Real Estate

Astir Bond Loan

We advised Astir SA in the issuance of a bond loan by Astir Palace Vouliagmenis 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 are advising 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.

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.

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 sale and purchase agreements with respect to plots within the Astir Palace Vouliagmeni Property for the construction of luxury residential villas.

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.

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.

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.

Advice to International Watch Manufacturer

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

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.

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.

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 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.

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.

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.