Real Estate

Hellas Capital Leasing REIC Disposal of Commercial Real Estate Portfolio

We advised Hellas Capital Leasing REIC in relation to the disposal of two high profile commercial properties, one located in the centre of Athens and the other in Glyfada, Attika, currently operating as Vassilopoulos hypermarkets. The properties were acquired by Grivalia Properties REIC. We carried out the vendor’s due diligence and participated in the drafting of the transaction documentation.

High Net Worth Entrepreneurs’ Disposal of a Luxury Secondary Residential Complex and Five Star Hotel Project Both Located in Mykonos, Greece

We advised a high net worth Greek entrepreneurs’ family in relation to the disposal of a complex of luxurious secondary residences located on the island of Mykonos and on a five star hotel project currently at the stage of building and environmental approvals. We participated in the structure of the transaction, the negotiations with the purchaser and in the drafting of the transaction documents.

Financing of Development of Luxury Hotel Properties

We advised RCB Bank Ltd, a Cyprus credit institution, on the granting of a €28m term loan to a Greek company for the refinancing of existing bank debt and financing of the development of luxury hotel properties located on the island of Rhodes. The loan was secured over real estate assets and receivables.

Astir SA Tender for Astir Palace Hotels Vouliagmeni Redevelopment

We advised Jermyn Street Real Estate Fund IV LP, acting through its subsidiary Apollo Investment ΗoldCo, together with ASTIR SA, owner of the Astir Palace Vouliagmeni Hotel, located on the Attica Riviera, in the context of the tender for the appointment of a contractor for the redevelopment of the resort.

Hellas Capital Leasing REIC Disposal of Commercial Real Estate Portfolio

We advised Hellas Capital Leasing REIC in relation to the disposal of two, triple A commercial properties, one located in the area of Marousi, Kifisias Avenue and the other on Sygrou Avenue, currently operating as MediaMarkt retail stores. The properties were acquired by Grivalia Properties REIC. We participated in the negotiations and in the drafting of the transaction documentation.

Värde Partners Acquisition of Trastor SA

We advised Värde Partners in their acquisition of a controlling stake in Trastor, a Greek listed real estate investment company, by purchasing existing shares in Trastor held by Piraeus Bank and subscribing for new shares in Trastor issued pursuant to a rights issue.

Astir Palace Vouliagmeni Resort Acquisition

We advised Jermyn Street Real Estate Fund IV LP, a fund managed by AGC Equity Partners, acting through its subsidiary Apollo Investment ΗoldCo, in its capacity as the leading member of the consortium being the successful bidder in the international tender of the Hellenic Republic Asset Development Fund (HRADF) and the National Bank of Greece for the privatisation and re-development of the Astir Palace Vouliagmeni resort, located on the Attica Riviera.

Privatisation of Real Estate Assets

We advised the Hellenic Republic Asset Development Fund (HRADF) in connection with the privatisation process of a real estate asset located on the island of Corfu. The project consisted of an international tender for the creation of a touristic development including a hotel and villas. Our advice at this stage covers the asset’s legal maturity process, the tender process and the drafting of the transaction documents.

Privatisation of Real Estate Assets

We advised the Hellenic Republic Asset Development Fund (HRADF) in connection with the privatisation process of a real estate asset located in the area of Porto-Heli in the Peloponnese. The project consisted of an international tender for the creation of a touristic development including hotels, condos, villas, a golf course and a private airport in Athens. Our advice covered the asset’s legal maturity process and the tender process.

Trans Adriatic Pipeline AG (TAP) Project

We are advising the finance parties on the real estate law issues arising in the context of the project financing of TAP’s development of a c.871km gas pipeline connecting to the Trans-Anatolian Natural Gas Pipeline from the Greek/Turkish border and running through Greece and Albania to Italy, connecting with the Italian natural gas distribution system near San Foca under the sponsorship of AzTap GmbH, Snam Spa, BP Gas Marketing, Fluxys Europe, Enagas Internacional, S.L.U. and Axpo Trading.

