Property (Real Estate)

We provide a comprehensive range of end-to-end advice, guidance and support across the full range of property related transactions, including acquisitions and disposals, development, joint ventures, leasing, property finance, planning and property disputes.  

Overview


 

Real estate is one of our core practice areas with Romania maintaining a strong drive for further development.  Several key areas remain underdeveloped and we believe that the real estate sector is the key to spurring further growth in the Romanian economy. We also believe real estate projects involving agriculture and forestry will see a sharp increase in the near future, based on the abundance of these resources and long-term historical trends.

We provide advice and assistance to real estate investment and management funds, developers, banks and other financial institutions, as well as to real estate consultants and professionals in all aspects of their property-related activities.

We are widely recognised as the leading firm on leasing and build-to-suit lease agreements, our team being involved, amongst others, in the largest ever single tenant office lease in Romania.

We also assist local and foreign public bodies on legal issues involving real estate, including: real estate transfers; mergers, acquisitions and investments; and construction issues. We provide day-to-day assistance for residential, commercial, and industrial/logistical real estate uses, real estate finance, planning and urban planning. In matters involving urban planning, the firm offers legal advice on zoning regulations, municipal restrictions, licencing procedures and authorisations for urban operations.

With our support, our clients have developed acclaimed office buildings, residential projects, retail spaces and health and leisure developments.

Our Relevant Experience

  • Advised ELI Parks on the lease of approx. 4,500 sq.m. of logistics and office premises in Eli Park 4 to Sika.
  • Advised Bucharest Stock Exchange (BVB) and its group of companies on the lease of 2,235 sq.m. office premises in America House.
  • Advised Keys REIM on the sale of an uncompleted building in the historic centre of Bucharest to One United Properties.
  • Advised Indotek Group, one of the leading investment management and real estate development groups in Hungary, on the acquisition of the Class A – One Victoriei Center office building.
  • Advised Element Industrial on the lease of 16,000 sq.m. of warehouse premises in Eli Park 3 to FERRO Romania.
  • Advised Element Group, one of the most active local developers, on the acquisition of 2,7 hectares land plot at the entrance to Pitesti.
  • Advised Mr. Ionut Negoita, the former majority shareholder of the Dinamo Bucharest football team and also an important player on the real estate market, on the acquisition of a land plot totaling over 10 ha, located in the East of Bucharest.
  • Advised Bog’Art Residential, the real estate investment division of Bog’Art Group, on the acquisition of 2 land plots located in the North of Bucharest, from OMV Petrom S.A. (part of OMV Group), with a view to be developed into a 130 apartment residential complex.
  • Advised Bourbon Black Sea, one of the world leaders in marine services for offshore oil and gas, on the lease of 800 sq.m. in Pipera Business Tower, a class A office building located on 6E Dimitrie Pompeiu Boulevard. 
  • Advised Hagag, a listed Israeli real estate developer specialized in residential and commercial, on the acquisition of the office building located at 21 Tudor Arghezi Street in downtown Bucharest from the property fund NCH Capital.
  • Advised Cordia Residence (Group Futureal), a leading residential property developer, on the acquisition of 21.000 sq. m. land plot in the Grivita Lake area, part of the Bucurestii Noi region of Bucharest.
  • Advised Societe Generale (one of the largest European financial banking groups) through its service center subsidiary, Societe Generale European Business Services on the lease of 10,500 sq.m. in the third building of Skanska’s Campus 6 development.
  • Advised Corporate Finance House Group (CFH), a Middle Eastern investor, on the acquisition of the Day Tower building, one of the largest office buildings in Bucharest, extending over 19,000 sq.m. and with an 11,753 sq.m. gross leasable area.
  • Advised London Partners with the acquisition of a plot with an approximate area of 29,000 sq.m., located in the Expozitiei Area, one of the fastest developing areas in Bucharest. 
  • Advised Cordia Parcului, a local subsidiary of Cordia International Hungary on the development of the first smart home concept residential project in Bucharest.
  • Advised Belvedere Residences UTR3 S.R.L., a local vehicle of London Partners, in relation to a multi-phase residential project developed in one of the fastest growing areas of Northern Bucharest
  • Advised the investment arm of the largest Romanian construction company, Bog’art, on the acquisition of a 5,500 sq.m. plot of land in the northern area of Bucharest with a view to further developing a high-end residential project.
  • Advised Commons, a co-working start-up with two locations in Bucharest and one in London, with negotiating the lease of three premises to be used as co-working hubs in Bucharest, totalling a surface area of over 3,300 sq.m.
  • Advised Groupè Renault and Automobile Dacia on the largest ever single tenant build-to-suit office lease in Romania, over 39,000 sq. m.
  • Advised World Class Romania, the largest and leading fitness group in the country, on all leases of premises for their fitness clubs since 2008, being around 45 locations in Bucharest, Ploiesti, Pitesti, Cluj, Timisoara, Bacau, Constanta and Iasi.
  • Advised UPC Romania, the local subsidiary of Liberty Global, in relation to the lease of three floors totalling an area of approximately 6,000 sq.m. within a Class A building in order to consolidate all the client’s staff from existing offices elsewhere in Bucharest in one building.
  • Advised WebHelp Romania, a 35,000 people-strong global leader in business process outsourcing (BPO) and specialised in customer experience with 3 awards at the ABSL Gala 2018, in relation to the lease of an additional three floors totalling a surface area of over 1,500 sq.m. for expanding its office premises in Bucharest.
  • Advised Teads, a UK-based ad-tech company that creates outstream video advertising, on the lease of their new office premises, in the Dorobanti area of Bucharest.
  • Advised British American Tobacco Romania on the lease of a 25,000 sq. m. multipurpose operating premises, including a fiscal warehouse, storage facilities, packaging facilities and office areas in Ploiesti West Park, the largest business development in South East Europe.
  • Advised First Property Group PLC, an award winning property fund manager and investor with operations in the UK, Poland and Romania, in conjunction with a group of investors, on the acquisition of the MAESTRO BUSINESS CENTER Office Building located in Cluj – Napoca, Romania.
  • Advised Futureal Management, one of the leading real estate developers and investors in Central Eastern Europe, in relation to the estimated EUR 3M Parcului project, centred on the acquisition of over 15,000 sq. m. located within District 1, Bucharest – one of the main residential areas in the city.

