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Protecting lease rights in Austria: Consequences of insolvency and (compulsory) sale of premises
The current economic situation is causing an increasing number of lessees to have concerns about the financial situation of their lessors and the stability of their lease rights. In this context, the question often arises as to what effect (i) the opening of insolvency proceedings against a lessor's assets, and/or (ii) the (compulsory) sale of the property on which the leased premises are located have on the lease agreement. 1. Opening of insolvency proceedings against the assets of a lessor In Austria, the opening of insolvency proceedings against the assets of a lessor has no effect on the existence and the content of a lease agreement. Pursuant to Section 24 of the Insolvency Act (Insolvenzordnung), the insolvency
Kinstellar advises Mitiska REIM on EBRD’s entry into joint venture developing five retail parks in Slovakia
Kinstellar has advised Mitiska European Real Estate Partners 3 (“MEREP 3”) —an investment fund of Mitiska REIM—in connection with the entry of the European Bank for Reconstruction and Development (“EBRD”) into a joint venture with property developer OPC Group for the development and operation of five retail parks in Slovakia. The joint venture involves retail parks located in Liptovský Mikuláš, Skalica, Sládkovičovo, Žiar nad Hronom, and Veľké Kapušany. The EBRD entered the partnership through its investment vehicle MEREP 3 CEE CIV CommV to support the development of sustainable commercial real estate in the region. All projects are expected to target BREEAM “Very Good” or higher certification.
Kinstellar Budapest advises BYD on the landmark acquisition of IP West office building in Budapest from CA Immo
Kinstellar’s Budapest office has successfully advised BYD, the leading Chinese electric vehicle and battery manufacturer, on the acquisition of the IP West office building in Budapest from CA Immo. The transaction marks a significant step in BYD’s European expansion, with the building set to serve as its European headquarters and is expected to employ over 2,000 people. Located in a prime Budapest office district, IP West comprises approximately 32,100 sqm of leasable office space and 800 parking spaces, making it one of the most attractive commercial real estate assets in the Hungarian capital. The acquisition underscores BYD’s long-term commitment to the CEE region and supports the company’s goal to
Proposed changes to Austrian real estate transfer tax could impact M&A transactions
On 2 May 2025, the Austrian Ministry of Finance published a draft bill of the Budget Accompanying Act proposing significant amendments to the Austrian Real Estate Transfer Tax Act with potential far-reaching implications for M&A transactions. The proposed changes to the Real Estate Transfer Tax Act would tighten the tax treatment of so-called “share deals”—transactions where shares in corporations or partnerships owning real estate are transferred instead of the real estate itself. These changes, aligned with the Austrian government’s 2025–2029 program, aim to close any existing loopholes that have enabled the avoidance of real estate transfer tax in real estate transactions. Reduction of the ownership
Ukraine strengthens rights protections for bona fide purchasers
A new law, No. 4292-IX, dated March 12, 2025 (the “Law”), amending the Civil Code of Ukraine (the “Civil Code”), recently came into effect in Ukraine. The Law is designed to increase the level of legal certainty and to protect the rights of bona fide real estate purchasers. The main novelties are: 1. Limitation periods (Article 261 of the Civil Code) It is established that the limitation period for reclamation claims, or the recognition of rights to real estate transferred from state/municipal to private ownership, starts from the date of registration of the right of the first purchaser or transfer of property (in respect of which, at the time of such a transfer, no legal requirements for state registration
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