Romania > Real estate and construction > Real estate and construction
Real estate and construction
Popovici Nitu & Asociatii’s real estate practice encompasses acquisitions, development, finance, and commercial letting, and is described as ‘first rate’. The firm has advised Immoeast, one of the largest real estate investors in Romania, on acquisitions; recent deals include the acquisition of EFG Portfolio Projects with a total investment volume exceeding €300m and the acquisition of Eyemaxx Portfolio Logistics Projects, valued at €160m. On the development side, the firm advised SPD – a joint venture between Erste Bank/Sparkassen Immobilien and local entrepreneurs – on the development and construction of SMART City Project, a €350m office park development in Bucharest which includes the Rompetrol Tower. It has also acted for Global Finance on the development, construction, sales and letting of its €300m Global City and Global City Residential Projects in the capital. In the retail letting field, the firm advised Armonia Shopping Center Arad in connection with the renegotiation and restructuring of various retail lease agreements, including with Carrefour. Ernest Virgil Popovici is recommended.
Clients of Musat & Asociatii appreciate the firm’s ‘ability to provide efficient legal services but also proactively meet the client’s needs’. Mona Musat leads a team of 20 associates, with work for developers the key focus of the practice. The firm is advising Spanish real estate developer Grupo Lar on various land acquisitions in Bucharest and Cluj, with a view to a residential development with an investment value of €300m. The practice is also acting for Nova Imobiliare on the development of the largest shopping centre in Bucharest, worth in excess of €500m. The firm’s involvement in the project includes drafting and negotiating the partnership agreement with Bucharest City Hall for the rebuilding of the area. On the construction side, the practice is assisting Stilltech, a member of All United Group, on a construction contract with Jantzen Development, a Danish developer, to complete a Greenfield farming facility in Cocora. Mona Musat and Marius Barladeanu ‘add a great deal of value to our business’, according to one client.
Alina Radu leads the real estate team at Nestor Nestor Diculescu Kingston Petersen, which is noted as having ‘the capacity and resources to handle very large deals’. The firm is assisting Globe Trade Center (GTC), one of the largest developers in Central and Eastern Europe, on the development and management of the Galleria chain of shopping centres located in some of Romania’s largest cities. The investment is valued at €100m. The practice acted for the same client in the completion of the acquisition process of City Gate, an office building in Bucharest, with a leasable area of more than 76,000m2. On the construction side, the firm is acting for Crown Constructions, part of the Greek group Morfi, in construction agreements with a Romanian contractor for the development of two residential projects. Manuela Nestor is well regarded.
The real estate team at Salans advises on sophisticated transactions including financing, M&A, development and leasing involving hotels, residential and office buildings, land, shopping centres and industrial properties. The practice is led by Laura Tiuca and Bogdan Papandopol, while managing partners Anda Todor and Christopher Berlew also devote significant amounts of time to real estate work. The firm advised Black Sea Global Properties, a subsidiary of Rompetrol Holding, on its recommended cash offer of €50.8m for the real estate investment fund Fabian Romania. It also advised Heitman International on the €101.5m acquisition of the City Center Sofia Shopping Mall in Sofia, Bulgaria, from Equest Balkan Properties, one of the largest real estate transactions in the SEE region.
Dan Borbely and Razvan Gheorghiu-Testa are co-heads of the real estate practice group at Tuca Zbarcea & Asociatii. The firm has particular expertise advising industrial clients, within a broader offering which includes acquisitions and assisting developers. The practice represented Voestalpine, Austria’s largest steel producer, on the company’s proposed Greenfield project to erect an integrated iron and steel mill in the Black Sea region, with an investment worth up to €7bn. On the funds side, Tuca Zbarcea & Asociatii acted for a Norwegian real estate fund in connection with the restructuring of the fund’s operations in Romania, and designing a tax-efficient structure for the sale of a residential portfolio with a value of €120m. The team also assisted the same client in renegotiating several acquisitions of residential portfolios as a result of the financial crisis. Clients say the firm provides ‘fast, high-quality responses’.
Badea Clifford Chance’s real estate practice is primarily focused on the financing side, reflecting the firm’s principle area of strength. Nadia Badea heads the team. The practice assisted a large real estate fund with due diligence and negotiation for the acquisition of distressed real estate assets and fee-generating service companies, as well as acting for Europa Capital in connection with the development of a logistics park. On the commercial property front, the firm represented Atrium Centers in the negotiation and implementation of lease agreements with tenants in their commercial centres in Romania, currently under development. Perry Zizzi is ‘simply superb’.