Key Contacts

Construction


We provide all encompassing expert legal advice for every construction project, including the most ambitious and innovative projects. We are renowned for being commercial, committed and extremely efficient.

We advise on procurement contracts and strategy from inception to completion of construction and engineering projects across a wide range of sectors from residential to retail, energy, transport and infrastructure.

We use our legal expertise, know-how and understanding of the real estate and construction industry and its technicalities in the interests of developers, contractors and consultants while adding extra value through facilitating the contract development process.

Key Contacts

Our Relevant Experience
  • Advised a large Romanian construction company on the implementation of a public procurement project for the development of a waste management centre under the Red FIDIC standard with a total value of EUR 73,000,000 including advising on filing claims under FIDIC regarding extensions of the term of the project and additional costs and advising and representing the client throughout the preliminary dispute resolution procedure and consultations regarding the conditions for enforcing performance bonds.

 

Real estate development


Our development practice, together with our related investment practice, is at the core of our real estate group’s practice.

We have extensive expertise in advising on all types of development such as residential compounds, office buildings, shopping centres, business parks, leisure projects and industrial sites and, additionally, we offer expert advice in relation to mixed-use urban regeneration projects.

We advise on all legal issues involved with securing complicated development sites, framing joint venture structures and with financing and construction matters. We simplify the process of pre-leasing and pre-selling the future premises to potential tenants or end buyers and, in doing so, help developments get a kick-start.

Our experience, together with our in-depth industry knowledge, gives our clients a significant competitive advantage in a dynamic market.

Key Contacts

 

