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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.)
Kinstellar advises syndicate of banks on a EUR 73 million financing to Grup Serban Holding
Kinstellar is delighted to announce we have advised a syndicate of banks led by BRD Groupe Société Générale and Banca Transilvania on a EUR 73 million syndicated facility to Grup Serban Holding. BRD Groupe Société Générale and Banca Transilvania served as both Documentation Agents and Original Lenders, Raiffeisen Bank Romania joined as Sustainability Agent and Original Lender, with Banca Transilvania further assuming the roles of Facility Agent and Security Agent for the duration of the transaction. Grup Serban Holding, an entrepreneurial company active in the agricultural sector, will utilize this financing to refinance its existing debt and further expand its operations. Kinstellar’s assistance on
Kinstellar advises A1 on the acquisition of a significant greenfield site in Serbia
Kinstellar is pleased to announce that it has successfully advised A1 Srbija, a leading telecommunications company in Serbia, on the acquisition of a significant greenfield site in Serbia. A1 Group is a leading telecommunications provider in Central and Eastern Europe, offering advanced communication solutions and digital services to millions of users. Operating in multiple countries including Austria, Slovenia, Croatia, and Bulgaria, A1 Group provides mobile, broadband, TV, and cloud services. Kinstellar provided full legal support throughout the process, including the legal due diligence of the location, negotiations with the seller, signing and notarization of the purchase agreement. This transaction marks another
Kinstellar advises MEREP on the acquisition of 50% ownership interest in OC Point Liptovský Mikuláš
Kinstellar has successfully advised Mitiska European Real Estate Partners 3 on the acquisition of a 50% ownership interest in OP Centrum Retail 2 from OPC Group. The target of the transaction, OP Centrum Retail 2, is currently developing a retail park in Liptovský Mikuláš in northern Slovakia. Mitiska European Real Estate Partners 3 (“MEREP 3”) is a fund owned by Mitiska REIM, a leading specialist investor in European convenience real estate. Kinstellar has also recently advised Mitiska REIM on the acquisition of four other retail parks from OPC Group—including Point Skalica, Point Sládkovičovo, Point Žiar nad Hronom, and Point Veľké Kapušany—as part of Mitiska REIM’s plans to expand its retail
Kinstellar advises on a joint venture related to the acquisition of a strategic building for the development of the space sector in Bulgaria
Kinstellar advised Peter Mitev, co-founder and former CEO of Chaos Group, a global leader in computer graphics technologies, and Big Orange Foundation, on the legal aspects of their joint venture with Raycho Raychev, founder and CEO of Endurosat, one of the fastest growing satellite companies in the world, in relation to the acquisition of a landmark 17,000 sqm building in Sofia, Bulgaria. The building is strategic for Endurosat's vision for the development of the space sector and will be used for space research and other key operations. The acquisition of the building, formerly the headquarters of Alpha Bank, is the largest office transaction on the Bulgarian real estate market for the year 2024 to date. The Kinstellar
Kinstellar advises Mitiska REIM on a joint venture with Park Lane Developments for the development of retail parks in Bulgaria
Kinstellar has advised the Mitiska European Real Estate Partners 3, a real estate fund managed by Mitiska REIM, on its entry into the real estate market in Bulgaria through a joint venture (JV) with Park Lane Developments. Mitiska REIM, the leading specialist investor in European convenience real estate, and Park Lane Developments, a leading commercial property company developing and managing prime office, logistics/light-industrial, and retail park assets in CEE, plan to develop and open at least five prime retail parks in Bulgaria over the next five years. Kinstellar advised on the structuring and implementation of the JV. The team was led by Partner Antonia Mavrova (Head of Real Estate, Construction &
Kinstellar assists Globalworth again on a logistics portfolio sale in Romania
Kinstellar is delighted to announce that it has again successfully advised Globalworth, an AIM-listed, leading office investor in Poland and Romania, on the sale of a logistics portfolio in Romania, to the buyer WDP. The transaction closed in July 2024, being one of the largest logistics transactions in Romania to date in 2024. The portfolio sold to WDP was a joint venture with Global Vision, and includes sizeable lettable logistics and industrial facilities as well as land bank in Chitila, Constanta and Targu Mures. This transaction follows on the heels of Globalworth’s sale of another logistics portfolio to CTP earlier this year in May. Kinstellar provided comprehensive support on all aspects of the transaction.