Real estate and construction in Bulgaria

Andonov & Radinska Law Firm

Property law boutique Andonov & Radinska Law Firm commands a market-leading position, the result of an elite client base of investors, developers and real estate-wealthy companies, which instruct the firm on big-ticket mandates. Its transaction and project portfolio ranges from shopping malls and office blocks to hospitals, multiplexes and energy plants. Name partners Hristo Andonov and Diliana Radinska are experts in the field and hands-on in mandates; they lead an experienced bench of associates, including Snejana Hristozova and Katerina Uzunova.

Practice head(s):

Hristo Andonov; Diliana Radinska

Other key lawyers:

Snejana Hristozova; Katerina Uzunova


‘I’m extremely satisfied with the services received on a large number of contracts for builders, advisers and land, in particular the advice and know-how in dealing with key authorities. We really got value for our money.

‘Partner Diliana Radinska was my primary contact and I very much appreciate the commitment to deliver clear and safe contracts combined with a persevering set of skills for negotiations. Being non-Bulgarian, the advice received on Bulgarian matters was very, very valuable.

Key clients

Mall Plovdiv

Scania Real Estate Bulgaria

Scania Bulgaria

Global City Holdings


Avestus Capital Partners

Delta Planet Mall


On Mall

Real Estate Developments

River Park Simeonovo

Paradise Center Sofia

Serdica Center Sofia

NEPI Rockcastle

P3 Logistic Parks

Work highlights

  • Advised P3 Logistic Parks (a long-term investor, manager and developer of warehouse properties in Europe, 100% owned by GIC, the sovereign wealth fund of the Government of Singapore) on the successful sale of its biggest real estate project in Bulgaria – the +200,000㎡ logistic park project in Sofia surroundings.
  • Advised the retail giant JYSK on the acquisition and development of €100m-plus logistic and distribution park in Sofia, successfully opened in the autumn of 2019.
  • Advised Avestus Capital Partners, a leading European real estate investment and asset manager, on the contemplated €100m-plus sale of shopping Mall Plovdiv.

Andrey Delchev and Partners - Eurolex Bulgaria

Real estate and construction is a core area of practice at Andrey Delchev and Partners - Eurolex Bulgaria, as the firm is often sought after for marquee mandates across a wide range of developments, including high-end residential, tech parks, hotels, resorts and energy facilities. Clients are typically investment companies, such as Nova City Group, and infrastructure developers, namely Trace Group Hold and European Railways Consortium, among others. A 12-strong team, including three partners, is led by Stoyan Barzakov, who specialises in major infrastruture.

Practice head(s):

Stoyan Barzakov

Other key lawyers:

Petya Bobeva

Key clients

Consortium Tech Park

European Railways Consortium

Manchester Airport Group

Nova City Group

Trace Group Hold

Work highlights

  • Advised Manchester Airport Group on participation in the Sofia Airport concession bidding procedure, including reviews of extensive real estate assets.
  • Acting for Trace Group Hold on the construction of the second-tallest building in Sofia.
  • Advised Nova City Group on the closing of various real estate transactions totalling more than €5m.

Boyanov & Co.

A fully-comprehensive offering at Boyanov & Co. comprises real estate financing, transactions, construction and developement. The firm excels in all aspects under the leadership of seasoned adviser and market-frontrunner Nickolay Nickolov. The multidisciplinary team of 'true professionals' advises a swathe of leading companies on their real estate needs, as well as acting for constructors and developers on single builds to major infrastructure. Work includes acting for Golf Okol as constructor of the €300m residential, hotel, office and golf development Okol Lake Park.

Practice head(s):

Nickolay Nickolov

Other key lawyers:

Iva Miteva; Svetlana Tsvetkova


‘We are happy with the legal service provided by Nickolay Nickolov and his real estate team. In particular, the team is very responsive, reliable, with a deep understanding of the matter in question, and provides a quick and high standard service. Boyanov & Co. is the best team that we have engaged in the market, hence the long-standing relationship we have. ’

‘We have worked mainly with Nickolay Nickolov and Svetlana Tzvetkova, who are true professionals with a strong track record of handling complex high-profile deals. Nickolay Nickolov is very business oriented and flexible in terms of legal and business solutions.’

Key clients

Bulgaria Air Maintenance

Behr-Hella Thermocontrol

Kamenitza AD (a Molson Coors brewing company)

Eurobank Bulgaria

Hystead Limited (a subsidiary of South African Hyprop Investments Limited and PDI Investment Holdings Limited)

Baumax Bulgaria

SGRF of Oman

Mondelez International (former Kraft Foods International)

Westinghouse Electric Company

Ideal Standard


Procter & Gamble

The Coca-Cola Company

Philip Morris

Markan Holding


Work highlights

  • Advised Fraport in relation to the tender procedure for granting the concession for Sofia Airport, the largest and busiest airport in the country, including considerable real estate assets to be reviewed.
  • Advising the client on all legal aspects of a project named “Okol Lake Park”, being an entirely new residential area, with residential, office and retail buildings, school, hospital, hotel and restaurants, to be constructed at an area of total 3,000 decares.
  • Advised and assisted Indotek on the legal due diligence of the target (the largest shopping mall in Plovdiv) on drafting and negotiating the share purchase agreement and the escrow agreement, on obtaining a warranty and indemnity insurance and closing the deal.


CMS draws together multidisciplinary expertise alongside the firm's real estate specialists, namely counsel Jenia Dimitrova  and senior associate Antonia Kehayova. The firm boasts an extensive caseload of real estate financing, leasing, zoning, construction and transactions, including the sale of Veliko Tarnovo shopping mall on behalf of Alpha Bank’s subsidiary AGI BRE Participations 3. Clients highlight the efficiency of the practice, 'deep market knowledge' and a 'very commercial and realistic approach'. The diverse client roster includes Cargill Bulgaria, UniCredit S.p.A./UniCredit Bulbank and developer Robul Bulgaria.

Practice head(s):

Jenia Dimitrova; Antonia Kehayova

Other key lawyers:

Atanas Bangachev; Dimitar Zwiatkow


‘We work with several legal firms and CMS is unique in the selection of experts on topics that are relevant to our business, and they clearly introduce us to whom to reach out to. They also have a very commercial and realistic approach, as opposed to strictly legal advisors.’

‘Speed, thorough approach, detailed and in-depth analysis, working out on solutions, efficiency.’

‘I have worked mainly with Jenia Dimitrova, who deeply impressed me with her professionalism, responsiveness, speed, thorough approach, detailed and in-depth analysis, working out of solutions and efficiency.’

‘First and foremost their team is highly specialised in each specific field. Having an expert with deep market knowledge and insight has a lot of added value and I consider it a competitive advantage.’

‘I am really content that they are always available for consultations. Even on their days off, we have been able to discuss certain matters and cases. They are open to collaborations and provide accurate and useful information in a timely manner.’

The specific associate whom we have been able to establish a productive relationship with is Jenia Dimitrova. She is specialised in construction activity and real estate and her knowledge far exceeds that of her competitors. She has been extremely helpful on a number of cases, even when our inquiries have been general and not specific to a certain project. She definitely puts extra effort into her work and this becomes obvious by the quality of her work.