Our Relevant Experience

  • Advised Bog’Art Residential, the real estate investment division of Bog’Art Group, on the acquisition of 2 land plots located in the North of Bucharest, from OMV Petrom S.A. (part of OMV Group), with a view to be developed into a 130 apartment residential complex.
  • Advised Cordia Residence (Group Futureal) on the acquisition of 21.000 sq. m. land plot in the Grivita Lake area, part of the Bucurestii Noi region of Bucharest.
  • Advised London Partners with the acquisition of a plot with an approximate area of 29,000 sq.m., located in the Expozitiei Area, one of the fastest developing areas in Bucharest.
  • Advised Cordia Parcului, a local subsidiary of Cordia International Hungary on the development of the first smart home concept residential project in Bucharest.
  • Advised Belvedere Residences UTR3 S.R.L., a local vehicle of London Partners, in relation to a multi-phase residential project developed in one of the fastest growing areas of Northern Bucharest
  • Advised Futureal Management, one of the leading real estate developers and investors in Central Eastern Europe, in relation to the staged development of the Parcului 20 residential project in Bucharest, including drafting all sale and purchase related templates for the sale of units and assisting the client throughout the entire sale process.
  • Providing day–to-day legal advice to Catinvest, a large French real estate family owned fund, in relation to their Romanian real estate assets, namely the Orhideea and Esplanada shopping galleries, Tomis Mall Constanta and the Electroputere Craiova Shopping Center.
  • Providing day-to-day legal advice to the Intercora Group, Alpha Real Estate Investment and Alpha Property Development, part of Mitiska Belgium, in relation to their Romanian real estate assets including, amongst others, the Pipera Plaza Shopping Center.
  • Advised one of the major real estate development companies in Romania, part of an international group, with investments worth over $1 billion in several market sectors and in relation to the staged development and sale of one of the largest residential projects in northern Bucharest, including regularly reviewing and updating the main sale and purchase templates
  • Providing on-going advice to Hagag Development Europe, part of the Israeli Hagag Group, regarding the development, rental and/or sale of a mixed residential/ commercial project in central Bucharest and a luxury residential project in northern Bucharest.

 

Real estate investment


 

We are particularly renowned for handling complex transactions in the real estate investment market.

We work closely with our corporate and M&A group to provide expert, comprehensive and efficient advice on all corporate structured acquisitions.

Our clients range from property funds and family businesses to charities and high-net-worth individuals.

We have advised in relation to property portfolios of all sizes from offices to shopping centres and industrial warehouses, and we are industry leaders in advising investors on property and property strategies.

Key Contacts

Our Relevant Experience
  • Advised Keys REIM on the sale of an uncompleted building in the historic centre of Bucharest to One United Properties.
  • Advised Indotek Group, one of the leading investment management and real estate development groups in Hungary, on the acquisition of the Class A – One Victoriei Center office building.
  • Advised Element Group, one of the most active local developers, on the acquisition of 2,7 hectares land plot at the entrance to Pitesti.
  • Advised Mr. Ionut Negoita, the former majority shareholder of the Dinamo Bucharest football team and also an important player on the real estate market, on the acquisition of a land plot totaling over 10 ha, located in the East of Bucharest.
  • Advised Bog’Art Residential, the real estate investment division of Bog’Art Group, on the acquisition of 2 land plots located in the North of Bucharest, from OMV Petrom S.A. (part of OMV Group), with a view to be developed into a 130 apartment residential complex.
  • Advised Hagag on the acquisition of the office building located at 21 Tudor Arghezi Street in downtown Bucharest from the property fund NCH Capital.
  • Advised Corporate Finance House Group (CFH), a Middle Eastern investor, on the acquisition of the Day Tower building, one of the largest office buildings in Bucharest, extending over 19,000 sq.m. and with an 11,753 sq.m. gross leasable area.
  • Advised Futureal Management, one of the leading real estate developers and investors in Central Eastern Europe, with respect to the estimated EUR 3.7M Parcului project, centred on the acquisition of over 15,000 sq. m. in the Expozitiei area of 1st District, Bucharest, one of the main residential areas in the city.
  • Advised the investment arm of the largest Romanian construction company, Bog’art, on the acquisition of a 5,500 sq.m. plot of land in northern Bucharest with a view to developing a high-end residential project.
  • Advised a Romanian high net-worth individual on the acquisition of a 6,000 sq. m. Class “A” multi-tenant office building in the heart of the northern business district of Bucharest.
  • Advised the high net-worth family known as the Reuben Brothers on a series of real estate transactions and providing continuous day-to-day advice in relation to all their Romanian real estate investments.
  • Advised Commercial Property Services SRL with the acquisition of a retail unit within one of the most exclusive districts of Bucharest.
  • Advised Commons, a co-working start up with two locations in Bucharest and one in London, with negotiating the lease of three premises to be used as co-working hubs in Bucharest, totalling a surface area of over 3,300 sq.m.
  • Advised Bogart Residential, the residential development arm of Bogart, the largest Romanian construction company, with the acquisition of over 5,500 sq.m. of land in northern Bucharest for the development of a residential project.
  • Advised in all legal matters for First Property Group PLC, an award winning property fund manager and investor with operations in the UK, Poland and Romania, together with a club of investors, on the acquisition of the Maestro Business Center office building in Cluj – Napoca, Romania.
  • Advised one of the biggest real estate developers in Romania with the acquisition of a plot of approximately 29,000 sq.m., in one of the most up and coming areas of Bucharest. 
  • Advised one of the most active local real estate investment and development companies in connection with the acquisition of a plot of land of approximately 2,000 sq.m. for developing a residential project. 
  •  

Occupiers  


 

We are particularly renowned for assisting landlords and occupiers alike to effectively manage their operational real estate.

