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Kinstellar advises on one of the largest office building acquisitions in Bulgaria to date
We are pleased to announce that Kinstellar advised First Big Orange Garden, a special purpose vehicle, on one of the largest office building acquisitions in Bulgaria to date - the FairPlay Business Hub. First Big Orange Garden acquired the FairPlay Business Hub from Fairplay International AD, one of the biggest real estate investors on the local market. Strategically located in Lozenets, Sofia, the FairPlay Business Hub is a highly valuable asset, built to premium standards to provide an exceptional environment for modern business. Real estate advisory firm Avalant supported the buyer throughout the process of identification, analysis, and selection of the investment property. Our Sofia team advised the client throughout
Kinstellar’s Regional Competition Law Update: Mid-Year Insights 2025
We are pleased to share this mid-year update to Kinstellar’s Regional 2024 Competition Review and 2025 Outlook. This document provides a snapshot of the latest competition law developments in Austria, Bulgaria, Romania, Serbia, and Turkey, covering key enforcement actions, legislative updates, and regulatory trends observed in the first half of 2025.As always, our aim is to keep clients and partners informed and equipped to respond to ongoing changes in the regulatory landscape.We hope you find this update useful and welcome the opportunity to discuss its implications for your business. Read more in our brochure below: DO WNLOAD BROCHURE
Kinstellar Bucharest announces formation of a Tax Disputes & Audit Task Force
At Kinstellar, we understand that tax audits and disputes can pose significant challenges to businesses. To better serve our clients in this critical area, we have brought together our tax advisory and litigation teams into a dedicated Tax Disputes & Audit Task Force. This newly established task force combines the full strength of our tax and legal expertise to support companies facing the risk—or the reality—of a tax inspection or fiscal litigation. Our professionals work hand-in-hand to help you anticipate risks, prepare your teams, manage the audit process, and defend your case with confidence in all procedural phases. Whether you're seeking to avoid future exposure, handle an ongoing audit, or resolve
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
Amendment to the Slovak Act on Information Technologies in Public Administration
The Ministry of Investments, Regional Development and Informatization of the Slovak Republic has submitted a proposal to amend the Act on Information Technologies in Public Administration. Its aim is to strengthen the management of the state's digital assets, increase cybersecurity resilience, and introduce clear rules for the use of artificial intelligence in public administration. From the state’s perspective, this is an ambitious reform, but for IT solution suppliers, it introduces numerous negative consequences that fundamentally change the existing contractual practices and business environment. Below is a summary of the key changes and their practical impacts on businesses. 1. Special copyright regime for public
Business Alert: Key amendments to the Bulgarian Whistleblowing Act
On 9 May 2025, the Bulgarian State Gazette published important amendments to the Bulgarian Whistleblowing Act, further aligning the national legal framework with Directive (EU) 2019/1937 of the European Parliament and of the Council of 23 October 2019 on the protection of persons who report breaches of EU law. These amendments aim to strengthen the protection of individuals reporting breaches of both Bulgarian and EU law, while promoting greater transparency and accountability. The key amendments affecting companies include: 1. Restrictions on shared internal reporting channels within the private sector The amendments eliminate the existing possibility for private sector companies within the same economic group
Kinstellar supports Banca Intesa with the launch of mini bonds in Serbia
We are delighted to report that Kinstellar’s Belgrade office provided legal support in preparing the complete set of documentation for Banca Intesa AD Beograd, as part of the bank’s introduction of mini bonds, a new financing tool designed to support Serbian small and medium-sized enterprises (SMEs) via capital markets. This innovative initiative enables SMEs to access alternative financing, diversify their capital sources and secure funding for expansion, innovation and growth, without depending solely on traditional bank loans. Following its success in Italy and Croatia, Banca Intesa is now extending the mini bond initiative to Serbia, offering new financing opportunities for local businesses. The Kinstellar
NBU revises currency restrictions: Support for businesses and targeted enhancement of currency supervision
On 9 May 2025 the National Bank of Ukraine (NBU) published new amendments to existing currency restrictions introduced in February 2022, following the launch of Russia’s full-scale invasion. The revised regulatory provisions are aimed at creating a more favourable environment for attracting foreign capital, while maintaining effective controls over foreign currency flows. Click on one of the images below or use the following links to read our overview in English or in Ukrainian. Download in English: Download in Ukrainian:
Kinstellar advises Baiterek on debut USD 500 million Eurobond issuance
Kinstellar has successfully advised “Baiterek” National Managing Holding in connection with its debut issuance of senior unsecured Eurobonds in an amount of up to USD 500,000,000, under Regulation S / Rule 144A. The bonds are listed on the London Stock Exchange’s International Securities Market (ISM), the Vienna MTF of Wiener Börse, and the Kazakhstan Stock Exchange. Baiterek is Kazakhstan’s primary state-owned development institution, tasked with implementing government economic policy and supporting sustainable development through the financing of key sectors of the Kazakhstan economy. This landmark transaction represents a significant step in Baiterek’s access to international capital markets, further
Kinstellar advises on the financial close of Central Asia’s largest healthcare PPP project in Kazakhstan
Kinstellar is delighted to announce the successful financial close of a landmark public-private partnership (PPP) healthcare initiative in Kokshetau, Kazakhstan. This transformative project, which marks a first for the region in healthcare PPPs, has secured a EUR 365 million financing package, spearheaded by the European Bank for Reconstruction and Development (EBRD) and the Asian Infrastructure Investment Bank (AIIB), alongside key contributors Proparco, ICD, DEG, and the Development Bank of Kazakhstan (DBK). After months of legal structuring, negotiations, and due diligence, the project has officially reached financial close. This milestone unlocks the next phase - the commencement of construction on the 630-bed medical