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Kinstellar advises Gránit Asset Management on landmark acquisition of 8 retail parks and 4 standalone stores in Hungary
Kinstellar has successfully advised Gránit Asset Management on the acquisition of a high-value retail portfolio comprising 8 retail parks and 4 standalone stores across Hungary from Revetas Capital, an international real estate investment company. The portfolio includes eight retail parks and four single-tenant retail properties located in major regional cities, including Sopron, Mosonmagyaróvár, Miskolc, Debrecen, Zalaegerszeg, Siófok, Dunaújváros, Nagykanizsa, Marcali, Tolna, Szekszárd and Szentlőrinc. The assets comprise approximately 45,000 sqm of gross leasable area and are nearly fully leased to a strong tenant mix including C&A, Deichmann, Intersport, Libri, McDonald’s, and Müller. Gránit Asset
Kinstellar advises Habitex on the sale of the former textile factory in Baia Mare to Jumbo
Kinstellar has advised Habitex on the sale of the former textile factory site located in Baia Mare to Jumbo, one of the leading international retail chains in the region. The transaction is part of Jumbo’s ongoing expansion in Romania. The transaction was signed at the end of 2025. The redevelopment of the site is expected to contribute to the revitalisation of the area and enhance the local commercial infrastructure. Kinstellar provided legal assistance to Habitex throughout the transaction, including structuring, negotiation and signing of the transaction documents. Kinstellar’s team advising on the transaction was led by Iunia Nagy (Managing Associate), supported by Malina Andries (Associate).
CRD VI explained: What the new EU bank M&A rulebook means for Austria
CRD VI (Directive (EU) 2024/1619) introduces a new harmonised EU regime requiring EU credit institutions and licensed (mixed) financial holding companies to obtain prior approval and to notify supervisors before carrying out material acquisitions, mergers, divisions, or material transfers of assets and liabilities. The existing regime governing acquisitions or disposals of qualifying holdings in a credit institution will continue to apply in parallel, with some amendments. The new unified regime replaces today’s patchwork of Member State national rules and extends supervisory involvement well beyond the existing qualifying holdings framework. Until now, many Member States (including Austria) required approval only for
Kinstellar and KST Law assist Simmons & Simmons on Wise Equity’s acquisition of a majority stake in Marullo
Kinstellar and KST Law have assisted Simmons & Simmons on Turkish law aspects related to the acquisition by Wise Equity, the Milan-based private equity firm, of a majority stake in Marullo. Marullo is recognized as a leader in pistachio products (including semi-finished and finished goods) based in Bronte, Sicily. The deal is designed to support the international growth and expansion of Marullo, strengthening its raw material procurement, and enhancing its position in the high-quality ingredient market. Marullo has a pistachio sourcing and initial processing subsidiary in Turkey. Partner Emre Edmund Özer, Senior Associate Sıla Şaylı and Associate Fırat Erin formed the core team advising the client on the
Kinstellar advises shareholders of ROFA Industrial Automation on the sale of ROFA Group to SPIE
Kinstellar is advising the shareholders of ROFA Industrial Automation on the sale of the German ROFA Group to the listed French SPIE Group. ROFA Industrial Automation (ROFA), headquartered in Bavaria, is a leading provider of automation technology, intralogistics solutions, and special‑purpose machinery with operations in China, Austria, Hungary, Romania, the Netherlands, Poland, and the United States. ROFA’s portfolio covers the full project lifecycle, from consulting and software/hardware engineering to manufacturing, commissioning, and after-sales services. By acquiring ROFA, SPIE aims to strengthen its strategic position in the German industrial services market. The transaction remains subject to antitrust
Kinstellar, together with Goodwin Procter as lead counsel, advises Telehouse Holdings and Andon Zlatev on the sale of Telepoint to Digital Realty, marking its entry into Bulgaria
Kinstellar is pleased to announce that, together with Goodwin Procter as lead counsel, it has advised Telehouse Holdings and Andon Zlatev on the sale of shares in Telepoint to Digital Realty, the world’s largest cloud- and carrier-neutral data center platform, marking Digital Realty’s entry into the Bulgarian market. Telepoint is a leading local data center and interconnection provider and operates two data centers in Sofia, including one of the most highly interconnected facilities in Southeast Europe. Kinstellar advised Telehouse Holdings on all local law aspects of the transaction, which represents a landmark acquisition strengthening Sofia’s role as a key Southeast European interconnection hub. The