We have extensive experience and expertise in advising in relation to all occupiers’ property requirements, including headquarter buildings, portfolio management and landlord/tenant matters. We deal with build-to-suit lease arrangements, negotiation and documentation of complex commercial arrangements between co-owners of commercial real estate and with property portfolio management.

Key Contacts

Our Relevant Experience
  • Advised Bucharest Stock Exchange (BVB) and its group of companies on the lease of 2,235 sq.m. office premises in America House.
  • Advised Element Industrial on the lease of 16,000 sq.m. of warehouse premises in Eli Park 3 to FERRO Romania.
  • Advised Bourbon Black Sea on the lease of 800 sq.m. in Pipera Business Tower, a class A office building located on 6E Dimitrie Pompeiu Boulevard. 
  • Advised World Class Romania, the leader in the Health & Fitness industry in Romania in connection to the opening of a new health and fitness club in Expo Business Park.
  • Advised Societe Generale through its service center subsidiary, Societe Generale European Business Services on the lease of 10,500 sq.m. in the third building of Skanska’s Campus 6 development.
  • Advised Teads, a UK-based ad-tech company that creates innovative video advertising, on the lease of their new office premises, in the Dorobanti area of Bucharest.
  • Advised UPC Romania, the local subsidiary of Liberty Global (the largest international TV and broadband company serving 29 million customers), in relation to the lease of three floors totalling approximately 6,000 sq.m. in a Class A building to bring all their employees under one roof in Bucharest.  We advised on all aspects of the transaction, including the revision and negotiation of the lease agreement.
  • Advised Groupè Renault and Automobile Dacia on the largest ever single tenant build-to-suit office lease in Romania – between 39,000 sq.m. and 390,000 sq.ft.
  • Advised Groupè Renault and Automobile Dacia on a built-to-suit lease arrangement over an 8,000 sq.m. building to house the largest research and development centre of the car manufacturer in Central and Eastern Europe.
  • Advised British American Tobacco Romania on the lease of a 25,000 sq.m. multi-purpose operating premises, to include a fiscal warehouse, storage facilities, packaging and office areas in Ploiesti West Park, the largest business development in South East Europe.
  • Advised Mega Company, the largest cold storage facility owner and developer in Romania, on the lease of two large storage facilities to one of the largest retailers on the Romanian market.
  • Advised AEW Europe in relation to all their investments in Romania, namely the America House Building (a landmark building and one of the largest in Bucharest) and Promenada Targu Mures (one of the largest shopping malls in Central Romania).
  • Advised Catinvest, a large French real estate family owned fund, in relation to their Romanian real estate assets, namely the Orhideea and Esplanada shopping galleries, Tomis Mall Constanta and the Electroputere Craiova Shopping Center.
  • Advised Intercora Group, Alpha Real Estate Investment and Alpha Property Development, part of Mitiska Belgium, in relation to their Romanian real estate assets including, amongst others, the Pipera Plaza Shopping Center.
  • Advised the European Retail Park (ERP) in Targu Mures on all legal matters related to the ERP owned Promenada Shopping Center – the largest in its geographical area.
  • Advised Complexul Multifunctional Victoria (CMV) on all legal matters related to the America House building, one of the largest multifunctional business centres in Bucharest and extending over 45,000 sq.m., including all related agreements required for the management and operation of the building.
  • Advised London Partners with the lease of premises of approximately 500 sq.m. for the purpose of establishing the company’s headquarters.
  • Advised EDS Romania, part of Euro-Druckservice Group, a leading provider in the print service sector in Central and Eastern Europe, with the acquisition from Mega Press Holdings SA and Editura Aramis SRL of a heat-set printing business “as a going concern”, including carrying out the due diligence for the multiple-purpose premises totalling a surface area of over 30,000 sq.m. (land and buildings) and negotiating the lease agreement for these premises.
  • Advised First Property Group with respect to the lease of a 8,575 sq.m. warehouse in Tureni, Romania to Teconnex, a UK based company that designs and manufactures V-clamps and other joint technology solutions for various sectors.
  • Advised WebHelp Romania, a 35,000 people-strong global leader in business process outsourcing (BPO) and specialising in customer experience with 3 awards at the ABSL Gala 2018, in connection with the lease of an additional three floors totalling a surface area of over 1,500 sq.m. to expand its office premises in Bucharest.
  •  

