The Legal 500

‘One of the undoubted leaders in the real estate sector’, Andonov & Radinska has managed to retain all of its key accounts, providing advise on projects of approximately 270,000 sq m lettable area at an approximate market value of €600m. The practice has also secured some new mandates including advising an Estonian consortium of financial institutions in the acquisition of over 300 separate plots of land. Hristo Andonov is recommended.

‘Good value for money in terms of advice, experience and reliability’, Borislav Boyanov & Co’s three-partner team maintains its position at the pinnacle of the market as a result of some highly impressive deals. With the resources to handle major due diligence exercises, the firm is particularly accomplished at M&A-related work and recently advised Lidl on all the Bulgarian aspects of acquiring its competitor Plus. The team is also able to handle complex financings, as illustrated by its recent work for the EBRD in relation to the construction of the Galeria Mall Burgas. ‘Thorough, professional and responsive’ department head Nickolay Nickolov ‘knows his stuff and delivers precise and efficient advice’.

Led by senior associate Jenia Rusanova, CMS Cameron McKenna in cooperation with Petkova & Sirleshtov Law Office’s six-fee-earner department advises many stakeholders including developers and investors. Able to tap into the expertise of its international network, the team excels at advising on cross-border mandates, as exemplified by its recent work alongside the London team on behalf of Miller Developments International on the acquisition of a mall in Bulgaria. Leveraging off its ‘superb reputation for energy work’, the team has handled numerous renewables-related real estate matters for clients such as Iberdrola Renovables, Toshiba PV and Seoul Marine.

Led by Stephan Kyutchukov, Djingov, Gouginski, Kyutchukov & Velichkov’s ‘superb’ real estate and construction group is sufficiently nuanced to have strengths in a range of sub-specialisms, including energy-related matters, retail and commercial property. Regularly instructed by funds, the practice recently represented Karsch Venture Capital on the acquisition of commercial property and the development of a shopping complex near Sofia. In addition to representing core clients such as Raiffeisen Energy and Environment, Techno Residential Park and Miller Developments, the team has also picked up mandates from new clients including Bank Leumi, Israel Theatres and CinemaCity International, M O Rousse, M O Stara Zagora, and Park Tower.

At Kambourov & Partners, Atanas Shopov heads a team that has the weight of expertise and track record behind it to advise an eclectic selection of stakeholders in real estate matters from the full range of sub-sectors. Despite the overall slowdown in new instructions, the firm continued to be kept busy by its work for Carrefour Marinopoulos and South Management Company, firstly on the opening of a shopping mall in Sofia in the European Trade Center and then on the establishment of the Lyulin Mall in Sofia. Leveraging off the firm’s excellent finance and corporate capability, the team has also secured mandates from funds investing in property. For example, as well as continuing to advise the Black Sea Property Fund on its €28m acquisition and development of four residential projects, the practice has also picked up work for the ELANA Agricultural Land Opportunity Fund on its acquisitions of agricultural land.

Penkov, Markov & Partners handles work for developers, funds and banks across the myriad residential, office and retail real estate. International retail giant, Carrefour, continues to keep the practice busy, and as well as advising it on specific projects, also acts for it on all aspects of the operation of its hypermarket chain in Bulgaria. Other highlights included representing Knauf on the €90m construction of a plant for gypsum construction boards. Ivan Markov and Milena Gaidarska are core members of the team.

‘Reactive and experienced’, Andrey Delchev and Partners – Eurolex Bulgaria has an excellent reputation in the real estate and construction market. A stalwart of the public sector arena, the team has been active advising the Road Infrastructure Agency on the tender process for the €220m construction of the Trakia highway. Other work has included advising Planex on the €56m development of the Galeria Varna Mall. ‘Strategic and precise’ team head Stoyan Barzakov is recommended.