Kinstellar advises CSG on its strategic acquisition in RÁBA
Kinstellar has successfully advised Czechoslovak Group (CSG), one of Europe’s largest defence industry groups, in connection with its indirect minority acquisition in RÁBA Járműipari Holding (RÁBA), a company listed on the Budapest Stock Exchange and majority-owned by 4iG Space and Defence Technologies (4iG S&D). Through the transaction CSG has obtained a shareholding of approximately 37% in RÁBA, with 4iG S&D retaining control. The investment is part of a broader strategic cooperation framework between RÁBA, Tatra Trucks, and CSG Defence, focused on long-term industrial collaboration, including manufacturing and integration activities. The matter involved above-average complexity due to RÁBA’s status
Kinstellar Capital Markets series: Shareholder activism in Austria – Outlook 2026
Austria has not historically been regarded as a primary venue for aggressive shareholder activism. Activist engagement has traditionally been less confrontational and has typically taken the form of shareholder proposals, counter motions, open letters and active participation at annual general meetings (AGMs), rather than hostile campaigns. This comparatively moderate landscape is largely attributable to the concentrated ownership structure of many Austrian-listed companies, which are frequently controlled by a core shareholder or shareholder group. Notwithstanding this structural backdrop, an increase in both the frequency and sophistication of activist campaigns can be observed and is expected to continue. Although
Kinstellar advises Logicor on strategic acquisition in Budaörs
Kinstellar has advised the Hungarian subsidiary of Logicor, one of Europe’s leading owners, operators, and developers of logistics real estate, in connection with the acquisition of a strategically located logistics property in Budaörs, Hungary. The newly acquired asset comprises approximately 28,000 sqm of warehouse and office space. The property lies within the M0 ring road, just 12 kilometres from Budapest’s city centre and directly adjacent to Logicor’s existing Camel, Shark, and Pharma parks. Together, the four neighbouring parks form a contiguous logistics hub of nearly 100,000 sqm in a prime, well-connected location. Kinstellar’s mandate covered comprehensive legal due diligence and the preparation
When a ‘group instruction’ becomes a transfer pricing and directors’ liability problem
A recent Czech Supreme Administrative Court decision (3 Afs 165/2024‑67) is a timely reminder that transfer pricing is not only about invoices and formal agreements. For tax purposes, economic reality prevails: if a Czech subsidiary absorbs costs or risks arising from a parent company’s strategic decision without arm’s‑length compensation (or other adequate consideration), the tax authorities may deem it a controlled transaction and adjust the tax base. This remains true even if the strategic instruction is wholly informal or unwritten. There is also a second, often underestimated, layer not explicitly addressed in the judgment: the legal obligations of local management under Czech law. And although this may
Impact of the termination or annulment of a Share Transfer Agreement on obligational legal grounds after registration in the relevant register, in Serbia
In practice, a recurring issue is whether the cancellation of a Share Transfer Agreement on grounds arising under Serbian obligations law (e.g., mistakes, fraud, etc.) can also affect the ownership of a share that has already been registered with the Business Registers Agency ("BRA"). Serbian court practice, however, has consistently held that once registration of the change of founder has been registered in the business register, the registration produces status-related legal effects that cannot be undone by the application of obligation law rules. Namely, the Supreme Court of Cassation, in Judgement Prev 120/2015 dated 17 March 2016, expressly held that Share Transfer Agreements and annexes thereto, on the basis
Kinstellar advises Wizz Air on the acquisition of its headquarters in Budapest
Kinstellar has advised Wizz Air on the acquisition of Millennium Tower I, the office building that serves as the airline’s headquarters in Budapest, from CA Immo. The transaction represents a significant strategic milestone for Wizz Air, securing long-term ownership of the premises that serve as its headquarters. Kinstellar has supported Wizz Air throughout the entire lifecycle of its presence in the building, having previously advised on the original lease of the office space and now on its strategic acquisition. Kinstellar’s mandate covered the full scope of the transaction, including comprehensive legal due diligence, as well as the negotiation and preparation of the acquisition documentation, ensuring