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Zepos & Yannopoulos advised the consortium of Fraport AG/Copelouzos Group, which is the concessionaire for the management, operation, maintenance and development of a portfolio of fourteen (14) peripheral Greek airports on the transfer of the entire number of contracts related to the operation of these airports from the Hellenic Civil Aviation Authority to the concessionaire. We assisted the airport portfolio concessionaire in the transfer of the entire number of contracts related to the operation of these airports from the Hellenic Civil Aviation Authority. The deal involved the implementation of a concession agreement for the management, operation, maintenance and development of a portfolio of fourteen peripheral Greek airports and its ratification by the Greek parliament. It involved feedback in the process of legislative action of the Greek Government, support on a wide range of civil aviation regulation issues regarding the operation of airports in Greece as well as the implementation of the transfer of approximately 1,000 contracts with a wide range of airport users to the concessionaire.

Zepos & Yannopoulos acted as Greek legal counsel to Attica Bank SA, a Greek medium-sized bank, on Project Artemis, the securitisation of non-performing loans and future receivables from the sale of real estate of approximately €1.3 billion. This milestone transaction involved the sale of receivables arising from a diversified portfolio of non-performing credit products and of future receivables arising from the sale and/or leasing of real estate that are the underlying assets of financial leasing receivables, also included in the portfolio. The portfolio was sold to a Luxembourg SPV against issuance of €525,000,000 senior notes and €806,200,000 junior notes. All the notes were initially subscribed by Attica Bank, which also acts as interim servicer of the portfolio. In parallel, Attica Bank entered into a sale and purchase agreement with Aldridge EDC Specialty Finance, the principal owner of a multinational investor in, and manager of, distressed assets, to sell the junior notes, as well as 80% of Thea Artemis SA, a subsidiary of Attica Bank that holds a license by the Bank of Greece to manage banking credit.
The transaction is the first NPL securitisation in Greece that closed after the passing, in late 2015, of a law introducing (among others) new rules for the sale of banking receivables (the NPL Law). It is also the first disposal of a large non-performing loan portfolio by a Greek bank. It came after a long period of market discussions on how to best tackle non-performing portfolios and a series of legislative measures aiming to attract investors and create a secondary market for NP

We advised Tui AG on the acquisition of the shares of the company Stella Polaris Creta AE from the listed company Karatzis AE. The multi-million Euro deal involved the acquisition of the shares of Stella Polaris Creta AE, owner of real estate in Ierapetra, Crete, where a new Robinson Club will be constructed by the Tui Group.

We advised Tui on all corporate, real estate, planning and tax issues relating to the transaction, and drafted the transactional documentation.

Legal Developments by:
Zepos & Yannopoulos

  • Privatisation Alert

    The Hellenic Republic Asset Development Fund (the Fund) launches a tender for the sale of the shares of the HELLENIC COMPANY FOR ROLLING STOCK MAINTENANCE S.A. (ROSCO)
    - Zepos & Yannopoulos

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