Real estate and construction in Bulgaria

Andonov & Radinska Law Firm

Andonov & Radinska Law Firm is a boutique firm specialising in real estate and construction. It advises developers on all aspects of a project, including financing, acquisition, planning permission and zoning issues, negotiations with contractors and construction regulators. It also advise the owners of large real estate properties on sale and lease arrangements and servicing agreements. The team has provided full-scope advice for many of the largest projects including the €120m River Park housing development in Sofia and JYSK’s €100m hi-tech logistics park. The practice is jointly led by Diliana Radinska, and Hristo Andonov.

Practice head(s):

Hristo Andonov; Diliana Radinska


‘Hristo Andonov is unique in his expertise in real estate law in Bulgaria.’

‘Extremely knowledgeable in real estate and civil construction contracts.’

Key clients

Mall of Plovdiv

Scania Real Estate Bulgaria

Global City Holdings


Avestus Capital Partners

On Bulgaria

Delta Planet Mall


On Mall

Darzalas Properties

Real Estate Developments

River Park

Paradise Mall

NEPI Rockcastle

Residential Park Lozen

Blocks Rehabilitation & Residential Services

Industrial Zone Rousse

Work highlights

  • Advising Paradise Center, the largest shopping mall in Sofia, on the renewal of its commercial leases and property management services agreements.
  • Acting for Avestus Capital Partners in the sale of Mall of Plovdiv to a leading CEE real estate investment fund.
  • Representing Real Estate Developments Ltd, a member of Dynamic Group in developing the €120m River Park residential estate.

Andrey Delchev and Partners - Eurolex Bulgaria

Andrey Delchev and Partners - Eurolex Bulgaria’s core focus lies in advising major construction firms on large-scale property developments and infrastructural projects. Having participated, on behalf of the government, on structuring tendering processes for motorway and railway construction, the team is well placed to advise consortia on the bidding process, as well as provide broader advice on contractual arrangements, subcontractor relations, and payment arrangements. The team, led by Stoyan Barzakov, also provide advice on real estate acquisition, financing, and the development of residential and commercial projects.

Practice head(s):

Stoyan Barzakov

Key clients

Manchester Airport Group

“European Railways” Consortium

Uni Hospital OOD

Trace Sofia

Nova City Group EOOD

Consortium Tech Park

Work highlights

  • Advising the European Railways consortium on its €40m contract to build a rile line between Skutare and Orizovo.
  • Acting for Trace Group Hold on its construction of what is planned to be the second tallest building in Sofia.
  • Advising a consortium of construction companies on an ongoing basis regarding its €80m contract to extend the Sofia metro.

Boyanov & Co.

The real estate and construction practice at Boyanov & Co. covers long-term lease agreements, due diligence, zoning and planning permissions, construction, and acts for clients in disputes that may arise from such activities. The team is particularly experienced in the commercial aspects of real estate work, advising buyers and sellers on high-value transactions in the sector. The practice is headed up by Nickolay Nickolov, ‘an excellent lawyer’, who worked on the real estate, zoning, and construction aspects of Fraport AG’s bid for the €3.9bn Sofia Airport concession. Senior Associate Iva Miteva is extremely active in the practice, and Svetlana Tsvetkova offers expertise in real estate litigation.

Practice head(s):

Nickolay Nickolov


‘The team has deep knowledge, valuable experience and professional, legal, and business acumen.’

Key clients

Bulgaria Air Maintenance AD

Behr-Hella Thermocontrol GmbH

Kamenitza AD (a Molson Coors brewing company)

Eurobank Bulgaria AD

Hystead Limited

Baumax Bulgaria OOD

SGRF of Oman

Mondelez International (former Kraft Foods International)

Westinghouse Electric Company

Ideal Standard

NBG Pangaea REIC

Markan Holding

Cleves EOOD


Fraport AG

Work highlights

  • Advised Autonomy Spain on the acquisition of a land plot in Sofia of around 23,000 sq.m. designated for the construction of a new business and office center.
  • Advised both the buyer and the seller of I&B real estate AD, which owns a landmark office building in Sofia. Separate teams worked for each counterparty in the €79m transaction.
  • Advising ITower Development on the construction of a large building, due to house offices, a hotel, and residential apartments, in Sofia city center.


