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Changes and clarifications regarding construction tax in Romania
On 4 April 2025, Romania government Emergency Ordinance no. 21/2025 ("the GEO") was published and entered into force, introducing several important amendments and clarifications regarding the recently enacted construction tax. We summarise the main provisions below. Reduction of the tax rate: The construction tax rate has been decreased from 1% to 0.5%. Tax base clarification: It is now explicitly clarified that the 0.5% tax applies to the net book value of constructions. New separate tax (0.25%): A separate tax of 0.25% has been introduced for buildings belonging to the public or private domains of state or administrative-territorial units that are utilised based on contracts, agreements, or legal
Kinstellar advises DSV on the sale and leaseback of a major logistics park in Slovakia
Kinstellar recently advised DSV, a global leader in freight forwarding, on the sale and leaseback of its newly constructed logistics park in Senec, Slovakia. The logistics park was acquired by REICO LONG LEASE, an open-ended real estate mutual fund managed by REICO investiční společnost Erste Asset Management. The property’s location in a prime Slovak logistics sub-market, with exceptional connectivity to major European markets, enhances its strategic value. This innovative logistics facility spans approximately 69,600 sqm of gross leasable area and features a robust Environmental, Social, and Governance (ESG) profile. The park is distinguished not only by its size and location but also by its commitment to sustainability.
New regulations in Romania on the dual use of permanent grasslands for renewable energy projects
On 10 January 2025, Order No. 4/2025 came into force, detailing the procedure for the partial removal of land occupied by permanent grasslands from agricultural use when utilised in a dual system. The use of permanent grasslands in a dual system is of particular interest to investors in the renewable energy sector. Legislative background In principle, the possibility of using permanent grasslands in a dual system—both for agricultural production and for generating electricity from renewable sources—was already regulated since 2022. This was introduced by Law 254/2022 as an amendment to Law No. 18/1991 regarding land fund. However, in practice, numerous difficulties arose regarding the implementation of
Kinstellar advises Solida Capital on its expansion into the Central and Eastern European market with the acquisition of Victoria Center in Bucharest
Kinstellar is pleased to announce that it has advised Solida Capital, a leading investment and asset management firm, on its first office acquisition in Romania—the purchase of Victoria Center from Manova Partners (formerly Macquarie), an internationally active independent real estate investment company. This transaction marks a significant milestone in Solida Capital’s expansion into the Central and Eastern European (CEE) market. Located on Calea Victoriei, one of Bucharest’s most prestigious business addresses, Victoria Center is a prime office building with a Gross Leasable Area (GLA) of 8,600 square meters across 10 floors, including ground-floor retail space and 92 parking spaces. The property has been consistently
Kinstellar advises GTC on the sale of GTC X office building in Belgrade
Kinstellar has successfully advised Globe Trade Centre (GTC), a leading real estate investor and developer in Central and Southeast Europe, on the sale of its subsidiary, Glamp doo Beograd, that owns the GTC X Building, to Forstone Realty doo Beograd. The GTC X Building is located in a prime area of New Belgrade (Serbia), and encompasses nearly 18,000 square meters of office space. In addition, the building features 300 parking spaces across a three-level underground garage. Kinstellar's M&A team in Belgrade included Partner Milan Samardžić, Managing Associate Mina Srećković, and Associates Đorđe Ilijašević and Jelisaveta Folić.
