Sale of a Large Land Near Bucharest
December 2021
Three entrepreneurs in the real estate field, Dan Pascariu, Adrian Tofan, and Matthew Proskine, plan to sell 38 ha of land located in Popesti-Leordeni, a satellite town of Bucharest. The land is valued at approx. EUR 38.6 million.
Controversial Amendments to the Serbian Expropriation Act
November 2021
Author: Dragoljub Cibulic
On 26 November 2021, the National Assembly enacted the amendments to the Expropriation Act (“Amendments“), legislation that originates from 1995 and has not been significantly updated since 2009.
A number of public intellectuals, NGOs, and opposition parties have loudly criticised the Amendments. We outline below the most important changes.
The notion of public interest
By far the most controversial provision of the Amendments is the expansion of the notion of public interest. According to the Serbian Constitution, private property may be expropriated…
Sale of Industrial Park Belgrade
September 2021
Sale of 51-100% of equity in one of the largest industrial parks in the SEE region with a total of five existing facilities, and two in a pre-construction phase, located in the industrial zone near Belgrade.
Uncertain Issues On Residence And Workplace Leases
Authors: Busra Ozden, Merve Tuzmen
In this first part of a series of articles on disputed lease provisions of the Turkish Code of Obligations (the “TCO”) with respect to residences and roofed workplaces, we address whether the parties are free to determine the rental fee after the end of each five-year period.
The TCO allows the parties to determine the rent increase rate in residence and roofed workplace leases subject to limitations. Article 344 of the TCO explicitly sets forth the annual rent increase rules that apply within each five-year period, both for the Turkish lira and for foreign…
National Cadastre: Commencement of submission of real property statements for Rethymno (Crete) and Cyclades
Authors: Kimon Tsakiris, Katerina Politi
In relation to the progress and completion of the project of the National Cadastre, on Wednesday, June 30, 2021, commenced the collection of ownership statements for the areas of Rethymnon. The deadline for submitting declarations for the area of Rethymnon ends on 30.09.2021 for the residents of Greece and on 30.12.2021 for those permanently residing abroad and the Greek State.
Also, on Monday, July 5, 2021, the collection of property declarations for the area of the Cyclades islands began. The deadline for submitting declarations for the Cyclades ends…
Indotek Group to Acquire GTC’s Serbian Office Portfolio
Hungarian real estate investor Indotek Group has signed a sale and purchase agreement for the purchase of 11 office buildings from Globe Trade Centre (GTC) for the proposed acquisition price of EUR 267,6 million. The GTC office portfolio is located in New Belgrade, a prime business district in Belgrade, and consists of 11 premium quality office buildings within five business parks – Green Heart, FortyOne, Belgrade Business Center, 19 Avenue and GTC House, with a total of 122,175 square metres GLA.
Indotek Group is a Hungarian property investment, utilization and development company. Its portfolio…
Romexpo Project
Romexpo, one of the largest exhibition centres in Romania, covering a total area of 300,000 meters, located in North Bucharest, may be developed in the largest real estate project in Romania.
NNDKP Acts as Romanian Local Counsel in connection with CTP’s Listing on Euronext
(NNDKP was part of an international team of lawyers that assisted CTP in connection with its Initial Public Offering (IPO) on the Euronext stock exchange in Amsterdam.
NNDKP Assists BCR in the EUR 36 Million Transaction regarding the Transfer of Ownership over Bucharest Financial Plaza
NNDKP provided legal assistance to Banca Comerciala Romana in relation to the transfer of ownership over the Bucharest Financial Plaza building.
Hospitality-Tourism Project Tef (City of Sibenik project)
One of the oldest towns in the Adriatic, Sibenik, was founded in the 9th century, thus it has very rich cultural heritage and many historical and cultural monuments, some of which are under the UNESCO protection. It is easily accessible due to its location between two international airports (Split and Zadar) and the nearby A1 motorway Zagreb-Split-Dubrovnik.
The Spatial Plan of the City of Sibenik stipulates the obligation of adopting the Urban Development Plan (UDP) of the location, determining the purpose of the land in greater detail. The UDP will be drafted and adopted in cooperation with…
Sale of Equilibrium Office Project
Skanska, one of the largest real estate developers, is looking to sell one of its office projects, Equilibrium, located in North Bucharest.
Inspirit Fantasy Park (State of Pazin Project, Istria)
Inspirit Fantasy Park is a new, unique and very attractive tourist project that includes construction of a theme amusement park on an area of approximately 10 hectares, owned by the Republic of Croatia. The envisaged facilities of the park are based on the stories of Istrian, Slavic and European mythology.
The Park will offer performances, workshops and animations through which they will present intangible cultural heritage, while the buildings will be designed in the authentic style of this region.
The Project will be offered to a strategic partner through a public tender. Prior to its announcement,…