Biris Goran SCA provides clients with ‘detailed legal opinions and a practical commercial approach in helping to assess risks’. The firm, which is well known for its expertise in tax, is particularly strong in financing and funds work. It advised Sparkassen Immobilien on a €32m real estate refinancing of Hotel Novotel in downtown Bucharest, as well as successfully assisting the sellers in the closing of a forward sale of an office building in the Sema Parc complex to real estate investment fund Europolis, for approximately €110m. Victor Constantinescu and Raluca Nastase are co-leaders of the group; clients say they are ‘very capable and easy to deal with’.
CMS Cameron McKenna SCA’s expertise in real estate is focused on finance and acquisitions work, often for large international clients. Its service levels are deemed to be ‘excellent’. The practice advised Atenor, a Belgian real estate investor on issues relating to permitting and zoning, design and build agreements for the phased construction and development of a series of office and shopping buildings in Bucharest. On the finance side, the firm acted for one of the largest Romanian banks in the financing and refinancing of several large real estate developments. Dan Mares heads up the practice; clients are impressed with his ‘practical and accurate advice, provided on a timely basis, and excellent communication skills’.
Managing partner Bruno Leroy heads the real estate practice at Gide Loyrette Nouel, which has expertise in finance as well as notable strength in the construction field. The firm advised a syndicate of banks on the €250m Baneasa real estate project consisting mainly of a shopping mall, an Ikea store and office buildings in Bucharest. It also acted for KCB Bank on the financing and refinancing of the restoration and construction of an historical monument in the Romanian capital. Notable construction work included acting for Bamesa, a major Spanish steel manufacturer, regarding the performance of service and construction contracts under FIDIC rules, and the settlement of related construction disputes. Bruno Leroy ‘does a great job and fulfils his promises in terms of timescale’.
Peli Filip has expertise in real estate acquisitions, representing developers and funds. Managing partner Francisc Peli leads a team of seven associates. The practice is providing ongoing assistance to AIG/Lincoln in a joint venture with Fabian Romania Property Fund/Black Sea Global Properties, relating to the development and leasing of Lakeview Office Building, a project valued at over €50m. The firm also has also acted for Tiriac Group, one of the largest real estate groups in the Romanian market, on the development of two major residential projects located in the North and West of Bucharest. The projects comprise more than 700 luxury and medium-class apartments worth in excess of €140m in total.
Radu Taracila Padurari Retevoescu SCA in association with Allen & Overy LLP’s practice focuses on real estate finance, leveraging the firm’s significant expertise and established relationships with the banking community. Dragos Radu leads a team of nine lawyers. The firm regularly acts for the Copper Beech Group, one of Romania’s largest developers and owner of 600 hectares in and around Bucharest, on real estate matters including its project to build 17 residential developments over the next five years. On the finance side, the practice represented Banca Romaneasca, a member of the National Bank of Greece Group, regarding amendments to a syndicated loan valued at approximately €90m which was granted to Upground Estates for the development of a mixed-use real estate project in Bucharest. Clients describe the team as ‘financing experts’.
Managing partner Sebastian Gutiu heads the wide-ranging real estate practice at Schönherr, which covers everything from contentious work to acting on financing issues for large developers. The firm is advising Austrian real estate fund Europolis on the acquisition of Cefin Logistic Park Arad, as well as regarding the development of what is intended to be the tallest building in Bucharest. It has also advised OMV Romania and Petrom, the country’s largest corporation, on the ongoing development and upgrade of its network of filling stations, warehouses and refineries throughout Romania, Bulgaria, Serbia and the Republic of Moldova; and is acting for OMV on a number of real estate disputes. Clients describe the practice as ‘trusted, experienced and invaluable’.
Clients of Vernon | David ‘would recommend it to others without a second thought’. The real estate practice encompasses the entire range of transactions, including financing, acquisition, regulatory, construction and litigation, largely because the firm represents some of the country’s largest developers. The firm acts as general counsel to Iulius Group and in the past 12 months has worked on over €700m worth of projects. Key matters included advising on the financing/refinancing of its three active malls in Iasi, Timisoara and Cluj, as well as with its newest mall project in Suceava. The Iulius Mall in Timisoara is the largest mall in Romania. The firm is also advising on all aspects of the Palas Project – the redevelopment of the city centre of Iasi – including financing, joint venture issues, construction, design and site assembly. This is the largest project of its kind in south-east Europe with a value well in excess of €250m.
Anghel Stabb & Partners’ commercial property practice is engaged by a range of clients, including developers, construction firms, architects and buyers of land. The practice is advising Hawkworth, the Romanian investment vehicle of Catalyst Funds, on acquisitions; as well as acting for one of the leading developers in Tirgoviste on the demerger of its construction and land trading activities.