‘CMS Team characteristics are: technical legal ability – expertise, experience specific to the practice area; client service – speed, responsiveness, clear business language, decisive opinions; diligence – rigorous attention to detail, standards of professional conduct, service levels and support in the growth strategies of their clients; and commercial vision/business understanding – awareness of the importance of these matters to a client. Dimitar Dimitrov & Jenia Dimitrova are individuals we have worked with.’

Key clients

Cordeel (through its subsidiaries Sofcor Logistics and Cordeel Bulgaria)

Cargill Bulgaria

Advance Business Center (a GTC subsidiary)

Saris Property


Nuvolo Technologies

Global Biomet

OTP Bank and DSK Bank

UniCredit Bulbank

UniCredit S.p.A./UniCredit Bulbank

OTP Bank

Robul Bulgaria


SKF Motion Technologies

Erste Bank

Work highlights

  • Advised Sofcor Logistics on a build-to-suit lease agreement with the distribution services provider Orbico Bulgaria, in respect of their modern, €26.5m logistics and office development.
  • Advised Alpha Bank’s subsidiary AGI BRE Participations 3 on the sale of Veliko Tarnovo shopping mall.
  • Advising Robul Bulgaria with regard to a real estate acquisition, including support on the preliminary agreement, due diligence of real estate and final real estate transaction.

Djingov, Gouginski, Kyutchukov & Velichkov

Djingov, Gouginski, Kyutchukov & Velichkov sits firmly at the forefront of the market, its combination of a heavyweight team and elite deal track record attracting some of the largest mandates in the country. Practice head Stephan Kyutchukov has an 'unmatched approach to every transaction' and is entirely focused on this area, which is rare in the market, while 'multi-talented lawyer' Kaloyan Krumov is an emerging name. Recent mandates include acting for Equinix on the construction of a $19m greenfield data centre development in Sofia.

Practice head(s):

Stephan Kyutchukov

Other key lawyers:

Kaloyan Krumov; Nikolina Stefanova; Maya Mircheva


‘DGKV has a capable team of talented senior and junior lawyers with a very strong academic background and great experience, with skills in finding the most appropriate solution for our company and always available to respond to our requests.’

‘Kaloyan Krumov is a multi-talented lawyer with a profound knowledge of Bulgarian law.’

‘The real estate team is very reliable and proactive. They are the best legal professionals in this field that I have worked with.’

‘I work mostly with Stephan Kyutchukov and Nikolina Stefanova. They are very detail-oriented and always open to finding the best legal solutions.’

‘They are the team with the most valuable experience and resources on the market to carry off any transaction, no matter how complex it may be. Stephan Kyutchukov is an outstanding professional with a unmatched approach to every transaction.’

‘This practice is both legally very qualified (as we would expect) but also very commercial and practical in their approach (offering very solid business advice). Their level of proactivity, responsiveness and business focus was also impressive.’

‘Perfect team spirit and brilliant results. I have been working with Nikolina Stefanova from DGKV since 2017. Her dedication, focus on details and ability to step into clients’ shoes, in combination with her knowledge of the local construction process, provided a really full package of services.’

Key clients

Abalta Technologies


Accentive Management

AP Investments AD

Auto Kelly


Biomachinostroene AD

Bridge Capital

BSR Sofia (Edmond De Rothschild Private Equity Management )

Bulgarian Real Estate Fund

Bunge Romania

Cargotec Oyj

DOHLE Trading Group Holding LLC & Co. LP

EMP Invest Bulgaria AD (Empower Capital Fund)


Hilton Hotels

Karsch Venture Capital

Kharis Capital Advisory Belgium

Lempriere Australia

Froneri Bulgaria

Mid Europa Partners

NEPI Investment Management

Oman Investment Fund (OIF)

OMV Bulgaria

OTP Bank

Work highlights

  • Advising DOHLE Trading Group Holding (annual turnover €1.45bn) in relation to the sale of its Bulgarian subsidiaries including two large hypermarkets with underlying land plots.
  • Advising Equinix on the tendering for the design, construction and supply of equipment for a $19m greenfield data centre development in Sofia, Bulgaria.
  • Provided Bulgarian legal advice to OPTIMA Befektetesi Alapkezelo Zrt on the acquisition of a Lone Star Funds’ portfolio company, which is the majority shareholder in Globe Trade Centre.

Kambourov & Partners

A panaromic practice at Kambourov & Partners includes big-ticket infrastructure construction, urban developments, real estate transactions, financing and dispute resolution. At the helm, Atanas Shopov is one of the most respected advisers in the market; 'clients can rest assured that all matters will be taken care of'. The diverse caseload includes construction of the €1.1bn TurkStream and retail acquisitions on behalf of Kaufland. Radosveta Kojuharova focuses on commercial and residential developments; her clients are 'extremely happy with the services' provided.

Practice head(s):

Atanas Shopov

Other key lawyers:

Radosveta Kojuharova


‘Pro-active and well-coordinated team with great awareness about the client’s business. They proved to be fully capable of taking care of all transaction-related matters (not just the legal ones), this was a great help having very limited presence in Bulgaria. Working with Kambourov & Partners was good value for money as well.’

‘Partner Atanas Shopov is a professional that can be fully trusted to lead real estate projects and transactions; clients can rest assured that all matters will be taken care of. Atanas has great negotiation skills, has great understanding of what’s important for his client. Also, we liked how country-specific legal issues were presented to us (it was easy to understand the local legal issues). We also appreciate excellent response times from Atanas.’

‘High professionalism and easy to work with.’

‘We have worked with Radosveta Kojuharova for over 14 years now and are extremely happy with the services.’

‘The selection of the lawyers and the close engagement of the partners are a strength.’

‘The friendly attitude and straight communication are two of the most important aspects we enjoyed.’

Key clients



Sofia Municipality

River Park



Urban Creatures


Maxima Bulgaria

Kapsch Trafficcom


Park Lane Developments

Nordea Bank


Regus Bulgaria

Unique Estates


Work highlights

  • Advised the real estate development and construction of River Park, an €80m new generation residential project on the outskirts of Sofia.
  • Advised Arkad-ABB on the real estate and construction aspects of the development of the €1.1bn Turk Stream on Bulgarian territory.
  • Advised Kaufland on the real estate and construction aspects of the retailer’s expansion in Bulgaria, including property acquisitions and store construction, development and land urbanisation.


'Definitely the leader in the real estate legal market', Kinstellar impresses with its headline deal record and growing client roster of sophisticated real estate investors. The firm notably acted for the winning bidder of the €4.3bn concession for Sofia Airport, which included significant real estate aspects. Practice head Antonia Mavrova led the real estate work on the deal; her 'commercial insight combined with legal know-how is highly sought after in Bulgaria'. Counsel Mladen Minev is ' highly efficient and resourceful'.

Practice head(s):

Antonia Mavrova

Other key lawyers:

Mladen Minev


Fully dedicated and committed to serve the client’s needs as prompt as possible. Availability 24/7. They never let the stress overtake them. Antonia Mavrova has remarkable soft skills.’