CMS advises clients on both the buyer’s and the seller’s sides in transactions related to the sale of property portfolios including agricultural land – covering all aspects of the transactions including financing, tax, and share purchase and shareholders’ agreements. The team also advise on leasing arrangements, having drafted agreements for Tesla, GTC and Saris Property Ltd. The team is jointly led by Jenia Dimitrova and Antonia Kehayova, who specialise in contracts and transactions respectively. Atanas Bangachev, co-head of the corporate and commercial practice, and Dimitar Zwiatkow, co-head of banking and finance, also provide their expertise to the real estate and construction practice.

Key clients

UniCredit Bulbank

UNIVERSALE International Realitäten GmbH, CA Immo International Holding GmbH and CEE Realty Beteiligungs GmbH

DSK Bank / OTP Bank


Revetas Capital Advisors

Fresh and Food Logistics Ltd.


Scholz Recycling GmbH

Saris Property Ltd./Philicon – 97 AD


Europa Capital

Work highlights

  • Advising UNIVERSALE International Realitäten GmbH, CA Immo International Holding GmbH and CEE Realty Beteiligungs GmbH on the €80m sale of their jointly-owned office park, Megapark, outside Sofia.
  • Assisted GTC’s subsidiary (ADVANCE BUSINESS CENTER EAD), currently developing an office project in Sofia, in negotiating a major lease agreement with an anchor tenant.
  • Advising ERSTE Bank on an NPL transaction relating to the sale of a shopping mall in Sofia.

Dimitrov, Petrov & Co

The real estate and construction practice at Dimitrov, Petrov & Co consists of ‘first-class lawyers’ who advise corporations and private investors through the entire process of a project, from the due diligence and tax structuring of the property acquisition to the negotiating of construction and design contracts. Acquisitions and leasing arrangements are a core part of the team’s practice; the firm assisted  Pepkor in arranging lease agreements for dozens of retail spaces across the country. Boyana Milcheva and Alexander Todorov jointly lead the team, while Metodi Baykushev, Pavlina Ivanova and Nickolay Kolev are highly praised.


‘The team’s core members are highly skilled and proficient in real estate matters.’

‘A brilliant team of professionals, able to provide excellent service and meet tough deadlines.’

‘I can use only superlatives to describe the real estate team’s abilities, straightforward manner and dedication to their work.’

‘I was impressed by the lawyers’ competency, dedication and energy.’

Key clients

Pepkor Europe GmbH

Mareshki Group

Man at Work

Dilyan Pavlov – Serial private entrepreneur

Pilko EOOD (part of Ameta Group)

Black Sea Properties

Varnapharma – M

Agrix Group of companies


Boyana Project 1 OOD


Sisecam Group

Work highlights

  • Performed due diligence and advised on signing 25 lease agreements for Pepkor Europe GmbH as part of its expansion into Bulgaria.
  • Advising on Agrix’s €8.5m acquisition of arable land and facilities.
  • Advising Black Sea Property on obtaining financing to complete the construction of a coastal resort.

Djingov, Gouginski, Kyutchukov & Velichkov

Djingov, Gouginski, Kyutchukov & Velichkov’s real estate and construction practice assists major property developers with financing, acquisition of real estate, transactional security arrangements, and long-term lease arrangements.  On the construction side, the firm assists international clients with redrafting FIDIC-based contracts to comply with the Bulgarian legal framework, and acts for clients in disputes with contractors and municipal authorities in zoning and restitution issues. The ‘outstanding’ Stephan Kyutchukov leads the team, while Kaloyan Krumov (who specialises in financing) and Nikolina Stefanova (who focuses on construction) are also key lawyers.

Practice head(s):

Stephan Kyutchukov


‘They have knowledge and experience no other firm has. They are able to identify important risks and to propose practical working solutions.’

‘The team is very proactive and has a unique approach: through extensive research they can offer outside-the-box solutions.’

‘They are professional and experienced. We rely on their legal support and advice.’

Key clients

Abalta Technologies EOOD


Accentive Management Ltd.



Agrotechservice EOOD

AP Investments AD

Auto Kelly a.s.


Biomachinostroene AD

Bridge Capital

BSR Sofia AD Edmond De Rothschild Private Equity Management Ltd.)


Bunge Romania S.R.L

C.H. Robinson

C3/CustomerContactChannels, Inc

CallPoint New Europe AD (Telus International Europe)

Cargotec Oyj

Corio N.V.

DOHLE Trading Group Holding LLC & Co. LP

EMP Invest Bulgaria AD (Empower Capital Fund)

ERG Insaat Ticaret ve Sanayi AS

Global Resource Ltd


Hilton Hotels


Karsch Venture Capital

Kharis Capital Advisory Belgium

Landmark Holding AD

Lempriere Australia PTY Ltd

Lion`s Head Investments AD

Luben Limited

ERG Insaat Ticaret ve Sanayi AS

Froneri Bulgaria EOOD

Michael Kalderon

Mid Europa Partners Limited

NEPI Investment Management SRL

Oman Investment Fund (OIF)

OMV Bulgaria OOD

OTP Bank Ltd.