Clients note the ‘flexibility, quality of work and quick response time’ of the real estate team at bpv Grigorescu. At the beginning of 2009, the firm expanded its contentious practice into a fully fledged litigation and arbitration group to help augment its real estate litigation work. The firm acted for EvoBus Romania on a €2.5m lease agreement for new headquarters for the company.
Bostina & Associates has a strong practice advising public authorities on real estate matters. The practice provided assistance to the European Commission, the European Parliament and the European Investment Bank with their premises in Bucharest. It is also acting for the National Agency for Cadastre and Land Registration on the implementation of a single, unitary land registry system in Romania.
Valentin Berea and Cosmin Stavaru head up the real estate practice at Bulboaca & Asociatii, which clients find ‘very thorough and well organised’. Finance work is a particular strength and clients include Alpha Bank, Bank Austria Creditanstalt, Biopower, Commerzbank and Martifer Group.
Land purchases and commercial leases are the mainstay of the real estate practice at Buzescu Ca. Clients are impressed with ‘very good industry knowledge and on-target advice’. The firm advised Amromco Energy on the purchase of land in relation to gas production operations. Adrian Tomescu, who heads the real estate practice, is ‘very professional’.
Commercial leases are an important part of the real estate practice at D&B David si Baias where the team is headed by managing partner Sorin David. On the construction side, the firm has worked with the Irish developer Mivan on large retail projects.
Clients say the service received from Lina & Guia SCA is ‘of excellent quality’. Helios Eastern Europe is an important client of the real estate team; the practice provides advice in relation to development, operation and divestment of its operations in Romania. Cristian Guia heads up the team.
Boiana Berchi is the recognised name at McGregor & Partners S.C.A.. The firm has particular expertise in real estate finance and contentious work in the construction field.
Pachiu & Associates is a 24 fee-earner firm. In the real estate sector it has expertise in acting for developers. The practice acted for Portuguese developer Sonae Sierra in the purchase of real estate vehicles for the development of shopping malls in various locations in Romania, as well as assisting Gran Via on the development of a major residential project in Constanta.
Marilena Ene is head of the real estate department at Ratiu & Ratiu. The firm assisted a multinational company in developing retail stores in Romania; the project was valued at over €100m.
Alexandru Reff leads the real estate team at Reff & Associates, which has a strong practice on the real estate finance side. The firm is acting for New Europe Property Investments on the transaction structure, implementation (including due diligence), negotiations and financing related to the acquisition of three significant retail parks in Romania, with an aggregate value of over €150m. The practice is also advising Industrial Investments on a €10m residential property development project. The work included land acquisition and litigation issues.
S.P.R.L. Menzer & Bachmann – Noerr’s main strength in the real estate field is in acquisitions. The firm advised a well-known Austrian chain of DIY stores, BauMax Romania, on the acquisition of properties for the development of DYI retail outlets in several major Romanian cities. The investment was valued at €40m.
At 35 fee-earner firm Vilau & Mitel, Sorin Mitel heads the real estate practice. Advice to developers and work completed for construction companies are among the firm’s principle strengths. The team acted for ING Real Estate on asset management related to the development of the €22m Felicia Shopping Center, one of the most important commercial outlets in Iasi. The practice also represented Spanish construction company GTM in connection with the building of a business centre in Galati, through a project concluded with the Ministry of European Integration. Clients describe the team as being made up of ‘dedicated real estate professionals’.
Clients praise the ‘pro-active and practical’ real estate team at Voicu & Filipescu SCA. Roxana Negutu heads a team of four associates with expertise in acting for developers in financing, land acquisition and regulatory matters. The firm advised TriGranit Development Corporation, the third-largest property developer in Europe, on a project for drawing up the lease agreements for the Polus Center Constanta retail park. Polus Center Constanta is a €140m investment currently under construction and will be the largest regional single-level shopping and entertainment centre in Constanta, Romania’s second city. The practice also acted for Continental Hotels on the acquisition of a €4.5m plot of land in the centre of Bucharest, for the development of a new hotel.
Seven fee-earners handle real estate matters at Wolf Theiss led by Ciprian Glodeanu. The firm advised Starwood EAME License and Services Company in the preparation and drafting of various agreements related to Starwood’s investment in a €120m joint venture project with Sigma Group for the development of a five star Sheraton hotel, exclusive condominium and retail complex in Cluj.
Lucian Danilescu heads the real estate team at Zamfirescu Racoti Predoiu Law Partnership. The firm is highly regarded for its contentious work, and clients include Romconsulting, OTK Holding, and Juel Nielsen Romanian Forest & Agriculture Investments.