The Legal 500

The real estate practice at CMS Reich-Rohrwig Hasche Sigle goes from strength to strength, continuing to garner instructions on the region’s highest profile deals in a tougher climate. This is partly down to the reputation of partner Stojan Semiz, one of ‘the best real estate lawyers in Serbia’, and his team’s ‘practical and responsive attitude’. Real estate-related work forms 25% of the firm’s work, including, on the corporate side initially, the largest real estate project yet in Serbia, the construction of a €380m development comprising a sports stadium, retail and residential facilities in Belgrade. The dedicated team also advised Belgian group Vision on their €100m investment in the Kopaonik commercial/residential development 26 miles from Belgrade.

Gide Loyrette Nouel scored a notable coup which puts it amongst the frontrunners in the burgeoning Montenegrin real estate boom when it was awarded the mandate on the first planned highway concession in Montenegro. Other notable highlights include advice to an international investment fund on the development of a prime area of the Montenegrin and Croatian coast, and to a major European retail chain on its real estate projects in Serbia and Bosnia Herzegovina. Clients praise the team’s ‘proactive attitude’.

Having maintained an office in Montenegro since 1998, Harrisons Solicitors is well-placed to capitalise on the development boom there and has followed this through with advice to rafts of middle-eastern and UK clients purchasing land or investing in property development there. Amongst these was the advice given to the Horizon Group on acquisitions and development of significant real estate projects. In Serbia itself, the ‘highly professional’ team advised General Electric Real Estate and Merrill Lynch on the regulatory framework governing real estate transactions.

Partner Milos Mitic and his 10-strong real estate practice group at Jankovic, Popovic & Mitic o.d. in cooperation with CHSH Cerha Hempel Spiegelfeld Hlawati offer a complete service assisting their diverse client-base with all aspects of real estate acquisition in Serbia, from researching potential development locations, to obtaining permits from the relevant authorities, preparation of finance documentation and lease agreements and advising on real estate litigation and environmental issues. The team’s high volume of recent real estate instructions have included acquisitions of land for development for Bauhaus and the US embassy and advice on lease agreements for Merck, Sharp and Dohme and Avon Cosmetics.

Clients report ‘only the best experiences working with Joksovic, Stojanovic & Partners ’, where they find ‘excellent service’ and ‘consistency in quality of advice from all lawyers’, who are ‘professional, punctual and take care over every detail’. Partner Nenad Stankovic is cited as showing ‘a great deal of professionalism, knowledge and customer service’. Significant transactions on behalf of a diverse mix of domestic and international corporate and governmental entities included the sale of a Belgrade land parcel on behalf of Novi Dom, one of Serbia’s largest furniture manufacturers, and drafting of long term lease agreements for the likes of Nokia Siemens Network Serbia, Robert Bosch Serbia and Johnson & Johnson. Joksovic, Stojanovic & Partners now has its own office in Montenegro.

Partner Milos Vuckovic leads the dedicated real estate team at Karanovic & Nikolic, which stands out for the strength and depth of its practice and client base. Clients themselves have labelled the firm’s lawyers ‘driven’, ‘responsive’ and ‘accommodating’. Key mandates include advice to Airport City Belgrade on their 120,000sqm commercial and residential development, and to Greek construction giant Lamda Holdings on a potential acquisition of land in Belgrade. Another specialisation is in advice to finance houses including Merrill Lynch and EBRD on property finance.

At Prica & Partners, experienced Aleksandar Mancev is key to the bulk of the firm’s significant real estate transactions in the region, co-ordinating advice and due diligence for clients such as IKEA and DuPont on purchase and leasing enquiries. A prime recent mandate has been as counsel to Raiffeisen Investment on the sale of bankrupt Belgrade department store chain Robne Kuce.