‘Always ready to go the extra mile for its clients’, Dinova & Rusev advises an expanding roster of high-profile investor clients including REITs, venture funds and developers on an array of commercial, industrial and personal property matters. Anelia Dinova is ‘second to none in resolving complex problems’, while Todor Kakachev is praised for his ‘deep understanding of the commercial aspects of development of shopping mall projects’, and has been particularly active advising South Ring Mall in Sofia on acquisition and development work. Other clients include Assos Capital, Mitsubishi Heavy Industries and S&B Industrial Minerals.

Headed by Adriana Nacheva, the ‘reliable and competent’ team at Dobrev, Kinkin & Lyutskanov Law Firm advises a predominantly international client base on their property acquisitions in Bulgaria. Active across the life cycle of a transaction, from planning and due diligence to completion and sale, the team is praised for its ‘willingness to go the extra mile’. The team is advising European Land on a project for the acquisition, regrouping and rezoning of in excess of 150,000 sq m near Sofia airport. One of the leaders in the market for leisure and tourism, the team is advising Golfina Investment Fund, a Bahamian investment fund, on its investment in one of the largest winter and spa resorts to be developed near Bansko.

Headed by Sergey Penev – praised for his ‘knowledge of the law and strong commercial instincts’ – Penev LLP provides a ‘responsive and cost-effective’ service to an impressive client roster largely made up of foreign real estate investors, including Lewis Charles Sofia Property Fund and Inditex. The team also has a significant disputes capability, as was illustrated by its recent work for Black Sea Properties in multi-party civil proceedings regarding the cancellation of a title of ownership. ‘Very skilled, competent and aggressive’ associate Iana Dimitrova receives plaudits for her ‘thoroughness, precision and proactive approach’.

Schoenherr provides an ‘excellent service’ to a distinguished roster of predominantly international investors across all aspects of real estate and construction transactions, particularly within the energy sector. OMV Bulgaria remains a pivotal client, and the group continues to represent it on the development of its downstream network. Dimitar Vlaevsky and Elena Todorova are key members of team whose other clients include Sparkassen Imobilien and Moncada.

Headed by the ‘very focused and business-orientated’ Peter Takov, Tsvetkova Bebov & Partners (Landwell) provides a very ‘well-rounded service’ to an eclectic mix of clients including developers, investors, banks and funds. Particularly accomplished at the intersection between projects and real estate, the practice represents Sky Solar on a due diligence review of a photovoltaic power plant.

Varadinov & Co Attorneys-at-Law represents developers, investors and construction companies on transactions in the real estate market. Senior associate Galina Gergova is recommended for both real estate and construction matters.

Excelling at matters that require a multi-disciplinary approach, Arsov Natchev Ganeva is regularly engaged on some high-profile mandates. Instructed by Lidl across a range of different services since its entry into the Bulgarian market, the firm has advised it on numerous real estate matters including the acquisition of numerous properties. The practice is also regularly involved in real estate-related energy matters including its recent work for Austrian construction company Alpine Bau on the building of a €300m dam lake and hydro power plant.

Benefiting from a ‘phenomenal attention to detail and work ethic’, Atanassov & Ivanov Law Firm is an increasingly popular choice for advice on real estate matters. ‘Able to see the bigger picture,’ the firm’s ‘commerciality’ and ‘pragmatism’ is appreciated by a host of international clients. Recent highlights include advising a corporate on the €10m repossession of its real estate. Clients include United Bulgarian Bank, TM Auto, Multirama Bulgaria, Michelin and Egis.

Bazlyankov Stanoev & Tashev is particularly accomplished at advising on real estate acquisitions. Recently promoted partner Diana Ilieva is recommended.

Borissov & Partners continues to gain market share as a result of increased ties with a number of international property companies. For example, the team is advising UK private equity fund EQUEST Partners on the real estate aspects of its acquisitions of City Center Sofia and Praktiker Plovdiv. Other clients include Pearl Property, Penguin Properties and Carnation Holdings. Radoslav Alexandrov has a good reputation for real estate and construction work.

