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Penkov, Markov & Partners

Work +359 2 971 3935
Fax +359 2 971 1191
Bourgas, Dobrich, Lovetch, Pleven, Rousse, Sofia and 2 more

Milena Gaidarska

Work +359 2 971 3935
Penkov, Markov & Partners


Partner, Practice areas: Real Estate Transactions, Development and Construction, Commercialisation of Retail, Residential and Office Space, Financing and Securitisation of Real Estate Projects, Mergers and Acquisitions, Public Procurement.


Penkov, Markov & Partners - Partner since 2007; Penkov, Markov & Partners - Lawyer, 1999-2007; Penkov, Markov & Partners - Trainee, 1997-1999; Sofia City Court - Law Clerk, 1998 - 1999.


Bulgarian, English, Spanish


Sofia Bar Association


Sofia University St. Kliment Ohridski, 1997, Master in Law


Banking, finance and capital markets

Within: Banking, finance and capital markets

Penkov, Markov & Partners covers multiple regulatory issues on the banking side, including establishment and licensing, EU passporting and anti-money laundering, as well as handling bank M&As, spinoffs and insolvency procedures. Key individuals in the team are co-heads Vladimir Penkov and Ivan Marinov, who advises on investment financing, and Nikolay Cvetanov, who specialises in capital markets. Milena Gaidarska advised Arteks Engineering on the financing of a project and the structuring of collateral.

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Commercial, corporate and M&A

Within: Commercial, corporate and M&A

The 'well-prepared, trustworthy and profoundly knowledgeable' team at Penkov, Markov & Partners advises on a wide range of corporate and commercial matters, including high-profile M&A transactions, disposals, restructurings, and complex joint ventures. Chairman Vladimir Penkov; ‘the personally engaged and highly experiencedIvan Markov; recently promoted partner Alexander StefanovAtanas Valov; and the 'standoutRoman Stoyanov are key contacts. The ‘dedicatedMilena Gaidarska advised on the €253m sale of the owner of the Paradise Center shopping mall in Sofia, the largest retail transaction on the Bulgarian market so far. Clients include the European Bank for Reconstruction and Development, Integrated Food and Acronis.

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Dispute resolution

Within: Dispute resolution

Penkov, Markov & Partners covers commercial litigation as well as construction, employment, public procurement and tax disputes, including those with cross-border aspects, and international arbitration proceedings. The ‘focused and dedicated’ team is ‘extremely diversified, with experts in almost every legal field’ and takes ‘a personal approach’. Chairman Vladimir Penkov ’does not just build working relationships but has real synergy with everyone involved with him’; team head Atanas Valov was recently promoted to associated partner; and Yura Mincheva is also recommended. In a recent highlight, Penkov and Milena Gaidarska acted for Glorient Investment in a complex and high-value case against Technomarket regarding the payment of overdue rents and handover of unlawfully retained commercial stores and warehouse facilities.

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Real estate and construction

Within: Real estate and construction

Penkov, Markov & Partners advises on the financing, acquisition, disposition and development of various types of projects, with a particular focus on the commercialisation and development of shopping centres. Notable individuals in the sector are Milena Gaidarska, who assists clients with the planning, design and completion of construction projects and with obtaining all the necessary licences from the relevant state authorities, and Atanas Valov, who specialises in commercial real estate. The firm advised on the largest and most complex retail transaction on the market so far: the sale of 100% of the equity interest in the biggest shopping centre in the country - the Paradise Center - for €255m. The team also advised Arteks Engineering on a high-value residential development of approximately 30,000 square metres in one of the most prestigious neighbourhoods in Sofia.

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Legal Developments by:
Penkov, Markov & Partners

  • Why Don’t We Have the Will to Improve the Investment Climate?

    All investors, especially those from abroad, when asked about the investment climate in the country indicate a number of factors, besides tax rate, that influence their overall assessment. These factors relate to different areas of business and life in general, but have so far unfortunately gone unnoticed by governments.
    - Penkov, Markov & Partners

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