in Nehoiu, offering legal assistance on the full range of acquisition and post-acquisition related matters, including performing a legal due diligence of the ownership title and drafting the transaction documents.
- Assisting Conect Business Park S.A. in connection with the sale of an office building for a consideration in excess of USD 13,000,000. The firm advised on all legal aspects related to the transaction, including drafting and negotiating relevant sale-purchase agreements and related documentation.
- Advising Erste Bank, one of the major Austrian private banks, with regard to EUR 12,000,000 term loan facility granted in view of the refinance of the acquisition, renovation and refurbishment of an office building located in Bucharest. We advised on all aspects related to the transaction, including drafting and negotiating loan facility agreement and related security documents.
- Advising Settler Mina, a Romanian investment company, in connection with the development of a EUR 25,000,000 shopping center in Ramnicu-Valcea. The firm has advised on all aspects related to the development of the projects, starting with the land acquisitions, permitting, marketing, transaction documents such as lease, pre-lease agreements for the commercial areas, supply agreements, financing and security agreements, forward funding agreements, project manager agreements, projects selling agreements, as well as a various range of related consultancy and services agreements.
- Advising TNT Romania in connection with a multimillion real-estate acquisition and development for its future operational center near Otopeni and Timisoara airports. The firm performed the legal due diligence regarding the ownership over the land plot acquired, as well as assisted the client in drafting and negotiating the supporting documentation for the project, namely the sale-purchase agreement for the land plot and the development agreement for the construction.
- Assisting Central European Industrial Fund (CEIF) (an investment fund launched in 2005 by Morley Fund Management - the Aviva investment administrator - and Teesland) on the EUR 7,400,000 acquisition of the industrial Phoenix Business Park from Phoenix Real Estates.
- Acting for S.C. Craiova Mall Investitii SRL, a major Romanian real estate developer, in connection with real estate issues for the attempted acquisition of a land located in Craiova City with a value of EUR 8,800,000. We performed legal due diligence on the property, as well as drafted and negotiated all agreements and related documentation.
- Retained by a reputable real estate investor, in connection with the sale of a 26,000 sqm real estate property to GTC Romania, a well known real estate developer, for a EUR 80,000,000 real estate residential and commercial project.
- Assisting Liebrecht & wooD, a major Belgian real estate developer, in connection with a EUR 20,000,000 real estate project whereby Meinl European Land Ltd, an investment property group focused on real estates in Central and Eastern Europe, acquired the Militari Shopping Center.
- Advising Cora S.A., one of Europe’s leading hypermarket operators, in connection with the implementation and development of its subsidiaries in Romania. We assisted on the structuring of the hypermarket chain in Romania, advised on various corporate, real estate and construction issues. We also provided assistance in the negotiations with local developers, as well as in the relationship with all regulatory authorities.
- Assisting Gama SpA Italy and Promo Centro Tertiaria Italy in relation to the acquisition and development of the Carrefour Shopping Gallery, a hypermarket in Bucharest, part of a well known European hypermarket chain. The firm assisted in the negotiation and conclusion of the purchase documentation with Hiproma Hyparlo for Carrefour Shopping Gallery and supervised the registration of the ownership right over the land.
- Advising Bayindir Holding A.S., one of the leading European companies active in landmark and infrastructure projects, with regard to several real estate projects, including the Brasov International Airport Project, Baneasa Residential Park and several BOT and BOOT projects.
- Providing an extensive legal review of real estate issues regarding various real estate joint ventures between the State Protocol Administrative Agency and several other companies.
- Retained by Posta Romana S.A. (The National Post Company) in connection with the legal review of land titles for the international tender offer related to the construction of a new office building in Bucharest.
- Assisting the Regie Autonome for Nuclear Activities on real estate issues, including a review of the legal regime of certain assets in the regie autonome's patrimony in view of reclaiming their ownership right. We also provided advice on settlement of certain disputes.
- Acting for TriGranit, part of Trizechan Group, one of the largest American developers in Romania, on real estate projects including development, construction and operation projects both with public institutions and private companies.
- Assisting the Romanian subsidiary of Toyota, the world second-largest car manufacturer, on land acquisition and construction of new headquarters and showroom, as well as other commercial facilities.
- Advising Danel Business Venture BV, a Dutch company in Romania, with regard to the implementation of an office-building project. The firm has advised on legal, economic and zoning status of the land, drafted the sale and purchase documentation, securitization instruments and reviewed the related financing arrangements.