P.D. Investments

Pillarstone Europe LLP

PPF a.s.


S & K Development Ltd.

Soufflet Groupe

Spectrum Brands Inc

Stromunion AG

Tengelmann Warenhandelsgesellschaft KG

The Body Shop International Plc

Viridian Offices OOD

VMware, Inc.

Work highlights

  • DGKV continues to advise NEPI Rockcastle plc on an ongoing basis on its high-profile real estate projects in Bulgaria.
  • Advised Globe Trade Centre on obtaining €45m project financing for a class-A office building, Advance Business Centre, in Sofia.
  • Successfully acted for the Oman Investment Fund in administrative litigation proceedings regarding the land title and zoning issues pertaining to a plot in Mladost.


The ‘proactive and client-focused’ real estate and construction practice at Kinstellar handles large-scale, complex, and cross-border projects for investment firms, property developers, and major clients in the retail and tourism industries. The firm advised the MERIDIAM consortium on its winning bid for the €3.9bn Sofia Airport concession – which included advice on proposed construction processes and the future relationship with current tenants of the five million sq.m. airport site. The team also advises international clients on entering into joint ventures with local businesses for major projects.  Antonia Mavrova, who leads the Sofia practice, has extensive experience in structuring lease agreements and property management contracts, while managing associate Mladen Minev brings his ‘outstanding know-how and eye for detail’ to real estate developments, including zoning and planning compliance, environmental assessment, and sales.

Practice head(s):

Antonia Mavrova


‘They are able to provide high quality expertise for different legal areas and to cover all the aspects of the transaction.’

‘The team is very cooperative, professional and responsive to any requests or questions we have.’

‘They always try to find the best solution for the client in very complex transactions.’

‘They provide business oriented legal advice, tailored to the needs of the client. The team is very flexible and they are available 24/7.’

Key clients


Old Mutual Property and AG Capital

Lion’s Head Investments

International Hotel Licensing Company S.À.R.L., a subsidiary of Marriott International Inc.

Garitage Investment Management


Garanti Koza

OTP Bank Nyrt.

UniCredit Bulbank AD

Nova City

Work highlights

  • Advised MERIDIAM on the construction, planning and zoning aspects of its successful bid for the €3.9bn Sofia Airport concession.
  • Advised International Hotel Licensing Company S.À.R.L., a subsidiary of Marriott International Inc, on their second project in Bulgaria.
  • Advising Garanti Koza, a major international property developer, on commercialising the retail part of a €240m commercial and residential complex in Sofia.

Penkov, Markov & Partners

Penkov, Markov & Partners advises on high-value commercial real estate projects and transactions, with a particular focus on challenging zoning and cadastral maps and facilitating clients with permission grants and construction licences. As well as advising on transactional matters, practice head Milena Gaidarska is experienced in leading complex negotiations between both private companies, and between companies and municipal authorities. Atanas Valov advises on structuring lease agreements on behalf of both landlords and tenants, and has experience in real estate litigation and disputes concerning restitution and zoning.

Practice head(s):

Milena Gaidarska


Knowledgeable and approachable.’

‘I am very happy with their services. They are highly motivated professionals who always try to do their best for their clients.’

Key clients

Bul Dom OOD, former sole-owner of the capital of BULFELD EOOD (Paradise Center)


Siko Service EOOD (Part of SiKo Trans Group)

Frech Internationale Beteiligungen

Kontrol Engineering AD

Klett Bulgaria OOD

Nedvizhimi Imoti SIPJV

Investicionna Companiya Galata AD

Glorient Investment BG OOD

Kambana Burgas AD

B&B Hotels Group

Zagorka AD, part of Heineken Group

Enikom-M EOOD

Artstroy Holding Group

BA Glass Bulgaria AD

Mondi Stambolijski AD

Work highlights

  • Advised Bul Dom OOD on the €253m sale of Sofia’s Paradise Center mall.
  • Performing due diligence on adjoining land plots encumbered by claims of restitution on behalf of Arteks Engineering.
  • Advising Studenska Tzentar EAD on the potential sale of part of real estate property to be designated for a construction of a hypermarket operating under the Kaufland brand.