Kinstellar offers great expertise in the real estate arena and is definitely the leader in the real estate legal market. They add great value to my financial consulting firm’s clients by explaining the local specifics of the market and proposing practical solutions to their issues. The team has excellent commercial awareness and is a very important source of information. They are brilliant in providing real estate dispute resolution scenarios and in negotiating the best possible result for the client.’

I have been working long-term with partner Antonia Mavrova and counsel Mladen Minev, who are both very dedicated and passionate about what they do. Antonia is extremely perceptive, with a remarkable ability to recognise opportunities and anticipate risks for her clients, and at the same time to propose practical ideas accordingly. Her commercial insight combined with legal knowhow is highly sought after in Bulgaria and that is why I continue to rely on her expertise as a trusted and very responsive adviser on all real estate matters. Mladen has an incredible eye for detail and an admirable combination of legal and regulatory know-how and understanding of his clients’ business needs. Highly efficient and resourceful, he also has the skills and creativity needed to come up and work through different real estate litigation scenarios. His wealth of litigation experience is very valuable in the real estate arena.’

The best law firm in Bulgaria. Top professionals, very responsive, always providing us with top quality advice and service. They have a diverse and very skilled proactive team, covering the major areas where we need legal advice, and have top collaboration with the clients. Very easy to work with them.’

Antonia Mavrova has very strong local expertise, well-versed in international norms, very strong communication and negotiation skills, very diligent in execution, good at the big picture and the detail. Atanas Mihaylov is a top negotiatior, very reassuring to have him on your side.’

Key clients


Lion’s Head Investments


OTP and DSK Bank

Garitage Investment Management

Sofia South Ring Mall

Nepi Rockcastle



Work highlights

  • Advising the consortium, includng Meridiam, that was awarded the 35-year concession of Sofia Airport valued at €4.3bn, on all real estate matters related to their bid.
  • Advising Lion Head’s Investments on the acquisition of the strategic land plot which will allow the expansion of their previously acquired asset Megapark.
  • Representing OTP Bank and DSK Bank in negotiating a €25m loan for the construction and operation of a major office complex, the Balkan Business Centre in Sofia.

Penkov, Markov & Partners

Penkov, Markov & Partners is 'one of the best and most recognisable firms in Bulgaria regarding real estate transactions and development'. Its strong client portfolio comprises active developers, construction companies and investors, such as ARTEKS Engineering Group, Artstroy Holding Group and Phoenix Capital Holding. Head of the practice Milena Gaidarska is widely praised by clients for her 'business-oriented practical solutions' and respected standing in the market. Urban development is a niche strength of the practice.

Practice head(s):

Milena Gaidarska

Other key lawyers:

Atanas Valov


‘The Penkov, Markov team is one of the best and most recognisable in Bulgaria as regards real estate transactions and development of real estate projects. We have been working with them for a number of years and they have been constantly reliable, with good knowledge of the market and the participants in it; they are business-oriented and able to combine excellent legal expertise and negotiation skills. Also, they are very accessible and always available for assistance in any urgent developments, being able to deal with huge volumes of work and projects at the same time.’

‘Milena Gaidarska assists us on all our projects and leads the most complex negotiations. She is very experienced in urban development legislation and real estate law in general, with great recognition throughout the market which helps her to find common ground, both with the legal counsel and the managers of the counterparties, and to achieve business-oriented practical solutions of every deadlock we have been into.’

Atanas Valov is one of their notable practitioners who mainly assists us on real-estate related litigations, as well as in some more specific negotiations or in the planning of the structure of future deals; he has vast experience in commercial real estate and development of big commercial real estate projects, like shopping malls.’

‘They are very proficient in real estate matters and especially in urban planning and administrative regimes of construction. This helped them coordinate and quickly understand the specifics of similar Greek legislation and help us with proposals of respective solutions, instructing the legal team from Greece how to approach a number of obstacles during the development. Milena Gaidarska and Atanas Valov coordinated the matter from the real estate side.’

Key clients

ARTEKS Engineering Group

Nedvizhimi Imoti Sofia SIPJV

B&B Hotels Group

Artstroy Holding Group

Investicionna Companiya Galata

Zagorka AD (part of Heineken Group)

Stitching Beleggers Novi Han

A group of private investors in Thessaloniki, Greece


Phoenix Capital Holding

CCB Real estate Fund REIT

Pension Insurance Company Doverie

Kontrol Engineering

Work highlights

  • Advising ARTEKS Engineering on multimillion-euro luxury residential projects in Sofia, including the skyscraper Zlaten Vek, Diamant 2 residential project and Harmonia residential project.
  • Acting for Pension Insurance Company Doverie on the structuring and development of a  recreation complex, comprising residential properties and a hotel, on the Sveti Vlas beachfront in Sunny Beach, Nessebar.
  • Advising Nedvizhimi Imoti Sofia SIPJSC on a zoning related dispute before the administrative courts and the subsequent sale of the terrain, subject to the dispute, to a company from the Kaufland Group, for development of new a Kaufland hypermarket.

Dimitrov, Petrov & Co

Dimitrov, Petrov & Co showcases its capability in the real estate and construction space with a breadth of developments and high-value land acquisitions. Clients highly rate the firm's 'end-to-end service' and 'very good communication with the State and municipal authorities', as demonstrated by its work for VM Petroleum/Tradenet Varna regarding their expansion in Bulgaria, including the construction of new petrol stations and an office centre. The practice is led by much-praised and 'impressively experienced' Boyana Milcheva and Alexander Todorov, who has 'core industry expertise'.

Practice head(s):

Boyana Milcheva; Alexander Todorov

Other key lawyers:

Pavlina Ivanova; Pencho Stanchev


‘DPC’s construction and real estate team is unique with their impressive synergy and expertise. They are not only knowledgeable specialists in the area, but also proficient communicators and problem-solvers, skills which are the root foundations of their firm. They assisted us on complex real estate matters covering all possible steps in acquiring real estate and a consequent construction project, saving us a lot of time and resources.’

‘We have been working with Boyana Milcheva for a couple of successful years now; she is highly responsive, dedicated and competent. Not only is she impressively experienced in all fields of the construction sector, but she is a one-in-a-million type of professional. Her extensive expertise is refined in such a way that she manages to provide comprehensive legal assistance on complicated matters. Pavlina Ivanova is another valued legal advisor of ours. She stands out with her in-depth knowledge, experience in the real estate field, always prompt, committed and swiftly responsive. Nikolay Kolev is a junior but very promising member of their team.’

‘DPC experts are undoubtedly among the best, and the area of real estate and construction law is among their strongest. What we cherish most is that we do not receive just formal legal advice, but also practical and effective solutions. Possessing thorough regulatory knowledge and an excellent understanding of our corporate structure and strategic objectives, DPC lawyers have managed to gain our trust.’

