Six Hotels on the Slovenian Coast for Sale

In the process of preventive restructuring, Istrabenz Group agreed to sell its assets by the end of 2019. The assets of the Istrabenz Group include Istrabenz Turizem and a 50% share in Adriafin, a co-owner of Vina Koper. More than 80% of claims against Instrabenz Group are held by the Bank Assets Management Company. Istrabenz has recently began selling its subsidiary Istrabenz Turizem, owner of six Lifeclass hotels on the Slovenian Coast. The six hotels, namely Grand, Apollo, Neptun, Mirna, Slovenija and Riviera, situated in Portorož, have a total of 778 rooms and are valued at EUR 70 - 80 million. US…

Serbian Planning and Construction Act Further Revised to Promote Investments into Real Estate Development

The validity of local conditions, one of the initial and most important documents in the permitting process showing what investor can build on certain piece of land, is to be extended from one to two years. The deadline to commence work under construction permit is also to be extended from two to three years from the issuance of the permit, to allow more time for investors to raise funds. Although the proposed amendments are welcome, there is room for further improvement. Milan Dakic, partner at BDK Advokati, discussed the remaining pitfalls of the Planning and Construction Act in the June edition…

The Great Istanbul Tunnel Project

The three-level subsea tunnel under Istanbul’s Bosphorus Strait will connect the city’s two sides (European and Anatolian) with one railway and two highways. Trains will pass through a tube in the middle, while tubes below and above will be for vehicular transit. The tunnel will be integrated into nine subway lines, the TEM Motorway, the E-5 Motorway and the Northern Marmara Motorway. Around 6.5 million passengers are expected to use the tunnel on a daily basis once it is completed in the next five years.

Halkali - Kapikule Railway Line Project

This railway project will connect North Sea, the Baltic Sea, the Mediterranean and the Black Sea. Thus, Turkey’s long lasted reputation of being a junction between East and West in the transport sector is planned to be strengthen with this project. It aims not only to connect but also to reduce carbon emissions and make electrically-driven railways. The tender process for the consultancy for the project has started. The construction works are be tendered by the end of 2018.

A New Period in Tourism Investments: Room Sales to Third Parties

Within the last year, it has become possible for tourism investors to get an extension of up to 49 years for the term of usage rights granted on public real properties; and to acquire the real properties on which an easement right is established or has been allocated in favor of the tourism investors or the operators. On 30 June 2018, another long-awaited amendment was made to the Regulation on Certification and Qualifications of Tourism Facilities, legalizing the sales of hotel rooms in the tourism facilities to third parties. Busra Ozden, Associate at SEE Legal’s Turkish member, Kolcuoglu…

Article on Participation of Private Investors in Development of Infrastructure in Serbia

Partner of BDK Advokati Milan Dakic wrote an interesting piece on the statutory possibilities for private investors to actively participate in the development of public infrastructure such as roads, electricity or sewerage networks outside of PPP and public procurement frameworks. Such public-private cooperation can be regulated by an agreement between an investor and a local municipality. Read full article here.