Karanovic & Partners in cooperation with local lawyers | View firm profile
This article is originaly published in IBA International Real Estate News.
During 2015, one major acquisition of real estate property occurred in the Serbian real estate market. What happened was that a major international bank purchased over 8,000 sqm of space in two office buildings located in the Serbian capital, Belgrade. In fact, the buyer only acquired the parts of the buildings, while it already owned a significant part of this property. The purpose of the purchase was to localise the bank's management in Serbia in one place. The deal was completed by the end of 2015 after long negotiations with the sellers – four companies that are incorporated in Serbia with the sound of champagne popping. However, just as the party was warming up and the bank's employees were about to settle down in the newly purchased premises, an unprecedented event occurred – the kind of an event which may have long-term consequences for real estate acquisitions throughout the Balkans region.
By the time this article has been submitted for publishing, the Commission still did not reached a decision on this matter. No doubt, this is a precedent in Serbian law and practice of both real estate and competition sectors. All we can do at this point is wait for the outcome and hope for the best.