‘I work mostly with Boyana Milcheva. She is an excellent specialist in her field. Has complex knowledge of the matters and her assistance is very detailed and swift. I felt very cared for as a client and instantly relied on her as advisor. ’

‘Dimitrov, Petrov & Co. have been our trusted legal partner in various areas of business law for more than ten years and we couldn’t be happier with their work. They provide end-to-end service and this is very important for us since our business group encompasses many companies from various industries. Their real estate practice is very well-developed, with an impressive track record and experts with various backgrounds and specialisation, such as real estate dispute resolution, construction and project development.’

‘Dimitrov, Petrov & Co.’s lawyers are quite experienced in dealing with all kinds of real estate and they are not afraid of large scale or more complex projects. They have very good communication with the State and municipal authorities. In the last few years we have invested in various real estate projects and the services they have provided have always been of exquisite quality.’

‘The real estate team is led by Boyana Milcheva who in my opinion is a real estate law expert of the highest class possible. She is very intelligent, confident in what she does, fully solution and client-oriented. Speaking of great lawyers, I must mention Metodi Baykushev, who is a real estate and dispute resolution professional in a league of his own and a very friendly person too. Working with him is always a very positive experience. Pencho Stanchev and Pavlina Ivanova are also key members of the team. Both are very knowledgeable, responsive, and easy to work with.’

‘DPC provide true full-service legal consultation – from the initial brainstorming how to structure the deal, through all its stages and post-closing compliance matters. Each member of the firm shows incredible legal knowledge and they all act like one team. Their willingness and dedication to finish each project in the best possible way for the client is what differentiates them. As a client, I am truly impressed and I can feel that they really care about my company and the overall success of the venture.’

‘I work closely with Alexander Todorov. He is a notable lawyer who has everything that my trusted advisor should possess – impressive legal knowledge, core industry expertise, both in real estate and construction, business flair and amazing personal qualities: honesty, high morality and leadership.’

Key clients

Excelion Development Group

Jotov & Son Bulgaria

VM Petroleum/Tradenet Varna

Endless Company

Australian family business

Ogosta Energy

Pepkor Europe




Work highlights

  • Advised Israeli real estate investment fund Excelion Development Group in an acquisition finance deal consisting of buying a top hotel and seasonal properties in the winter resort of Bansko.
  • Acted for Endless Company in the sale of a high-value land plot in an outstanding location in the city of Varna.
  • Representing VM Petroleum/Tradenet in full-scope due diligence and advising on the acquisition of a petrol base and land plots for the construction of new petrol stations and an office centre.

Georgiev, Todorov & Co

Georgiev, Todorov & Co advises on a growing scope of real estate and construction matters, from transactions in land plots and existing property to the development of greenfield projects and dispute resolution. The latter segment constitutes a particular strength of the firm. Miglena Peneva heads the practice and is praised by clients for her 'excellent expertise and ideas'. She is leading advice to construction company G.P. Group on two high-profile builds, the Jeleznitsa railway tunnel and repairs to port terminal Rosenets. Associate Toma Drashkov  is another key contact.

Practice head(s):

Miglena Peneva

Other key lawyers:

Toma Drashkov


‘Our group has worked with Georgiev, Todorov & Co. for numerous years because their team is comprised of well-educated, experienced and highly-regarded lawyers, who not only know the regulatory framework and the legal rules in the sector, but stand out for their excellent litigation practice. This allows them to solve various issues with ease and helps them prepare effective and tailored solutions for us as a client.’

‘Our companies primarily work with Miglena Peneva. She is a great professional, who has an extensive knowledge in the real estate and construction sectors, is really committed to achieve the best results for her clients, and is always accessible. We also value her strong leadership skills, her consistently reliable advice and her ability to understand our issues.’

‘Even though the real estate and construction sector is a very common business area for a lot of companies in Bulgaria, finding the right legal adviser with the necessary knowledge, experience and readiness to support the client is not an easy task. In that respect we highly recommend the services of Georgiev, Todorov & Co. The team distinguishes with a very high level of competence and solution-oriented approach and a strong business understanding of the market.’

‘We work very closely with Miglena Peneva, who is our trusted lawyer and main point of contact with the law firm. Miglena is a skilled lawyer, an exceptional real estate lawyer, familiar with all specifics of the national and EU procedures which allow her to find the best legal approach to every situation. She has remarkable knowledge and vision for the timely and successful solution of the cases.’

‘Having to deal with strong adversaries, with Georgiev, Todorov & Co we found a very trustworthy ally. Tenacious in defending our interests and giving excellent advice, they were very good value for money.’

‘The collaboration with Miglena Peneva especially, was very open and honest. She is a pleasure to work with, has excellent expertise and ideas, and integrates apparently effortlessly with the multidisciplinary team.’

‘We are one of the biggest and fastest-growing construction companies in Bulgaria for which having a reputable law firm with excellent professionals is a must. This is the reason why we work with Georgiev, Todorov & Co. The team is comprised of experienced and educated lawyers who strictly monitor all development of the regulatory framework and court practice. Their client-orientated approach helps us to unleash our business potential.’

‘Miglena Peneva is a hard-working, goal-driven lawyer, pursuing the maximum effective result for our real estate matters. It is a real pleasure for us to be advised by such a great professional.’

Key clients

AG Capital

Alfred C. Toepfer International Netherlands

Aurubis Bulgaria

Avtomagistrali Hemus

Best Places

Bigla 3


BMF Port Burgas

Contract City

Domino Invest

Este Properties

European Parliament

Fleet Services

G.P. Group


Ministry of Agriculture, Food and Forestry

National Association of Property Developers

Pi Invest 2000

Sliven Municipality

Studentski Stolove i Obshtezhitiya

Tobo Group

Varna Business Group

Work highlights

  • Consulting G.P. Group on two projects worth approximately €133m – the construction of the railway tunnel Jeleznitsa, which will be the longest tunnel in Bulgaria, and on the repairs of the port terminal Rosenets, part of the Port of Burgas.
  • Advised AG Capital and the companies from its group on multiple deals including for the purchase of land plots, the signing of lease arrangements, and defining relations with municipal and state authorities.
  • Advised Este Properties in relation to a real estate project for public construction located in a popular region of Sofia city, after successfully defending the interests of the client in two court instances against Sofia Municipal Council.

Jordanov, Ignatov, Ivanov Law Firm

Jordanov, Ignatov, Ivanov Law Firm has expertise in large-scale urban developments, where it gives advice on a number of high-value new projects. Recent examples include a €200m, 100,000m² commercial and residential development in central Sofia, where the firm is acting for Bulgarian Property Developments 2, and advice to Arco Vara on the Botanica Lozen, a €40m project for the development of a luxury residential complex. Experienced real estate practitioners Ivan Jordanov and Rumen Ignatov constitute a strong, partner-level leadership team, and are assisted by senior associate Nikolay Ignatov.