Deloitte Legal Law Firm

Deloitte Legal Law Firm conduct complex due diligence and structure transactions for large real estate acquisitions, construct leasing arrangements, and assist international investment firms and property developers on their entry into and exit from the Bulgarian market. The firm’s work leans toward the corporate and financial aspects of real estate work – assisting with corporate restructurings to free up capital, negotiating security documents, and minimising tax exposure for buyers and sellers. The team’s work is led by practice heads Reneta Petkova, co-head of the banking and corporate practices, and the ‘excellent’ Kaloyan Yordanov, co-head of the firm’s corporate and commercial practice. Managing associate Adelina Mitkova, praised for her ‘expertise and diligence’, is another name to note.

Practice head(s):

Reneta Petkova; Kaloyan Yordanov


‘The team provides high quality service with integrity and deep understanding of the market. They have excellent reputation, management and negotiation skills.’

‘The team provides us with the professional excellence associated with the top-tier international law firms, but at the same time with the close attention and devoted service of a boutique law firm.’

Georgiev, Todorov & Co

Georgiev, Todorov & Co primarily acts for clients in complex disputes related to real estate acquisitions, zoning and planning permission issues, and proceedings stemming from grid and utility access. The team has represented developers in disputes regarding the revocation of building permits, restitution and true ownership proceedings, and lease arrangements. As well as working for private clients, it has acted for the Ministry of Agriculture and Food in contentious proceedings regarding the ownership of Rusalka Holiday Village. An ‘expert in the field’, Miglena Peneva is the key lawyer in the practice, drawing universal praise from clients.

Practice head(s):

Ivan Todorov; Arno Mamasyan


‘The team’s key capabilities include a client-oriented approach, high level of competence and professionalism of the lawyers.’

‘We appreciate the highest level of services as Georgiev, Todorov & Co team always try to secure our investment interests.’

‘Their specific knowledge and great reputation in the field, makes them our preferred choice.’

‘Our key lawyer in the sector is Miglena Peneva, who is an outstanding and experienced expert in the field.  She is very precise, takes every detail into account, communicates in an understandable way and applies her in-depth knowledge into practice to solve our issues.’

‘Miglena Peneva is extremely hard working, provides in-depth research and analysis, and successfully solves the various issues we have, considering their specifics.’

Key clients

Este Properties


BLD Starland

BMF Port Burgas

Galchev Engineering Ltd

Bigla 3

National Association of Property Developers, Bulgaria

Advance Properties

AG Capital

Work highlights

  • Representing BLD 33 in €43m court proceedings related to a construction permit for a complex of buildings in Sofia.
  • Acting for Este Properties in €5m of third-party claims against their plan for a new development in Sofia.
  • Advising National Association of Property Developers on substantial issues related to amendments and supplements on legal acts (ordinances by Sofia Municipal Council as well as bills), aiming to defend the interests of the members of the NAPD.

Gugushev & Partners Law Office

Gugushev & Partners Law Office provides assistance on real estate sales and acquisitions, ensures regulatory compliance of design and construction processes, and advises on lease agreements for individuals and businesses. Notably, the firm is assisting BMA Investment Group, a Hong-Kong-based investment firm, on acquiring the land for the planned €830m development of Project Saint Sofia, a mega-resort outside the capital. The firm is experienced in navigating complex real estate transactions, particularly where there are restitution issues, zoning and construction permit appeals, and title disputes. Stefan Gugushev (‘top-class’) and Petko Angelov (‘a remarkable lawyer’) jointly lead the team.

Practice head(s):

Stefan Gugushev; Petko Angelov

Key clients

Bulgaria Development /Holdings/ Limited JSC

Hareon Solar Technologies Co. Ltd.

Glorient Investment BG JSC

Greenlife JSC

Facility Management Group Ltd.

Unique Estates Ltd.

Terra Complex JSC

Remix Global JSC

Reny Velickova

Madara Print JSC

Work highlights

  • Advised BMA Investment Group on land acquisition for the BGN €1.6 bn Project St. Sofia resort.
  • Provided assistance to the Glorient Investment BG Ltd. on the transfer of €23m of contested real estate, earmarked for the construction of hypermarkets.
  • Advising Greenlife JSC, a property developer, on the acquisition of 25,000 sq.m. of land in the centre of Sofia.

Jordanov, Ignatov, Ivanov Law Firm

The team at Jordanov, Ignatov, Ivanov Law Firm are highly experienced - with a focus on private sector developments.  Ivan Jordanov  and Rumen Ignatov  head the practice together, which has advised Bulgarian Property Developments on a €200m residential and commercial project in the heart of Sofia. The firm seeks to provide advice through the entire lifetime of a project, encompassing initial due diligence, zoning disputes and planning permissions, financing, and all regulatory aspects of construction. Nikolay Ignatov, a senior associate in the practice, is considered a name to note.