CHSH Cerha Hempel Spiegelfeld Hlawati EOOD excels in work at the nexus of real estate and projects. Boyko Guerginov and Ralitsa Gavrilova advised Alfa Energy on a due diligence report provided for the purposes of developing solar power plants.

At Danailov, Mihaleva, Nedelchev & Co/Lex Locus, Koloyan Nedelchev represented KESZ, Hungary’s largest construction company, on the establishment of its operations in Bulgaria and subsequent construction activities.

Delchev & Partners is able to provide an all-encompassing service to real estate players including advising on the concomitant tax structures. It is currently acting for Cordeel as a general contractor of Bulgaria Mall Center. Managing partner Emil Delchev has a strong track record in the industry.

Headed by the ‘very reliable, sophisticated, responsive and shrewd’ Alexander Todorov, Dimitrov, Petrov & Co represents investors in property acquisitions involving alpine ski and seaside resorts, in addition to corporates on industrial and office building leases, tax issues and litigation. Recent highlights include successfully completing an acquisition of a portfolio of seaside properties for the Norwegian investor SEMECO. Also active on the contentious side, the team represented real estate developer, BG Immobilien, in numerous disputes.

At Georgiev, Todorov & Co, Alexander Katarsky represents Sofia Outlet Centre on various issues including contract matters with the tenants of market areas, management of the leases and contractual disputes.

A relative newcomer on the Bulgarian legal market, Georgieva, Petrov, Nenkov, Georgiev Law Firm has represented developers on land acquisitions totalling in excess of €335m since its formation in 2003. Alexander Nenkov is recommended.

‘Professional and very precise’, Gugushev & Partners provides a ‘sophisticated and technically strong’ service to clients engaged in a broad spectrum of real estate and construction activity from the acquisition of property to the rental and sale of the property. The team has also continued to handle an increased volume of litigation. The ‘detail-orientated’ Petko Angelov and senior associate Elena Nenova, who displays the ‘utmost professionalism’, are pivotal members of the practice.

Ilieva, Voutcheva & Co Law Firm handles a good deal of real estate and construction mandates as a by-product of work in other areas, particularly energy. As part of its representation of Suzlon Wind Energy on its acquisition of a Bulgarian company, the due diligence involved a check of all the title rights of the company on the lands designed for development and construction.

KLC Bulgaria EOOD represents domestic and Greek investors, developers and financiers in the commercial real estate market.

Law Firm Kolcheva, Smilenov, Koev and Partners handles work on behalf of clients engaged in the retail and leisure real estate market.

At McGregor & Partners, as well as advising clients on the acquisition, development and letting of land, the team also handles more niche work such as the establishment and operation of mining and quarrying operations.

Leveraging off its corporate and finance expertise, Popov & Partners provides a rounded service to investors and developers engaged in the retail, residential and industrial sectors. Eleonora Sergieva advised Industrial Parts on the purchase of a new warehouse as part of its expansion plans.

Sabev & Partners Law Firm handles work for a raft of participants, including financiers, investors and developers engaged in the commercial real estate market.

The litigation and arbitration team at Simeonov & Dermendjiev has been involved in real estate and construction disputes.

Law Partnership Tascheva & Partner advised Porsche Immobilien on the acquisition of real estate for the purposes of building a number of showrooms. The firm also continues to provide day-to-day advice to the World Trade Centre in Sofia. Svetoslav Dimitrov heads the team.

Particularly accomplished handling deals at the intersection between real estate and capital markets, Tokushev and Partners Law Office continues to advise Intercapital Property Development on bond restructurings as well as on its dual listing on the Bulgarian and Warsaw stock exchanges.

At Wolf Theiss, Richard Clegg and senior associate Maria Danailova led on the pre-transaction structuring of a potential €100m financing for the construction and operation of a 2,000-bed prison in Sofia.

Yonev Valkov Nenov represents domestic and international clients investing in retail, mixed-urban projects and greenfield sites, among other areas of real estate.