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

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

Chambers Europe 2018

very professional, efficient and highly recommended

Chambers Europe 2016

the lawyers do their homework and are always ready, willing and able

Chambers Europe 2015

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 commercial, industrial and retail 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 significant 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 securitizations.

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

 

Touristic Development Acquisition

We are advising a leading global private equity group 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.

Disposal of Commercial Real Estate Portfolio

We are advising one of the largest Middle-Eastern real estate private equity and sovereign funds in relation to the disposal of a real estate portfolio consisting of four hyper-markets located in Athens and Thessaloniki, involving real estate and town planning issues.

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.

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 Palace Vouliagmeni Villas Project

We continue to advise Jermyn Street Real Estate Fund IV LP, acting through its subsidiary Apollo Investment ΗoldCo, in relation to the negotiations and the execution of private agreements for the sale of residential villas to be built in the Astir Palace Vouliagmeni, a landmark hotel located on the Athens Riviera.

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 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.

Trans Adriatic Pipeline AG (TAP) Project

We advised a consortium of international financing institutions including the EIB and 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.

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.

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.

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 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 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.

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 one of the largest Middle-Eastern real estate private equity and sovereign funds 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.

  • 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 European Union 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