Practice head(s):

Ivan Jordanov; Rumen Ignatov

Key clients

Arco Vara AS

Varna Logistics EAD

Bulgarian Property Developments 2 EOOD

Fairplay International AD

BPD Ring Road EOOD

Ziv – Bul OOD

Bulgarian Property Developments OOD

Tavilog EOOD

Smart Processing OOD

Mundus Services AD

Ori Bul OOD

S.P.D. Bulgaria EOOD

Arpino EOOD / Gema Real Estate EAD


Work highlights

  • Advising Bulgarian Property Developments 2 on the development of a €200m commercial and residential project in the Lozenets district in central Sofia.
  • Advising Varna Logistics AD on the development of a €44m logistics park.
  • Assisting Arco Vara SA on the planned acquisition of land plots for the €40m development of a luxury residential complex.

Kambourov & Partners

Kambourov & Partners seek to assist clients throughout the life-cycle of large scale projects, including due diligence, facilitating negotiations between partners and with financial institutions, structuring transactions, FIDIC drafting, construction regulation compliance, and long term leasing arrangements. Notably, the firm has acted for First Investment Bank on its financial lease of 40% of a huge tract of land outside Sofia, on the site of what was formerly Bulgaria’s largest steel mill. The firm advises property developers on an ongoing basis regarding major office and residential developments, as well as clients in the logistics and manufacturing industries. The ‘knowledgeable, thorough, and flexible’ Atanas Shopov heads the practice, while Radosveta Kojuharova, praised as ‘a great negotiator, flexible but persistent’, is a key team member.

Practice head(s):

Atanas Shopov


‘The practice is unique because of its thorough industry insight, the combination of advisory and litigation services and the ability to blend together refined legal skills with business sense.’

‘Kambourov & Partners is definitely amongst the leaders in real estate and construction. They can provide practical legal advice and assistance in all kinds of matters, including complex multiphase deals and lengthy projects.’

‘All team members are incredibly experienced, focused, knowledgeable and effective.’

Key clients


First Investment Bank




Park Lane Srebarna

Strabag AG

Witte Automotive Bulgaria

Kamenitza AD

Intercontinental Hotels Group

Park Lane Developments


Urban Creatures






Unique Estates

Work highlights

  • Provides ongoing advice, since 2016, to Park Lane Srebarna on the development and construction of a €30m class-A office building, expected to be completed in 2021.
  • Advised Kamenitza on the development and construction of its new brewery in Plovdiv, which was officially opened on April 23, 2019.
  • Advising Akropolis Group on the complex acquisition of a 180,000 sq.m. plot earmarked for the construction of a residential development.

Wolf Theiss

Wolf Theiss advises on all aspects of traditional real estate transactions, including title reviews, zoning, planning and development, easements and restitution issues and tax. The firm assists international clients to set up offices in Bulgaria – conducting due diligence on possible sites, advising on acquisitions, negotiating long-term lease agreements, and constructing complex servicing and maintenance contracts with landlords. Joint practice heads are Katerina Kraeva, who also jointly heads the banking and finance and corporate/M&A practices, and Anna Rizova, who also co-heads the corporate and commercial practice.

Practice head(s):

Katerina Kraeva; Anna Rizova

Key clients

Arco Capital Corporation

United Bulgarian Bank

Raiffeisen Bank

Alu König Stahl GmbH

Gramercy Emerging Markets Fund






Work highlights

  • Advising WorldQuant Research on long-term office leasing for their entry into Bulgaria.
  • Advising fashion retailer H&M on their expansion in Bulgaria, including long-term lease agreements, real estate acquisition, and construction works and alterations to retail spaces.
  • Provided structuring, corporate, financing and real estate advice to Soravia Group for the long-term lease and development of 7 million sq.m. of ex-industrial land, on the site of the former Kremikovtzi Steel Mill.


The real estate and construction team at CasePro negotiate long-term commercial leases, advise on real estate acquisitions for office space, and facilitate the granting of construction permits and licences. CasePro have acted for SumUp and Scale Focus in securing high-tech office spaces in both Sofia and Plovdiv, via long-term lease agreements and acquisition of existing buildings. The firm has experience with the fast food sector, and has negotiated several lease and servicing agreements for Bulgarian Burger, who are establishing new locations throughout the country. Spartak Yovchev leads the team.