Kinstellar advises Lafarge Serbia on the acquisition of 100% of shares in SPV TRIBEX MINING
Kinstellar is proud to have advised Lafarge Serbia, a member of the Holcim Lafarge Group, on the acquisition of 100% of shares in SPV TRIBEX MINING, the owner of the Jazovnik stone quarry. As the world’s leading cement manufacturer, Lafarge continues to strengthen its presence in the Central and Eastern Europe (CEE) region through this strategic expansion. Our team provided comprehensive support throughout the transaction, from legal due diligence to transactional support and closing activities. The M&A team in the Belgrade office was led by Miloš Velimirović, Managing Partner and Mina Srećković, Managing Associate, along with Associates Đorđe Ilijašević and Jelisaveta Folić, with the assistance
Kinstellar advises TSH Investment on the acquisition of Park Center mall in Bulgaria from Revetas Capital Advisors
Kinstellar has successfully advised TSH Investment, the joint venture between the real estate investment companies Trinity Capital and HUS Invest, on the acquisition of Park Center shopping mall, strategically located in the heart of Sofia. TSH Investment acquired Park Center from Revetas Capital Advisors, a European real estate investment advisor focused on distressed opportunities and value-add investments. The purchase is set to enhance the potential and attractiveness of the mall. Kinstellar advised on all aspects of the acquisition, including transaction structuring, debt restructuring elements, and real estate acquisition, by providing multidisciplinary support to the in-house team of TSH. The team was led
But I didn’t know?! Required compliance by Romanian real estate developers with Romania’s (stricter) anti-money laundering obligations
Are you a real estate developer in Romania? Do you have as your primary activity NACE Code (Cod CAEN) 4110 – “Development of building projects” (i.e. the newly NACE Code 6812 as per the recent NACE Rev. 3 classification)? If so, you should be aware that you are qualified as an “obligated entity” for purposes of Romanian anti-money laundering legislation compliance. And the National Office for Prevention and Control of Money Laundering (the “ONPCSB”) is actively auditing real estate developers for compliance. Below are some of the key principles to keep in mind. Background The European Union passed Directive (UE) 2015/849 in 20 May 2015 (i.e., the 4th Anti-Money Laundering Directive).
Kinstellar advises BHM Group on the acquisition of Prague Port Group
Kinstellar provided legal advice to BHM Group on the acquisition of a majority stake in Prague Port Group. The transaction, which included the purchase of a stake from the second shareholder, strengthened BHM Group's position in the market and facilitated the consolidation of the ownership structure of this key company operating aparthotels and hotels in central Prague. Kinstellar’s team provided comprehensive legal support throughout the transaction, including assistance with legal due diligence, negotiation of transaction documentation, and advice on financing secured through J&T Bank. The Kinstellar team was led by Jan Juroška (Managing Partner) and Matěj Večeřa (Managing Associate), with the support
Kinstellar advises Mitiska REIM on the acquisition of land in Bratislava for the construction of a retail park
Kinstellar has successfully advised First Retail International 2 (“FRI 2”), a closed-end real estate value-added fund managed by Mitiska REIM, on the acquisition of land in the Slovak capital, Bratislava, for the construction of the “Podunajská brána” retail park, through a joint venture between Mitiska Group and Asset Services, a Czech provider of development, property and facility management services. Work at the site has already begun. Managed by Mitiska REIM, a leading specialist investment management company in European convenience real estate, FRI 2 invests exclusively in retail parks, both clustered standalone units and integrated retail properties. The fund has already deployed more than EUR 200 million
Kinstellar strengthens its Corporate and M&A team in Hungary, with a senior hire
Kinstellar is delighted to announce the return of László Palócz, a leading M&A lawyer, to our Budapest office, as Counsel, effective 20 January 2025. László spent over six years at Kinstellar earlier in his career, during which his outstanding work on complex corporate M&A transactions and real estate matters earned him a promotion to Senior Associate. László brings in-depth expertise in multiple industries, having represented global investors, asset managers, and multinational corporations in landmark projects, including acquisitions, disposals, and lease negotiations. He has played key roles as part of various high-profile M&A transactions advising on complex legal matters and also has significant
Ransomware attack on Slovakia’s Real Estate Register causes nationwide outage of all services and databases containing information on immovable property rights
On 5 January 2025, the Real Estate Register in the Slovak Republic (the “Register”) was subject to a ransomware cyberattack. The Register is the sole register containing information on ownership, third-party rights (easements, pledges, etc.) and other material information on immovable properties in Slovakia. As a result of the cyberattack, all the Register’s services are unavailable, and all Real Estate Register Offices are closed until further notice. In practice, the following services, among others, are unavailable: it is not possible to obtain title deeds, either in electronic or in hard-copy form; and all ongoing proceedings concerning immovable properties (sale, pledge, etc.)