Practice head(s):

Ivan Jordanov; Rumen Ignatov

Other key lawyers:

Nikolay Ignatov

Key clients

Arco Vara

Varna Logistics

Bulgarian Property Developments 2

Fairplay International

BPD Ring Road

Bulgarian Property Developments

Lindner Bulgaria

Mundus Services

Ori Bul/Group of Israeli private investors


Bulgarian Land Developments

Core Construction

Isha Asha

BPD Industrial Real Estates Fund REIT

Work highlights

  • Advising Bulgarian Property Developments 2 on the development of a commercial and residential project, which will be constructed on the site of its old warehousing and industrial facility – a 100,000m² plot in the Lozenetz district in the heart of Sofia.
  • Acting for Arco Vara on all aspects of the preparatory phase of the first stage of Botanica Lozen, a project for the development of a luxury residential complex with sport facilities, shops, kindergarten, etc., located in the foothills of the mountain near Sofia.
  • Advising Lindner Bulgaria on all aspects of the development and execution of the complex Residential Park Lozen – a new development of a luxury residential complex with sport facilities, shops, kindergarten, etc., located in the foothills of the mountain near Sofia.

Schoenherr (in cooperation with Stoyanov & Tsekova)

Schoenherr (in cooperation with Stoyanov & Tsekova) is raising its profile in the real estate and construction arena, advising on some high-profile property acquistions, financings and developments, typically on behalf of strategic investors. Sophisticated corporate support work includes acting for Globe Trade Centre and Lone Star on the cross-border sale of Lone Star's stake in GTC, which owns a portfolio of 65 individual real estate properties, including office buildings, retail centres and projects under development. Senior lawyer Dimitar Vlaevsky is a full-time specialist and heads the practice.

Practice head(s):

Dimitar Vlaevsky

Other key lawyers:

Elena Todorova


‘Schoenherr (in cooperation with law firm Stoyanov and Tsekova) has provided excellent services and put their thorough knowledge of real estate and construction on full display. They are real professionals and made all legal matters a walk-in-the park for us, being a trusted partner of ours.’

‘Schoenherr lawyers were helpful and responsive to all our questions and concerns. We valued the good work ethic, the sound and comprehensive legal advice, all priced well. We can confidently say we enjoyed working with Dimitar Vlaevsky. He returned phones calls promptly and went above and beyond the call of duty, while showing knowledge and availablilty when needed. ’

‘I was looking for German-speaking Bulgarian lawyers with real-estate expertise. Elena Todorova and Gergana Roussinova from Schoenherr perfectly fitted this request.’

‘Very pragmatic and tailor-made solutions for clients. Fast reaction times. Recommend Elena Todorova.’

Key clients

Globe Trade Centre (GTC)

New Europe Property Investments (NEPI)

Revetas Capital

SAP LABS Bulgaria



Mall Varna

OMV Bulgaria

Smurfit Kappa

Alfa Group

Concordia Bulgaria

Work highlights

  • Advised GTC on the sale of a portfolio of approximately 65 individual real estate properties in seven jurisdictions, including some landmark office buildings and retail spaces in the respective markets.
  • Advises SAP Bulgaria on land acquisition and development of its own office building in Bulgaria.
  • Advising Revetas Capital on the €40m loan restructuring and new security package concerning Park Center Sofia, the first shopping mall in Sofia.

Wolf Theiss

Wolf Theiss handles financing and investment structures, sales and purchases of high-value real estate and industrial infrastructure, commercial leasing and corporate work for real esate companies, among other matters. The multidisciplinary team is led by commercial and regulatatory partner Anna Rizova and finance specialist Katerina Kraeva, while associate Maria Nikolova has growing real estate experience and is a regular associate on client teams. International retailer H&M Hennes & Mauritz is a key client of the practice; others include Strabag and Soravia Group.

Practice head(s):

Anna Rizova; Katerina Kraeva

Other key lawyers:

Maria Nikolova

Key clients

Soravia Group

WorldQuant Research

H&M Hennes & Mauritz

Concentrix Bulgaria


Bravo Consult

Micronix Group


Work highlights

  • Acting as exclusive legal adviser to H&M Hennes & Mauritz in respect of its expansion in Bulgaria, including long-term commercial lease agreements in ten locations across the country.
  • Advised Alcinda, a joint venture between Micronix (a Czech energy group) and KGAL (a German institutional fund) on its unsuccessful bid for the acquisition of the 50MW Karadzhalovo photovoltaic plant.
  • Advising Soravia Group on a joint venture in Bulgaria for the development of industrial land near Sofia.


CasePro fields a well-resourced real estate and construction team that according to clients stands out for its 'focus and hard work'. The firm has earned an extensive client base and broad mix of work, including some high-value mandates such advising State Consolidation Company on the €100m Sofia Tech Park, a new complex of administrative buildings. Experienced Spartak Yovchev heads the practice.

Practice head(s):

Spartak Yovchev

Other key lawyers:

Boyan Lazarov; Plamena Krasteva


‘The dedication of the CasePro team is their biggest strenghth. The lawyers are extremely knowledgable, but their focus and hard work is what makes them truly stand out.’

‘I have worked with Radost Doycheva on a few projects; she proved to have great negotiation skills for the real estate market. What impressed me was how she stood up for the interest of her client, showing both great firmness and flexibility. As an architect, for me it was a pleasure to work on the project with such a dedicated and calm lawyer. ’

‘CasePro’s team is highly ethical and adept in the sphere of real estate and construction law. ’

‘I’ve known Spartak Yovchev for many years, since his legal practice in one of the biggest financial institutions in Bulgaria, and would confirm that he has an exceptional personal approach to his clients and has always been able to find viable and client-focused legal solutions. I also have excellent impressions from the expertise of Plamena Krasteva who is a very result-oriented and competent legal advisor and with whom we have managed to successfully bring to an end various legal projects.’

‘CasePro has been our reputable legal partner for a couple of years. The firm is mainly in charge of our real estate projects and commercial and corporate matters. CasePro has gathered a talented and devoted team of experts with excellent communication skills and outstanding legal knowledge. ’

‘I personally work mainly with Boyan Lazarov. For me he is one of the most responsive, competent and friendly professionals on the legal market and I always recommend him as a rare representative of prominent legal expertise. Jointly with his competent and dependable colleague Alexandra Sheyretova, Boyan has supported us through the successful execution of our key real estate transactions and guided us in the process of eliminating the existing difficulties.’

‘I have been dealling with CasePro legal advisors for years. They supported our company in the process of preparation and execution of our biggest sale-purchase transactions. I can confirm that the CasePro team is doing a great job for us and we fully trust their professional legal expertise.’

‘So far, I have had great experience working closely with Spartak Yovchev, Boyan Lazarov and Damyana Lazarova and I would strongly recommend them for their kindness, dedication and professionalism. I have also cooperated with Alexandra Sheyretova, Radost Doycheva and Plamena Krasteva who have proved to have solid knowledge and experience in various areas of law. We will continue to rely on the solid legal expertise and strong proactive thinking of all CasePro experts for the strategic development of our projects.’