Practice head(s):

Spartak Yovchev


‘CasePro has gathered a talented and devoted team of experts with excellent communication skills and outstanding legal knowledge.’

‘When challenged with a unique problem and a tight time frame they go above and beyond to deliver what is asked.’

‘I know the CasePro team as extremely competent, highly ethical, and very knowledgeable, especially in Real Estate & Construction law.’

‘Communication is proactive, the real estate team is always accessible, and their work lives up to their exceptional reputation.’

Key clients

Litexco Bulgaria EOOD

Bulgarian Burger EOOD

Property Club Bulgaria OOD

Lufthansa Technik Sofia OOD


River Burger EOOD

Quanterall OOD

State Consolidation Company

Rhythm Engineering – Bulgaria EOOD

Scale Focus AD

Milestone Systems Bulgaria EOOD

SumUp GmbH

SumUp Holdings Luxembourg S.a.r.l

Pure Energy Ventures Limited


Tamarind Properties OOD

SumUp EU Payments

Velburger EOOD

Varburger EOOD

Haskburger EOOD

Bulgarian Burger Cinemas EOOD

Property Club Project 1 EOOD

Property Club Project 2

Property Club Project 3

Upnetix EAD

Work highlights

  • Acted for the State Consolidation Company JSC in a €12m real estate sale.
  • Advised Rhythm Engineering Bulgaria on their negotiations to rent space in a building of cultural significance.
  • Assisted SumUp in negotiations for long-term office leases across Bulgaria and Europe.

Dinova Rusev & Partners

The real estate and construction team at Dinova Rusev & Partners advise on high-value real estate transactions - it assisted AP Retail on the €20m acquisition of a supermarket. Its experience spans negotiating commercial leases and service agreements for retailers, hotel and resort operators, and companies seeking office space. Industrial land is another strength, it advises clients in the energy and manufacturing sectors on the sale, purchase, and leasing of industrial land and facilities. Georgi Vladov leads the team, while Iliya Grozdanov handles contentious matters. Gergana Chushkova and Radoslav Zahariev are names to note.

Practice head(s):

Georgi Vladov


‘Iliya Grozdanov is excellent, business minded, perfectly educated, quick to find solutions, not problems. Modern in both legal and technical aspects.’

‘Georgi Vladov is excellent in his field of expertise, calm and balanced, providing the feeling of security to the client.’

Key clients

Assos Capital  / AP Retail I EOOD


Marinopoulos SA

South Ring Mall Sofia

Baltic International Bank

Eko Bulgaria EAD

Alpha Bank – Bulgaria Branch

Terna Energy

Terna S.A.

Sun Foods EOOD

Imerys Minerals Bulgaria AD

Gorubso Kardjali AD

House Market Bulgaria

Telerik AD

Work highlights

  • Advised AP Retail I on their €20m acquisition of a supermarket.
  • Acting for Danaos Development in structuring a €40m real estate project.

Dyulgerova & Penkova Law Firm

Dyulgerova & Penkova Law Firm’s real estate and construction practice is balanced between transactional and project work. Attorney-at-law Diana Milkova advises buyers and sellers of high-value real estate conducting due diligence, establishing ownership rights, and structuring tax-efficient transactions and payment arrangements. The firm also advises on commercial lease and servicing agreements on behalf of both landlords and tenants. Practice head Victoria Penkova takes the lead on project work, translating FIDIC-based contracts into Bulgarian law, negotiating agreements with subcontractors, and applying for appropriate permits and licences, including acting on contentious matters with the regulatory authorities.

Practice head(s):

Victoria Penkova

Key clients

FCC Construccion S.A., Spain

I&B Real Estate EAD

Golf Club EOOD

Sofstok AD

adidas Bulgaria EAD

Saint George Palace Ltd.

Work highlights

  • Advising adidas on an ongoing basis regarding commercial lease agreements.
  • Assisting I&B Real Estate, the owner of Bulgaria’s Telus Tower, in negotiations regarding renewal, amendment, and termination of lease agreements.
  • Acted for FCC Construccion S.A. in disputes regarding outstanding payment for works concluded under FIDIC regulations.

Murgova & Partners Attorneys at Law

The real estate and construction practice at Murgova & Partners Attorneys at Law works on long-term projects for property developers and construction firms, assisting with negotiating acquisitions, construction regulation compliance, contractual relations with subcontractors, and lease and sale agreements. The firm stands out for its prompt client service and short turnarounds; it completed due diligence for one client on a €350,000 land acquisition within four days. Petya Murgova, known for her ‘broad experience in real estate deals and transactions’ heads the practice, and senior associate Simeon Krastev is highly recommended.


