New Era in Assignment of Building Inspection Institutions: Electronic Appointment

The amendments made to the Law No. 4708 on Building Inspection and the Regulation on Implementation of Building Inspection to eliminate building inspection weaknesses caused by the close commercial ties between building inspection institutions and building contractors, entered into force on 1 January 2019. The amendments introduce transparent assignment of the building inspection institutions through electronic system.

NNDKP at Outlook 2019: Europe & CEE

On 21 February 2019, NNDKP will be at the Outlook 2019: Europe & CEE, a real estate conference organised in Bucharest by Reed MIDEM in association with MIPIM, the creator of the world’s leading real estate event, and Investment Briefings, a media company focused on real estate investment and market trends. NNDKP is the hosting partner of the event. The conference will focus on the investment opportunities in 2019 in Central and Eastern Europe in terms of real estate.  A NNDKP Partner, Lavinia Ionita Rasmussen will be a speaker at the event.

Amendment to Turkish Code of Obligations: Recent Developments on Real Estate Lease Agreements

New Cap on Lease Amount Increase Rate: Consumer Price Index It was determined in the Medium-Term Plan pertaining to the years 2019-2023, published last September, that the cap on lease amount increase rate will be the Consumer Price Index (the "CPI") rather than the Producer Price Index (the "PPI"), as the PPI rate was highly affected by fluctuations in foreign currency and commodity prices. In this regard, initially, the Communique on Decree No. 32 on Protection of the Value of Turkish Currency (the "Communique on Decree No. 32") was amended to regulate that under certain circumstances, the lease…

BOYANOV & Co. Advises the Parties in the Second Largest Transaction on the Bulgarian Office Properties Market in the Last 10 Years

BOYANOV & Co. advised the leading Greek real estate company NBG Pangaea REIC on the acquisition of I&B Real Estate AD in a transaction with a value of close to EUR 79 million. On the express mutual agreement of the parties, throughout the process, two dedicated teams of the firm provided legal support and assistance to both the sellers and the buyer. The transaction was successfully completed on 28 December 2018. The company I&B Real Estate AD is the owner of City Tower (Telus Tower), a full-let office building in Sofia, Bulgaria with a total area of about 54,000 sq.m. The newly built…

Mandatory Licensing for all Construction and Designing Companies in Serbia

Milan Dakic, Real estate and Construction Partner of BDK Advokati, introduces the latest amendments of the Planning and Construction Act in relation to the licenses required for various types of design or construction works: The latest amendments of the Planning and Construction Act,[1] effective as of 6 November 2018, introduce the requirement for all construction and designing companies (including solo entrepreneurships) to obtain licenses for various types of design/construction works until 6 November 2019. The licensing requirement that now applies across the board previously applied to…

BOYANOV & Co. is Advising on the Biggest Deal in Bulgaria

BOYANOV & Co. currently works on the biggest deal in Bulgaria – the concession award procedure for Sofia Airport.

Sale of Mercator's Shopping Centers in Croatia and Bosnia and Herzegovina

SEE Legal's Slovenian member Selih & Partners has been advising Mercator on its sale of ten shopping centres in Slovenia to Supernova. On October 12, 2018, Mercator and Supernova signed a contract for the sale, which provided Mercator with a rental agreement for a period of 15 years, with the possibility of extending the agreement for another 15 years under the same conditions. The Mercator Group is one of the largest corporate groups in Slovenia, as well as in the entire region of South-eastern Europe. Its primary and most important is the retail of fast-moving consumer goods, complemented…

Terme Catez Hotels on Sale

Terme Čatež d.d. is selling the Mokrice Golf & Hotel Resort. They are also expected to sell hotels Žusterna and Koper on the Slovenian coast.

Possible Hotels for Sale in Bulgaria

Over the next three years, new luxury hotels from three world known chains - Intercontinental, Hyatt and Marriott - will open in Sofia. There is also a possibility for a deal for Hotel Marinella (former Kempinski), given the recent events around the owner, who is currently being investigated for tax crimes and money laundering. He has a number of other hotels that can also be subject for sale.

Amendments in the Field of Construction and Infrastructure Projects

Razvan Vlad introduces the amendments in the field of construction and infrastructure projects in Romania: The beginning of 2018 has brought certain amendments in the field of construction and infrastructure projects in Romania, by means of a new enactment that strongly impacted the professional life of contractors, who were used to the FIDIC provisions up to that point. Government Decision no. 1/10.01.2018 ( “GD no. 1/2018”), which approved the general and special conditions for certain categories of public/sectorial procurement contracts related to publicly funded investment objectives…

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…