Council of State Ruling on Reclassification of Expropriated Properties for Public Utility to Buildable Areas
March 2025
Constantinos Kavadellas, Partner, Georgia Panagopoulou, Counsel, Myria Kotrotsiou, Junior Associate, and Katerina Renieri
Kyriakides Georgopoulos Law Firm
According to recent case law from the Council of State, a property can legally be reclassified as a buildable area after its designation as a public utility area is removed.
In Decision No. 276/2025, the Council of State ruled that lifting urban expropriation and reclassifying a property from an area designated for school construction to a buildable area is lawful.
The legal criteria supporting such a reclassification include:
The…
NNDKP Obtains a New Court Decision Recognising the Right to Deduct VAT on Investment Expenses in Case of Project Abandonment
November 2024
Our member NNDKP's Center of Excellence in Fiscal Disputes (NNDKP CELF) has successfully represented a client in maintaining the recognition, through a final court decision, of the right to deduct VAT on expenses incurred for investments necessary to start or continue certain real estate projects that were ultimately not completed.
In this case, the taxpayer, a real estate developer, intended to start two real estate projects on the land they owned. The first project was not completed due to a legal dispute that prevented the start of construction. After the legal matter was resolved,…
NNDKP Assisted CTP in Acquiring Globalworth’s Fully Owned Logistics Portfolio
May 2024
Nestor Nestor Diculescu Kingston Petersen (NNDKP) has assisted CTP, Europe’s largest listed developer, owner, and manager of industrial and logistics properties by gross lettable area (GLA), in acquiring the logistics portfolio fully owned by Globalworth, the largest office investor in CEE, with leading positions in Romania and Poland.
The portfolio, comprised of 270,000 sqm GLA and 30ha landbank, includes six industrial parks and other complementary facilities in six key locations in Romania, including Bucharest, Arad, Pitesti, Oradea and Timisoara.
Following this acquisition CTP…
KG Advised CBE Capital on EUR 95 Million Financing for Six Senses Hotel in Porto Heli
April 2024
KG Law Firm’s Project Finance and Banking & Finance teams acted as Greek legal advisor to CBE Capital and the consortium of sponsors in securing a EUR 95 million senior bond loan facility from Piraeus Bank for the development of the Six Senses Hotel and branded residences in Porto Heli, Greece. The team at KG Law Firm facilitated the structuring, drafting and negotiation of transactional documents, as well as coordinated with lenders and provided comprehensive support throughout the implementation of the transaction. The EUR 150 million development, which is already being enlarged…
Reconstruction of Paromlin – Library and Social-Cultural Centre
June 2023
The reconstruction project of Paromlin that will be worth over EUR 80 million will start soon. The City of Zagreb has confirmed that the Paromlin renovation project under the name "Zagreb City Library and Social-Cultural Center at the Paromlin location" is being intensively prepared, that the implementation projects have been completed and that the preparation of the feasibility study will begin soon. Cultural, educational and other activities (plays, concerts, exhibitions, workshops, conferences and seminars) will take place there, organized by public institutions, non-profit organizations,…
BDK Advokati Advised Abu Dhabi Capital Group on the Sale of The Capital Plaza
April 2023
BDK Advokati’s team in Montenegro successfully advised Abu Dhabi Capital Group on the sale of the group of companies that own and operate The Capital Plaza, a premium business and residential complex in Podgorica, Montenegro. The companies were acquired by Big Group. The deal is the second-largest M&A deal in Montenegro in the past twelve months.
BDK’s core team that worked on this transaction included Senior Partner Luka Popovic, Senior Associate Jelena Brajkovic, and Junior Associate Marija Ksenija Popovic.
Picture-Copyright: Pixabay.com
ELI Parks Plans EUR 22 Million Investment
February 2023
ELI Parks continues its plans to consolidate its presence on the local market by investing in a new logistics and industrial park located in the western part of Romania (Oradea city). The project will cover and area of 30,000 m2 and the investment will total EUR 22 million.
New Shopping Centre in Labin, Istria
February 2023
More than a year ago, the company Retail Park Hrvatska d.o.o. bought a piece of real estate property in Labin with the aim of building a smaller shopping center which will form a common entity with the existing Spar store. Obtaining a construction permit is still in the process, so the investors hope that work on the future Retail Park Labin shopping centre could begin soon. The investor is the company Retail Park Hrvatska d.o.o. with the support of the partner company Inceptum Sport d.o.o. and investment fund Maverick Wealth Management. They plan to invest more than EUR 5 million…
New Shopping Centre in Vinkovci
January 2023
The city of Vinkovci will get a new shopping center in 2023 – a Stop Shop complex, that should be completed by the spring of 2024. Stop Shop is a brand of the company Immofinanz and consists of retail parks in Central and Eastern Europe. The Stop Shop in Vinkovci will be constructed next to the bypass in Novi Selo, and it will cover an area of 10,300 m2. The designer is Studio Parallel d.o.o. from Zagreb, the contractor is the company Radnik D.D. from Krizevci, and the company Metrion Projekt d.o.o. is responsible for expert supervision. The complex itself should have a total…
New Shopping Centre in Pazin, Istria
January 2023
The City Council of Pazin approved an agreement on mutual rights and obligations related to the construction of a traffic connection to the investor, the company Stop Shop Development from Zagreb, which should build the first large shopping center in the city of Pazin in Istria. In addition to the road, the investor will build a sidewalk, public lighting, storm drainage, green areas and other necessary facilities. The estimated value of the total costs of construction of communal infrastructure according to the main project and the bill of costs amounts to EUR 133,000.
Business Park in Velika Gorica
January 2023
For one of the largest business zones in Croatia – Meridian 16, in the area of Velika Gorica – a new phase of project development is being prepared with around 300,000 new square meters available. The project aims to expand logistics and storage spaces for existing and new users, all in accordance with the green guidelines of the zone.
Balkan Distribution Centre, Sarajevo
January 2023
The centre will be located in the business zone of Vogosca next to the capital city of Sarajevo. The position of the land area is highly favourable in terms of traffic connections. It is located 1 km away from the main highway, 300 m from the main road, and 30 km from the Sarajevo City Airport. There is a local road passing through the middle of the land area, which connects it to the main road. The project is in its conceptual stage. The cost of the project is set at EUR 25 million.