‘The legal services they provide are very accurate and timely.’

‘Murgova & Partners do a precise job while preparing, reviewing and analysing commercial agreements and keep the interests of our business at the forefront of their work.’

‘We are completely satisfied with the service we get, and plan to continue working with Murgova & Partners.’

Key clients

Duev 90


Fobos Auto

PIM Haskovo

Popov & Partners

Popov & Partners advise companies on acquisitions and lease arrangements for industrial and commercial real estate, having advised Artzone Bulgaria (a sign manufacturer) and AIKO (a large furniture retailer) on the acquisition and planned construction of a large factory and logistics centre respectively. The firm acts for landlords and tenants on long-term lease amendments, and assists investors and property developers in drafting agreements with construction contractors, including acting in disputes where there is breach of contract. Emiliyan Arnaudov, Sibina Eftenova, and Nora Kyuchukova jointly head the practice.


‘The firm provides highly reliable and well-targeted strategic advice, which is up-to-date with all recent market trends’

‘The flexible, dedicated, well-organised, and efficient team gives us a sense of trust and security.’

Key clients


odelo Bulgaria


Marian Dushkov

Gorubso – Kardzhali

MD Resort


Nova Vladaja

MD Immobilien


Simov & Co

Milena Nikolova

Axereal Bulgaria

Bogdan Bogdanov

Appolo Estates

Ivan Andreev

Beroe Stroy




Harrison Clark Rickerbys Limited

Georgi Kartalev

Martin Spasov

Aumento Law Firm

Work highlights

  • Advised Apollo Estates on a 10,000 sq m resiential project with accompanying public infrastructure.
  • Advised Brenntag Bulgaria in negotiations regarding long-term lease agreement renewal.
  • Advised odelo Bulgaria in the acquisition of a 92,000 sq m land plot for a planned automotive plant.

Tocheva & Mandazhieva Law Office

The real estate and construction practice at Tocheva & Mandazhieva Law Office is experienced in conducting due diligence, assisting with financing, and handling acquisitions of large land plots for clients in the retail, energy, and logistics sectors. Tanya Tocheva, the practice head, is highly experienced in structuring real estate transactions and in contentious matters, with a successful track record in appealing zoning plans and cadastral maps. Associate Valeria Nikolova is also a key team member.

Practice head(s):

Tanya Tocheva; Encho Dinev

Key clients


Logic Park STAD

Ital-Teks OOD

Samsung C&T Corporation



PG Holding



Work highlights

  • Advised Ital-Teks in negotiations for renewed lease agreements for retail spaces.
  • Acted for STAD Ltd on the €590,000 acquisition of a number of land plots for logistics centres.
  • Advised Saksa on the €1m acquisition of warehouses and fuel stations.

BWSP Ilieva Voutcheva & Co Law Firm

BWSP Ilieva Voutcheva & Co Law Firm advises small and medium-size property developers and investment firms on land acquisitions, plot consolidation, and the drafting of tender documentation for construction bids. Zoning issues are another focus; the team has acted in contentious proceedings concerning cadastral maps, and drafts applications to change land-use designation. Rossitsa Voucheva and Diliana Ilieva head the practice; both partners have over twenty years’ experience in real estate matters.

Key clients

City Property Ltd.

Castello Precast Ltd.

Ms. Denitsa Chaeva

Daramis Holding

Teratest Jsc.

Kingsforth Ltd.

Eco Deposit Ltd

Rowling Whales & Co.

Work highlights

  • Advised Daramis Holding Ltd. on a construction agreement and tender documentation to select a general contractor for residential projects worth €4.3m.
  • Represented Castello Precast Ltd. in an application to change the land-use designation of a land plot from agricultural to industrial.
  • Acted for City Property in drafting a due diligence report to allow residential construction on environmentally protected land.

Danailova, Todorov & Partners

Danailova, Todorov & Partners advises clients on the acquisition of commercial real estate. This has involved due diligence including cadastral map analysis, investigation into possible restitution claims, and assisting clients with obtaining financing. Kaloyan Todorov, who jointly leads the practice alongside Maria Danailova, has experience in drafting contracts for design and construction processes, and agreements with subcontractors, while Danailova is an expert in public procurement procedures.

Practice head(s):

Kaloyan Todorov; Maria Danailova


‘Danailova, Todorov & Partners are very flexible, adaptable, and professional.’