Key clients

Litexco Bulgaria

Bulgarian Burger

Property Club Bulgaria

Lufthansa Technik Sofia


State Consolidation Company

Rhythm Engineering

Scale Focus

Software AG Development Centre Bulgaria

Milestone Systems Bulgaria

SumUp Holdings Luxembourg

Pure Energy Ventures Limited


Tamarind Properties

SumUp EU Payments



Bulgarian Burger Cinemas

Property Club Project 1, 2 & 3


Defacto Retail Limited Sirketi Bulgaria

Christian religion institution “Pobeda”

Work highlights

  • Advised key client State Consolidation Company on the second stage of the Sofia Tech Park right to build, for a total built-up area of 134’000m2 comprising a new complex of administrative buildings; value  €100m.
  • Represented Bulgarian Burger on the acquisition of real estate properties, including a land plot and separate site in a residential building in the heart of the city of Burgas; value €400,000.
  • Participating in an investment project on behalf of the State Consolidation Company, regarding the transformation of a former airport located in Central Bulgaria into an Economic Zone with an industrial and logistics hub. The firm was assigned with the legal due diligence of four properties with total area of 2,200 decares.

Deloitte Legal Law Firm

Deloitte Legal Law Firm has a robust practice in real estate financing, where it acts for international and domestic banks and funds, and in transactions on behalf of some developers. The firm is also able to handle real estate disputes. The practice is led by versatile managing partner Renata Petkova, who is assisted by managing associate Kaloyan Yordanov.

Practice head(s):

Reneta Petkova; Kaloyan Yordanov

Dinova Rusev & Partners

Real estate and construction is a core area of practice at Dinova Rusev & Partners, where Georgi Vladov, Anelia Dinova  and litigator Iliya Grozdanov  comprise an experienced team. Although the firm has a broad offering, it has niche expertise in mall management and hospitality services and acts for two major shopping malls in Sofia.

Practice head(s):

Georgi Vladov

Other key lawyers:

Anelia Dinova; Iliya Grozdanov


‘The team understands the needs of the customer and gives clear information on the issue.’

‘Established, long-term cooperation with mutual trust and respect.’

Key clients

Assos Capital

AP Retail I



South Ring Mall Sofia

Baltic International Bank

Eko Bulgaria

Terna Energy


Sun Foods

Imerys Minerals Bulgaria

Gorubso Kardjali

House Market Bulgaria


MG Consult

Trade Estates Bulgaria

Work highlights

  • Advising AP Retail I on the €2m-plus reconstruction of a major shopping mall in Sofia.
  • Providing full scope support to Assos Capital/AP Retail on the management of one of the largest retail centres in Sofia, including real estate-related litigation, advice on ongoing construction matters and cadastre issues.
  • Advising Svarteehavet on sales and the management of a large Black Sea resort.

Gugushev & Partners Law Office

Gugushev & Partners Law Office has a steady transactional and general advisory practice, attracting some significant clients and matters. Recent work includes acting for Aquarosa Invest on the design and development of a thermal resort near the city of Kazanlak. Petko Angelov heads the practice and has 'excellent negotiation skills'.

Practice head(s):

Stefan Gugushev; Petko Angelov

Other key lawyers:

Reni Petrova; Ivelina Atanasova


‘Stefan Gugushev is an impressive professional and experienced lawyer, whose unique combination of business and legal skills allow him to contribute to every step of the project in a way that some other lawyers could not. Ivelina Atanasova is also an exceptional lawyer with high expertise in real estate and construction law. She is highly organised, diligent and very responsive. We know that we can always rely on her to have the job done promptly and with the best possible quality. ’

‘The team deals with every aspect of the contract of the deal they are working on. They are pro active in take action where needed. They work on a case as if it was for their own and they take responsibility. ’

‘Gugushev & Partners has impressed me with outstanding professionalism and in-depth knowledge of the substantial aspects of real estate matters. I would like to fully endorse the way Gugushev & Partners does business; how it develops and manages the relationships with its clients is nothing short of excellent. Although we have worked on only on a few specific matters, I was able to feel the professionalism and good business attitude that would make me trust them to the highest degree.’

‘With respect to the real estate matters, I have worked mostly with Victor Gugushev, who provided me with prompt, precise and coherent advice. He has extensive legal expertise and he is distinguished by his solution-oriented business approach. I have also worked with Ivelina Atanasova who is an outstanding specialist in the area of real estate. She is an experienced lawyer with great attention to detail, proactive and with a very professional approach.’

‘We have instructed Gugushev & Partners Law Office for its comprehensive consulting services in the process of acquisition of construction rights for building a multifunctional building in the capital of Bulgaria. We work very closely with Petko Angelov and Ivelina Atanasova. Mr. Angelov is a leading expert in the area of real estate and construction with valuable experience and excellent negotiation skills that have ensured our best interest on numerous occasions. Mrs. Atanasova is also a great lawyer with profound expertise in the area of real estate. She is always hands-on-deck, very organised and with a great eye for detail. ’

‘The key strengths of the team are that they provide a rigorous and thorough examination of all documents and/or circumstances. They are well prepared and have the necessary number of lawyers to handle more complicated and large deals between entities in the field. That compares favourably to many small practices which lack the resources and knowledge to work on larger deals.’

‘Petko Angelov, Ivelina Atanasova and Nadezda Palankova are the lawyers we have worked with on real estate matters and they all have shown the ability to handle complicated matters and negotiate successfully on our behalf. Competence, experience, thorough investigation of matters, dedication to clients and hard work for their benefit are all serious strengths of this legal team.’

‘Gugushev & Partners was our essential partner to consult with about our business on various fields of corporate, real estate, real estate acquisitions, rent and maintenance agreements, pledge and collateral establishments, etc. They demonstrated outstanding work experience and expertise in such deals, outlining any risks that our company could be facing throughout all procedures. They also prepared professionally and in precise details all documents and agreements. All work done by Gugushev & Partners was in a fast and efficient manner. Another thing that impressed us is the unique business approach and diverse legal team.’

Key clients

Strabag Real Estate

Hareon Solar Technologies Co.

AD Invest

Madara Print

Unique Estates

STP Property

Aquarosa Invest

Nord Holding

Linkside Finance

APS Bulgaria

Work highlights

  • Advising Strabag Real Estate in connection with their investments in the real estate sector in Bulgaria.
  • Advising Aquarosa Invest on a wide range of matters concerning a project for the design and development of a Thermal Resort near the city of Kazanlak operated by the global hospitality company Accor, under the Mercure brand.
  • Acting for STP Property, a real estate and property management company, in connection to five different transactions related to the purchase and sale of real estate in Sofia.

Murgova & Partners Attorneys at Law

Murgova & Partners Attorneys at Law has a steady practice of mid-sized real estate transactions, advising domestic construction companies, investors and and other purchasers of real estate, as well as some overseas clients investing in Bulgarian land and property. Managing partner Petya Murgova leads the practice and the majority of mandates and is assisted by Alexander Moskov.

Practice head(s):

Petya Murgova; Alexander Moskov


‘Managing partner Petya Murgova is extremely experienced in the area of real estate and especially on restitution procedures. Due to her vast experience and knowledge she is particularly strong in identifying potential risks and offering efficient strategies. Secondly, we would also like to point out Alexander Moskov and Juliana Tsankova, both of them proven to be highly effective members of the Murgova & Partners team. Due to the team’s in-depth knowledge of the applicable regulations, they have delivered thorough legal opinions which allowed us to make well-educated management decisions on the case. ’

‘As we worked with Murgova & Partners for over six years, we entrust in them all our legal cases, including those in the field of real estate and construction. The team has long-term experience in this field, being consultants to numerous successful projects.’