Privatisation of Portfolio of Preserved Buildings in the Acropolis Area, Athens

We are advising the Hellenic Republic Asset Development Fund (HRADF) in connection with the privatisation process of a portfolio of preserved residential buildings in the area of Acropolis, Athens. Our advice covers the assets’ legal maturity process, the tender process through electronic auctions, the negotiations, the drafting of transaction documents with the counterparties and the closing of the transaction.

Florac Chalkidiki Hotel Projects

Bernitsas Law acted for the French private equity fund FLORAC in their entry into equity contribution and management agreements, as partners with Oaktree Capital Management and Goldman Sachs, in relation to Sani Resort, one of Greece’s largest 5-star touristic and residential developments, the Oceania Beach and Ikos Resort, both 5-star hotels and all located in the area of Chalkidiki, in Northern Greece. This is one of the largest touristic project transactions ever completed in Greece.

Private Equity Real Estate Investment

We are advising an asset investment firm in relation to their investment for the acquisition and development of a prime location luxury hotel and residential project and for the redevelopment and expansion of a marina, both located on the Athens Riviera coast.

Hellenic Republic Asset Development Fund (HRADF) Privatisation of Real Estate Assets

We are advising HRADF in the structuring, development and international tenders of its private real estate assets in the context of the obligations undertaken by Hellenic Republic pursuant to the Memorandum of Understanding with the IMF, EU and ECB. The proceeds of the privatisations carried out by HRADF is calculated at approximately €16bn. Recent transactions include the public tender for the disposal of Castelo Bibelli, a hotel and residential project, and the public tender for the disposal of the ownership of the Kassiopi touristic and residential project, both located on the island of Corfu. We also advise HRADF on several real estate law issues based on both Greek and EU legislation, in the context of the Hellenic Republic real estate exploitation and development program.

Private Equity Real Estate Investment

We are advising a private equity fund on their investment for the acquisition and re-development of 2 summer resorts in Greece, currently owned by a multinational leisure and hospitality organisation.

Leasing Company Advice

We are advising a financial leasing company on the negotiation, drafting and execution of leases and sub-leases of office space and retail properties in the greater area of Athens.

Leasing of AAA Office Space

We are advising a leading Greek real estate group in their negotiation with a leasing company of a AAA office space building in the greater area of Athens and the negotiation and completion of a transaction involving the disposal of the owning company of a AAA office space building located in the centre of Athens. We also advise entities within group on the lease and sub-lease of their premium office space buildings in Central and Greater Athens and the re-structuring of their real estate financing structure.

Blueland SA Refinancing

We are advising Blueland SA, a T. Angelopoulos Group company, on the re-negotiation of a €45m financial leasing with Eurobank Leasing, regarding a 16,000sm AAA office space building in the greater area of Athens.

Sale & Leaseback of Hypermarkets

We advised a real estate fund in their c.€150m acquisition and leaseback investment of four hypermarkets located in Athens and Thessaloniki and on the real estate entities created by the fund in Greece.

Advice to International Watch Manufacturer

We advise an international watch manufacturer on an ongoing basis in relation to their corporate retail spaces in Greece.

Lease of Offices and Retail Properties

We advised a financial leasing company on the negotiation, drafting and execution of leases and sub-leases of office space and retail properties located in the greater area of Athens to a major multi-national electronic and electrical equipment retailer.

Elbit Cochin Participation in Hellinikon Airport Privatisation and Development Tender

We advised Elbit Cochin in their participation in the international tender issued by the Hellenic Republic Asset Development Fund (HRADF) for the privatisation and development of the former Hellinikon Airport area in Athens.

Dolphin Capital Participation in Astir Palace Privatisation and Development Tender

We acted for Dolphin Capital in their participation in the international tender of the National Bank of Greece and the Hellenic Republic Asset Development Fund (HRADF) for the privatisation and development of the Astir Palace Vouliagmeni area in Attica.

Touristic Acquisition and Development

We advised a leading Chinese real estate group in relation to a potential real estate touristic acquisition and development project in Greece.

Disposal of Zenon – Marinopoulos/Carrefour Hypermarkets Portfolio

We advised APN/UKA European Retail Trust in the disposal of Zenon-Marinopoulos/Carrefour Hypermarkets Real Estate Portfolio.