Planning & Zoning


 

We advise on the entire range of planning, zoning and land use issues. From conversion of use to assistance in obtaining the PUZ, PUD or Building Permit, we assist investors, developers and occupiers to navigate the complexities of the planning and zoning system in Romania.

We work closely with other professional advisers such as surveyors and project managers in order to deliver a comprehensive and full service to our clients.

Our experience covers all types of development projects, including mixed-use development, residential developments, office, retail and leisure proposals and large-scale logistics projects.

 

Key Contacts

Our Relevant Experience
  • Advised Futureal Management, one of the leading real estate developers and investors in Central Eastern Europe, in connection with issues arising during the permit phase of the Parcului 20 residential project in the Expozitiei area of 1st District, Bucharest.

 

Real estate finance


Whether it is in relation to substantial portfolio acquisitions, re-financing, single assets or large volume transactions, our multi-discipline and experienced lawyers have a long history of delivering real value for both borrowers and lenders.

Our expertise and experience covers both finance and real estate so we are able to provide a complete service, addressing the complications of both small and large real estate finance transactions.

We have experience in the financing of all types of real estate assets ranging from major office, retail and residential developments through to institutionally owned properties and trophy residential properties.

We are very familiar with the various ownership and management structures used and their impact on financing, asset values, realisation and enforcement.

Key Contacts

Our Relevant Experience
  • Advised an Austrian bank in relation to credit facilities of more than EUR 22 million for the development of an aluminium plant in Western Romania.
  • Advised one of Romania’s largest banks in relation to credit facilities of more than EUR 24 million for the development of state-of-the-art cold storage facilities.
  • Advised an Austrian bank in relation to credit facilities of more than EUR 40 million for the development of a logistics park near Bucharest.
  • Advised one of Romania’s largest banks in relation to credit facilities of EUR 5.7 million for the development of a wind farm in Romania.
  • Advised one of the largest Romanian banks in relation to proposed credit facilities for the development of a large network of proximity shops.
  • Performed due diligence for one of the largest Romanian banks to identifying any and all potential risks in connection with the financing of an acquisition by a municipality of 200 apartments.

Real estate litigation


Our real estate litigation team is part of our renowned dispute resolution and real estate advisory group.

We have extensive experience in dealing with litigation and arbitration matters across the full range of real estate issues, such as permit and zoning disputes with the authorities, interpretation of property documents, disputes with contractors and the termination of agreements.

We are able to advise all types of clients in the sector, including institutional landlords, major tenants, banks, financial institutions, insolvency practitioners and professional advisers, and we ensure our advice is specifically tailored to the needs of each client.

Key Contacts

Our Relevant Experience
  • Assisting Hervis Sports & Fashion S.R.L., the biggest sports retail chain in  Romania, in obtaining an unprecedented decision by the Cluj Specialised Tribunal, with the grant of an injunction for the deferred payment of part of the rent relating to premises at the Vivo Shopping Center in Cluj, owned by commercial real estate group Immofinanz.
  • Assisting in all elements of the expropriation process to ensure that our client, a real estate developer, receives appropriate compensation. We challenged the original decision to expropriate, assessed the adequacy of the compensation offer and obtained higher compensation for our client as a result.
  • Assisting World Class Romania in relation to litigation involving the operation and lease of their asset management portfolio of shopping malls in Brasov.
  • Assisting an investment company, part of an international investment group, with litigation and insolvency matters involving the operation and lease of their asset management portfolio of shopping malls in several countries.
  • Assisting a leading construction company in Bucharest in litigation on FIDIC contractual matters arising from a construction agreement with a local public authority, following a public procurement procedure.
  • Assisting a leading company in the Bucharest exclusive residential property market, in front of the Romanian courts of justice against the Bucharest City Hall, in order to alter the Urban Planning for protected areas and ensure the protection of their ownership of a piece of real estate of approx. 4200 sq. m.

Other Legal expertise