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Our Real Estate team has the expertise to guide our clients throughout the life cycle of their real property assets.

combines many years of legal experience in virtually all specialties of Greek and international law … provide an accessible and efficient service throughout the whole country

The Legal 500 EMEA 2021

methodical and good organisation skills … very helpful and approachable

Chambers Europe 2021

provides excellent services in a complex regulatory environment

Chambers Europe 2020

regularly advises clients on cutting-edge deals

The Legal 500 EMEA 2019

extremely happy with the quality of advice received ... very efficient and effective

Chambers Europe 2018

We have a history of advising on complex transactions, ownership structures, developments and financings involving significant properties. Our lawyers have advised government agencies and authorities and contributed to the drafting of the town planning and zoning regulatory framework and new laws and regulations in this sector.

We provide a cross-practice offering which encompasses the acquisition, development, commercialisation, management and disposal of residential, touristic, commercial and industrial assets. Our clients include investors, banks, financing institutions, public bodies, non-profit organisations, developers, construction companies, retailers, high-net-worth individuals and real estate trusts and funds. We have acted in major hospitality, secondary residential, touristic and office space development, cinema complex, mall and logistics center projects, as well as marina, renewable energy and other infrastructure projects.

Corporate Real Estate

We advise on all types of real estate corporate transactions involving real property asset portfolios and companies, with experience in significant M&As, joint ventures, sale and leaseback, restructuring and financial leasing deals. Industry leaders chose us to advise them on the Greek and overseas structures available, the establishment of special purpose vehicles, shareholders’ agreements and the representations and warranties necessary to cover their interests in all kinds of real estate deals.

Planning & Land Use

An important part of our practice is focused on assisting our clients with regulatory compliance for all types of real estate developments and investments and management of the risks associated with failure to comply. This is a highly regulated sector in Greece with added complexity arising in archaeological areas, and or team has extensive experience in advising on town planning, land use, zoning and environmental issues.

Real Estate Development

Our team has acted in numerous acquisitions of commercial, touristic, residential and industrial property, undertaking land registry and cadastral enquiries, due diligence of ownership titles, the legal issues surrounding maturity actions and drafting documentation for purchase and sale and leaseback transactions. Our lawyers are experienced in handling development and transfer pre-conditions, drafting development and management agreements, construction contracts and agreements with contractors, consultants, operators and other service providers, and advising on registration and other formality requirements. We have a track record of representing both the State and investors in real estate public procurement tenders, advising on procedures, strategies and awards and drafting documentation.

Real Estate Finance

Our Real Estate team works closely with our Finance and Insolvency lawyers to offer a cross-practice expertise, advising all market participants, including banks, real estate companies and real estate funds, on debt and equity real estate financing. We have also repeatedly worked on the structuring of commercial mortgage-backed securitisations.

Real Estate Tax


We provide an integrated service which covers the direct and indirect tax aspects of real estate development, corporate and financing transactions and ownership structures. We advise on transfer pricing, management of the taxes associated with investments, developments and real estate asset portfolios, tax-efficient structuring of both ownership models and transactions, as well as incentives available to reduce or minimize tax exposure.

Who to contact

Contact Panayotis
Contact Nikos

Recognitions

Crete Resort Development

We are advising a leading luxury hotels and resorts owner and operator currently active in Greece and Spain and the owner of two luxury Greek resorts, with regard to the acquisition of land for the development of a new resort in Crete.

Hotel Development Real Estate Acquisitions

We are advising SMB Hotels Holdings BV, an Israeli interests hospitality Group active in many countries around Europe, owning and operating hotels with regard to the acquisition of two real estate assets in Athens to be developed into boutique lifestyle hotels.

Hotels Management and Operation Agreement

We are advising Rocco Forte Hotels, a world leading luxury hotels and resorts operator, with regard to entering into an agreement for the management and operation of luxury hotels located in Greece.

Leasing of Retail Spaces

We are advising PERCASSI, an Italian investment group and leader in the cosmetic monobrand business focused on own and partnership brand retail and real estate, with regard to the leasing and operation of NIKE stores in Greece.

Leasing of Bank Offices

We are advising a leading Chinese Bank with respect to the leasing and operation of its offices in Athens.

Property Advice to the Church of Greece

We advise the Church of Greece on an ongoing basis in relation to its rights over and ownership of properties in urban and rural areas across Greece.

Financing of Luxury Hotel Development

We advised RCB Bank on the €4m term loan increase to a Greek company of its existing €28m bank debt and financing of the development of luxury hotel properties located on the island of Rhodes, secured over real estate assets and receivables.

Acquisitions of Commercial Real Estate

We advised an importer and distributor of market leading vehicles with respect to the acquisition of real estate assets in Greece.

Land Plot Acquisition

We advised the Greek subsidiary of a globally operating beverage packaging company in relation to the acquisition of land plots in Greece.