‘We have been working closely with the managing partner Petya Murgova who has always been readily available. Ms. Murgova is extremely experienced in the area of real estate and construction procedures and has always offered to us effective solutions. Due to her vast experience and knowledge of the applicable national legislation and practices, she is particularly strong in identifying potential risks and offering efficient strategies. Another team member we were working with is Simeon Krustev, who has been providing us his legal support on complicated and large-scale real estate cases and proven to be considerably effective.’

‘We have used the services of this law firm since the beginning of 2015. The team of Murgova & Partners support us with legal advices and analyses concerning the whole portfolio of properties owned by us. This work also includes research and investigation of real estate history and drafting contracts for construction works that are being done at the sites. In addition, they participate in the tender procedures for conclusion of purchase and sale, lease agreements and performance of construction and installation works. We consider the team as highly professional. The legal services they provide could be defined as very accurate and timely. They answer in a timely manner which facilitates our operational every day activities.’

‘We would single out the managing partner Petya Murgova as a highly-professional lawyer and hard working. She has broad experience in real estate deals and transactions and she provides us with appropriate legal advice concerning potential risks. We can trust Petya in our daily business activity. We would also recommend Simeon Krastev as being particularly responsive whenever we have any question and issues to discuss related to properties of the company. He is actively taking part in the tender procedures as well as coordination and assistance in relation to the conclusion of lease agreements, purchase of real estates, construction works etc.’

Key clients

Duev 90

Specialized Hospital for Rehabilitation


Fobos Auto

PIM Haskovo

DMT 2010

Work highlights

  • Advising a long-term client, a construction company in the residential sector, on real estate acquisitions and construction rights, which recently included rights of construction over three land plots, value €1.5m.
  • Acting for a real estate investment company on the acquisition of seven high-end residential apartments, value €1.6m.
  • Advising a manufacturing company on the potential acquisition of a new production facility.

Popov, Arnaudov & Partners

Popov, Arnaudov & Partners advises on residential, commercial and industrial complexes, as well as infrastructure projects, where the firm is able to assist with the entire life cycle of the mandate, from financing and planning through to completion and project management. Head of commercial Sibina Eftenova steers the team, which includes real estate-focused Dimitar Nikolov.

Practice head(s):

Sibina Eftenova

Other key lawyers:

Dimitar Nikolov

BWSP Ilieva Voutcheva & Co Law Firm

BWSP Ilieva Voutcheva & Co Law Firm 'has extensive know-how in the area of real estate', particularly in respect of big-ticket property transactions where it acts for both sellers and buyers. The firm also advises construction companies on contractual issues and planning, among other matters. Name partners Diliana Ilieva and Rossitsa Voutcheva are both key contacts.

Practice head(s):

Diliana Ilieva; Rossitsa Voutcheva

Other key lawyers:

Martin Davidkov


The real estate and construction team at BWSP Ilieva, Voutcheva & Co handles matters efficiently and in a timely matter, with care for the detail. They make communication easy and transparent and keep everybody in the loop. The team has extensive know-how in the area of real estate and they are capable of dealing with various matters in the area. The associates are reliable, highly engaged in the matters and provide excellent results.’

Rossitsa Voutcheva handles matters with confidence, professionalism and personal attitude. Martin Davidkov stands out with his responsive, hands-on and meticulous approach, showing his exceptional devotion to providing excellent products to the clients.’

Ilieva, Voutcheva & Co has great knowledge in real estate and construction. They have a well-established business network that makes the team able to take care of the customer’s needs.’

I work with Diliana Ilieva and Martin Davidkov. Martin Davidkov has very good knowledge and strong competencies regarding legal advice on real estate. Diliana Ilieva is very proactive and excellent in managing the whole process.’

Key clients

Property 777

Rowling Whales & Co. .

Castello Precast

Daramis Papaya ML Project

Stroy Aliance Invest


Office Centre Sofia Largo

Work highlights

  • Advised investor Property 777 on the €6m sale of individual apartments in a newly-built residential building in Sofia.
  • Advised Office Centre Sofia Largo on the sale of a €3m real estate project comprising a Type A office building in downtown Sofia.
  • Acted for Rowling Whales & Co. on changes to the status of the land plots making them suitable for construction works and enlargement of the factory.

Danailova, Todorov & Partners

Name partners Maria Danailova and Kaloyan Todorov at Danailova, Todorov & Partners handle real estate transactions, construction contractual issues, and issues relating to significant infrastructure projects, among other matters, attracting a sizeable proportion of international companies as clients. Many appreciate the firm's 'great communication', 'attention to detail' and 'commitment to their clients' success'

Practice head(s):

Kaloyan Todorov; Maria Danailova


‘Danailova, Todorov & Partners is an excellent law firm. I highly recommend them. They are very professional and knowledgable. Also, they maintained great communication with me and always kept me up-to-date with whatever was happening.’

‘Both Maria Danailova and Kaloyan Todorov are top professionals, very knowledgable and adequate. I value very much their attention to detail and their commitment to their clients’ success.’

‘Danailova, Todorov & Partners are very down-to-earth and have always gotten themselves into my position for my perspective. They have always looked after my interests and have always been someone I could trust.’

‘I consider Kaloyan Todorov a friend. I have worked with him closely for several years now and he has always had my back. He has always been very determined to help and get to the bottom of everything that has troubled me. He has always been very comptetitive which has allowed his proactivity and motivation to thrive, getting him to the winning end of every task he has involved himself with.’

‘Their quick, efficient, extremely professional approach is fascinating. Their advantage is the preparation of bilingual documents and an written bilingual answers/advices on the open issues. I like their friendly manner, while at the same time, they have a very professional and thorough approach.

‘Maria Danailova has a gentle and kind attitude but at the same time the job is done very quickly and professionally. Fluent English speaker and writer. KaloyanTodorov has a very professional approach, and is quick and efficient. Fluent English speaker and writer.’

‘The firm has worked on public service contracts under EU law for all Bulgarian cities.’

‘The individual approach is what makes them stand out. I have worked with Kaloyan and Maria who both present expertise and deep understanding of the matter of their practice.’

Work highlights

  • Presented a multinational company to the Bulgarian market – advising on and assisting with all aspects of the business activities of the newly-established company, including real estate needs.
  • Conducted thorough research on a property regarding a property claim on behalf of an individual.
  • Advised a construction company on its implementation of an investment proposal project of significance for Bulgaria.

Dyulgerova & Penkova Law Firm

A compact but capable team at Dyulgerova & Penkova Law Firm advises some noteworthy clients, such as Adidas, on its commercial agreements and leases within this sector. Practice head Victoria Penkova and partner Diana Milkova are 'efficient, easy to work with and knowledgeable in the field of real estate and construction'.

Practice head(s):

Victoria Penkova


‘We have used Dyulgerova & Penkova’s services for more than 14 years and we have always had smooth business processes with no issues – no matter if it is related to real estate or construction or any other topic. Our rights have been protected because of their careful consideration.’

‘High accountability and perseverance. Great research and analytical skills. Strong project management and people skills. Good listening skills.’