Clients have registered their appreciation of the ‘excellent quality of service from each member of Wolf Theiss Vienna in co-operation with Serbian lawyers ’. Bojana Bregovic’s training in global US law firms stands her in good stead when negotiating on behalf of international clients such as Kraft Food International on leases and acquisitions of land and plots. Fellow partner Miroslav Stojanovic is equally praised by clients for his latest involvement in the acquisition and financing of development opportunities for clients including EMAC, a UK investment fund, and Wiener Staedtische Versicherung on the development of the first “green building” in Belgrade. A network of ten offices in Eastern Europe draws in opportunities for cross-fertilisation of skills and clients.

Schönherr’s real estate practice in Belgrade goes from strength to strength, with managing partner Slaven Moravcevic leading the challenge through a high level of quality advice and implementation of innovatory structures in a developing area of law. UniCredit Leasing was the beneficiary of the firm’s groundbreaking tax structuring of its financial leasing of real estate in 2008. Other eye-catching real estate deals for the firm were the forward purchase transactions for Signa Development’s €370m acquisition of prime real estate in New Belgrade.

Handling a fair share of prominent local deals in 2008, Trifunovic & Cvetkovic has a reputation for efficiency and professionalism which won the mandate on the largest construction project of the year in Serbia, acting for the investor, Central European Estates, in the €1billion, 500,000sq metre “Block 26” mixed use development in central Belgrade. Goran Cvetkovic and team also handled a major retail development for US giant Big Center and two projects in Montenegro in the luxury resort and highway sectors, the latter on behalf of the Montenegrin government.

A smaller firm with a ‘big personality’, Zivkovic & Samardzic Law Office has been credited with ‘in depth knowledge of real estate law’ in Serbia and Montenegro. In addition to advice to Bluehouse Real Estate Investment Fund on purchase and construction of business grade property in Belgrade, Milos Zivkovic’s team has recently assisted Dunlav Insurance Company on real estate project financing through the purchase of corporate bonds.

The combined forces of Marija Bojovic and Vladimir Dasic, ex-PwC legal arm partners, and Tijana Kojovic, has kick-started a new era in the real estate legal field for the merged firm Bojovic, Dasic , Kojovic Attorneys at Law. Each has an established reputation in this practice area in Serbia, with Marfin Investment Group and Verano Motors advised on a potential €360m acquisition of Robne Kuce Beograd. The team advised Montenegrin company Villa Park on their joint venture with a foreign real estate developer, the foreign investment fund in the sale of a Montenegrin property company with coastal assets, and the government of Montenegro on the sale of a state-owned hotel.

Greek firm IKRP Rokas & Partneri d.o.o. has experience on the property finance side on behalf of Greek banks and finance houses active in Serbia and Montenegro; and achieved prominence with its advice to Greek property developers Lamda Development on their €56m commercial property acquisition.

Mikijelj Jankovic & Bogdanovic provides conveyancing, administrative and acquisition advice to foreign embassies and commercial entities seeking premises in Belgrade. In 2008, partner Dejan Bogdanovic advised one such foreign embassy on a multi-million euro acquisition of a new embassy building in the capital.

The legacy firm of the former Bojovic Dasic Kojovic, Milovanovic & Associates Attorneys at Law provided acquisition support to Capital Estate, Montenegro on several projects in Becici, and handles other major real estate joint ventures.

With a formidable reputation as an ‘academically excellent lawyer’ in the corporate and M&A world, name partner Darko Spasic at Spasic & Partners is also a force to be reckoned with when it comes to real estate law. The team represented the Serbian privatisation agency on some of the most prominent property deals of the year, in the sale of Robne Kuce Beograd, the privatisation by way of sale of assets of the complex including the Intercontinental hotel in Belgrade, and the sale of the institute for construction for the city of Belgrade. As advisor to commercial entities acquiring property, the team advises Pizza Hut and the Serbian entity representing Marks & Spencer.

At Tomic Stevic Dulic, partner Ljubica Tomic wins real estate clients with her ‘attentive’ approach and ability to comprehend the commercial needs of potential investors, together with her solid grasp of the tricky Serbian real estate legal environment. A major project was the development and forward purchase of the €18m Mercedes-Benz truck centre.