‘The team is goal-oriented, very motivated, and cover all legal aspects of our day-to-day business activity.’


Key clients

QaiWare OOD

Work highlights

  • Advised QaiWare, a Bulgarian IT company, on their acquisition of an office building.

Kinkin & Partners

Kinkin & Partners chiefly assists individuals and investment vehicles in complex real estate transactions, with a track record in achieving positive outcomes where ownership is unclear or contested. Its experience covers negotiating with regulatory and municipal authorities regarding zoning issues, planning permissions, and errors and ambiguities in cadastral maps. Amendment and structuring of leasing and rent agreements are another strength. Adriana Nacheva, practice head, has expertise in drafting tender documents, and assisting with bidding processes, and senior associate Siyana Veleva takes the lead on due diligence matters and structuring transactions.

Practice head(s):

Adriana Nacheva


‘We would like to highlight their in-depth knowledge in the area and their ability to foresee all relevant aspects of the cases and look for the appropriate solution.’

‘Kinkin & Partners has fully supported our legal needs and their work was always excellent.’

‘The level of the legal services provided by Kinkin & Partners is excellent. The lawyers have showed vast knowledge and skill.’

Key clients

Agria JsC

Alexandrova Design LtD



Bernhard Held

Edward Pontchek

Industrialna 13

Joana Deneva

Laurea Nadezhda LtD

Laurea LtD


Proekta Tanya Mitakeva Ltd

Project Partners Ltd.

Quattro properties Ltd.

Tanya Beldi

Terratrust LtD

Trust Control

Work highlights

  • Advised Quattro Properties Ltd on a €4m residential real estate investment development.
  • Acted for NIKRI Ltd on a €5m lease amendment.
  • Advised Laurea Ltd on the €5m sale of several apartments.

Schoenherr (in cooperation with Stoyanov & Tsekova)

Schoenherr (in cooperation with Stoyanov & Tsekova) chiefly advises manufacturers on the acquisition of real estate and the construction of industrial facilities. The firm has assisted OMV, a fuel retailer, to acquire numerous land plots for the construction of petrol stations and retail outlets. Lease agreements are another focus; practice head Dimitar Vlaevsky advises the owner of Mall Varna on leasing and service agreements, and has advises major manufacturers on long-term leases for office space. Elena Todorova is a key contact.

Practice head(s):

Dimitar Vlaevsky

Key clients


Leoni AG, Germany

Mall Varna AD

Smurfit Kappa Europe B.V.

Work highlights

  • Advised Smurfit Kappa on industrial facility construction and renovation following its acquisition of three competitors and their facilities.
  • Advising Leoni AG, a car parts manufacturer, on the €32m land lease and construction of a new plant in Bulgaria.

Tokushev And Partners Law Office

Tokushev And Partners Law Office has experience of assisting businesses to negotiate lease agreements for office and manufacturing spaces, notably having advised United Bulgarian Bank on a €2.8m deal to acquire office space in Sofia’s Millennium Center for their new headquarters. The firm also advise on the acquisition and disposal of commercial real estate assets. Viktor Tokushev and Ivan Antov jointly lead the team.

Practice head(s):

Viktor Tokushev; Ivan Antov

Key clients





KBC Branch Bulgaria

Work highlights

  • Advised Viplast on their acquisition of 16,000 sq. m. of land designated for their new production base.
  • Represented Aktiv Properties on the sale of a large showroom in Sofia.
  • Advising KBC, which is expanding in Bulgaria, on the proposed lease of 2500 sq. m. of office space in Mall Varna.

Tsvetkova Bebov Komarevski

Tsvetkova Bebov Komarevski's real estate and construction practice advises on the acquisition of manufacturing facilities, and negotiating long-term lease and service agreements for office space. It also assists on zoning designations for clients in the energy industry, and assists with the disposal of luxury real estate. The practice is jointly led by Irina Tsvetkova, Aleksandar Aleksandrov, and Mariana Velichkova. Dimitar Grozdanov is also a name to note.


‘It is a small law firm but it offers a comparable services, in terms of attention to detail, to those of large law firms.’

‘Dimitar Grozdanov and Aleksander Aleksandrov both very helpful professionals and excellent lawyers with a particular care for their customers.’

Key clients

DB Cargo Bulgaria EOOD

Falcon.IO EOOD

Takeda GmbH Representative Office /Shire Bulgaria EOOD

Atendia EAD

Work highlights

  • Advised Falcon.IO on the negotiation of a long-term lease of office space in Sofia.