‘Our company, being a real estate consultancy agency, has been working for the last ten years, through our clients, with almost all big law firms based in Bulgaria. But we can confirm that the small law firm of Dyulgerova & Penkova is easier to work with, because the team is more focused and pays personal attention to each client and case. Profound knowledge of the real estate sector, excellent judgment, integrity, and attention to details are their distinctive and valuable qualities. They demonstrate enthusiasm and motivation to work and to provide comprehensive solutions for any case.’

‘Our company works mainly with Viktoria Penkova and Diana Milkova. They are efficient, easy to work with, knowledgeable in the field of real estate and construction. When working with them we know that the work will be done right and on time. Both are very confident, and they show no apparent weakness. Mrs Penkova, especially, is an excellent team leader, has always been able to properly evaluate any risks and has smart advice for any case.’

Key clients

adidas Bulgaria

Regent’s Property Advisors

Saint George Palace

GK Bulgaria/GK EAD/GK Construction

Work highlights

  • Advising Adidas Bulgaria on an ongoing basis regarding commercial lease agreements.
  • Advising Saint George Palace on the conclusion, amendments and termination of rental agreements, maintenance and management agreements.
  • Advising GK Bulgaria on various construction matters related to the construction of a large complex.

Kinkin & Partners

The real estate, urban planning and construction works practice at Kinkin & Partners typcially advises on urban regulation and planning, change of use of agricultural land, environmental impact, and licences and permits, as well as property transactions and financing. Adriana Nacheva and her team are 'great professionals and great personalities'.

Practice head(s):

Adriana Nacheva


‘I think that the firm’s strengths and capabilities are well known among the legal sphere in the city of Sofia. The reason is their practice is available, with attention to the client, directed towards achieving the aim.’

‘I have worked with Adriana Nacheva, a partner, Siyana Veleva, senior associate and Dilian Kolev, associate. All three are perfect lawyers, especially in the real estate sphere. Due to their attitude and amazing work, my business is going great.’

‘We are fully satisfied with the legal service and support provided by Kinkin & Partners. They support us in various matters concerning our business activity, incluidng real estate. As a strength of the firm, we would point out that they are result oriented but at the same time manage to pay attention to important details. ’

‘We’ve worked with this team for years. They are irreplaceable. They are educated professionals with a great practice. I feel secure when they are helping and supporting our business.’

‘We are working with Adriana Nacheva, Dilyana Tsoleva and Dilian Kolev. The three of them are great professionals, great personalities, always available for help and support.’

‘The real estate team is on a very high level. The attorneys are very well-orientated in the real estate sphere, very competent and reliable. Their practice is unique due to their quality and in getting the work done on time. You could always rely on their saying that they would complete the case in the negotiated time-frame.’

‘The individuals we have worked with in the real estate practice were Vladimir  Kinkin, Siyana Veleva and Dilian Kolev. These attorneys are specialists in the real estate sphere. They are very dedicated and well-educated professionals, with high moral qualities and good understanding of the problems. ’

‘The whole team, practicing in the real estate and construction area, is consisting of high level professionals. They are always ready with competent answers, adequate legal statements and they are also always available.’

Key clients

Automation Pro

Bozen Ltd

Held Bereederungs GmbH & Co.KG


Laurea Nadezhda





Trust Control

Work highlights

  • Advising infrastructure investment company Laurea Ltd. in respect the construction of a new office and home building project, including utilities infrastructure, in the Lyulin neighborhood in Sofia.
  • Acting for Laurea Nadezhda Ltd in respect of an infrastructure project in Sofia neighbourhood of Nadezhda, namely the Triagalnika area.
  • Advising real estate property company Napo Ltd on the potential sale of agricultural land to a well-known Bulgarian company for the purpose of a retail construction.  

Tokushev And Partners Law Office

Tokushev And Partners Law Office advises on a broad spectrum of property transactions, both on behalf of high-net-worth individuals and international companies. Managing partner Viktor Tokushev leads the work and has niche knowledge of REITs. The firm acted for DZI General Insurance on the acquisition of Mall Varna following conversion into a modern office building.

Practice head(s):

Viktor Tokushev

Other key lawyers:

Stiliyan Nedev


‘I have been using the services of Tokushev and Partners for many years now, personally and for the purposes of my businesses. I find that the whole team of lawyers is very knowledgeable and dedicated to the excellence in their field of work. As team strengths and key capabilities I could list thoroughness, flexibility and last but not least, the personal approach they have shown me.’

‘I can distinguish the work of the founding partner Viktor Tokushev. I have known Viktor for many years and I believe he is one of the most noteworthy lawyers in Bulgaria.’

‘Tokushev and Partners are very good in investigations when it comes to state authorities. Our experience in working with them showed that their team is very systematical and precise in administrative procedure – every document issued by a state body is checked as content and all deadlines are strictly kept.’

‘My personal observations are that professionals from Tokushev and Partners are very much aware of legal requirements (re Real Estate) and also of the purely bureaucratical requirements of different authorities. They are just very precise and strict to the point. This helps them to be very forward looking when it comes to possible/probable risks and also in proposing different measures to overcome or probable negative consequences, or to mitigate the effect of such. ’

‘I have very good impressions of partners Stiliyan Nedev and Viktor Tokushev  and senior associates Stanimir Dobrev and Boris Tenekedzhiev. ’

Key clients

Active Properties REIT

United Bulgarian Bank

DZI General Insurance

KBC Group N.V.

Viplast AD

Mr. Adel Zakout

Work highlights

  • Advised DZI General Insurance on the acquisition of Mall Varna, which has been converted into a modern office building, for the amount of over BGN 31.5m.
  • Advised KBC Group N.V. Bulgaria Branch on securing a lease agreement in Varna, total value over €1.3m.
  • Advised an individual on the acquisition of a floor in a property of important cultural heritage and an emblematic building of Sofia.

Tsvetkova Bebov Komarevski

Tsvetkova Bebov Komarevski advises Bulgarian and foreign investors on the negotiation, acquisition, sale, planning and development of a variety of real estate projects, from urban office buildings to industrial plants. Clients rate the service as 'outstanding' and range from small real estate developers to multinational investors. Senior partner Irina Tsvetkova and energy partner Aleksandar Aleksandrov lead the practice.

Practice head(s):

Irina Tsvetkova; Aleksandar Aleksandrov


‘The quality and client service delivered is outstanding.’

Excellent in meeting the deadlines and expectations and following up each individual case.’

Clearly performs above expectations and above average in the industry.’

Key clients

DB Cargo Bulgaria

Takeda GmbH Representative Office (Shire Bulgaria)



Work highlights

  • Advised DB Cargo Bulgaria, a subsidiary of Deutsche Bahn, on the acquisition of the railway rolling stock repair plant of insolvent company VRZ – Karlovo.
  • Acted for Shire Bulgaria (the Bulgarian subsidiary of Takeda Pharmaceutical Company) on the process of renting a new office in an eligible business building in Sofia.
  • Advised Atendia, part of the Advent Group, as an owner of a major part of an office building in downtown Sofia, on regulatory and other management issues of the building.