Disposal of Real Estate Portfolio

We advised one of the largest Middle-Eastern real estate private equity and sovereign funds in relation to a private tender process for the disposal of a real estate portfolio consisting of four hyper-markets located in Athens and Thessaloniki, and on their subsequent sale to the successful bidder.

Astir Bond Loan

We advised Astir SA in the issuance of a bond loan by Astir Palace Vouliagmeni for the additional financing of the refurbishment, reconstruction and development of the Astir luxury hotel properties, a landmark Greek hotel, and the Astir marina located on the Athens Riviera, with the National Bank of Greece acting as arranger, bondholder agent and facility agent and National Bank of Greece and NBG Malta acting as subscribers.

€55m Luxury Hotel Properties Loan

We advised Bank of Cyprus PCL acting in various capacities including facility agent, security agent, original lender and revolving lender, in their entry into an amendment and restatement deed for an existing credit agreement and an intercreditor agreement relating to a €55m secured term loan and revolving facility granted to a Cyprus based legal entity running luxury hotel properties on the island of Cyprus.

Touristic Development Acquisition

We advised a leading global private equity investment firm on the acquisition of a touristic resort development, consisting of two five star hotels and other leisure facilities on the island of Rhodes, including on hotel management and operation agreements and real estate financing.

€72m Refinancing of Shopping Center

We advised Eurobank Ergasias SA as bondholder agent, facility agent and hedging bank and Eurobank Ergasias SA, Piraeus Bank SA and Alpha Bank SA as initial bondholders in respect of a €72m bond loan issued by Pylaia SA for the refinancing of existing financing and general corporate purposes in connection with Mediterranean Cosmos Shopping Center, a landmark Greek shopping center located in Thessaloniki.

Vouliagmeni Marina Private Equity Real Estate Investment

We advised Jermyn Street Real Estate Fund IV LP, a fund managed by AGC Equity Partners, acting through its subsidiary Apollo Investment ΗoldCo, regarding the redevelopment and expansion of the Vouliagmeni Marina.

Advice on Hotel Operations

We are advising a leading city hotel located in Chania on the island of Crete, on their day to day business and operation, including all relevant agreements with clients and suppliers.

Astir Palace Vouliagmeni Villas Project

We advised Jermyn Street Real Estate Fund IV LP, acting through its subsidiary Apollo Investment ΗoldCo, in relation to the negotiations and execution of sale and purchase agreements with respect to plots within the Astir Palace Vouliagmeni Property for the construction of luxury residential villas, among the most high-profile residential properties internationally which attracted interest from high net individuals across the globe.

Astir Palace Vouliagmeni SA – Four Seasons Management Agreements

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 resort (now Four Seasons Athens), with regard to the management, operational and all related contracts concluded with Four Seasons for the management and operation of the resort.

Private Equity Real Estate Investment

We advised a private equity fund focusing on luxurious hospitality projects, both resorts and secondary residential, mainly in the area of Ermioni in Peloponnese, on their potential investment for the acquisition and re-development of 2 summer resorts in Greece owned and operated by a leading international operator specializing in all-inclusive holidays.

 

 

Advice to International Watch Manufacturer

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

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

We advised 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. 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 advised 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.

Trans Adriatic Pipeline AG (TAP) Project

We advised a consortium of international financing institutions including the European Investment Bank (EIB) and European Bank for Reconstruction and Development (EBRD) 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.

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.

Disposal of Luxury Secondary Residential Complex and Five Star Hotel Project

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.

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 (now Four Seasons Athens), 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 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.

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

We advised 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 covered 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 Sani – Ikos Resorts Project

We 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, and the Oceania Beach and Ikos Resort, both 5-star hotels and all located in the area of Chalkidiki, in Northern Greece.

Leasing of AAA Office Space

We advised Blueland SA, a T. Angelopoulos Group company, in their negotiation with a leasing company for the sale and lease back of a AAA office space building in the greater area of Athens and in their negotiation and completion of a transaction involving the disposal of an SPV owning a AAA office space building located in the centre of Athens. We also advised entities within the same 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.

  • land development and construction projects
  • acquisition and development of hotel and leisure complexes
  • secondary residencies and touristic developments
  • transfer or lease of real property belonging to the State in the context of public tenders
  • regulatory and legislative framework governing real estate on a national and EU level
  • commercialisation of retail, leisure and industrial property
  • sale and leaseback, financial leasing and other financing structures for the purchase of property
  • real estate investment financial products
  • grant of new tenancies and lease renewals
  • acquisition and disposal of commercial, industrial and significant private land and property assets
  • residential and mortgage backed securities and whole business securities
  • REITs
  • real estate closed-end investment and mutual funds
  • management of commercial and industrial property and commercial property leases
  • real estate taxation
  • real estate litigation