CEE Legal Matters

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  • Dentons Advises Helaba, Pbb Deutsche Pfandbriefbank, and Berlin Hyp on EUR 180 Million Green Loan to Immofinanz

    Dentons has advised Helaba Landesbank Hessen-Thueringen, Pbb Deutsche Pfandbriefbank, and Berlin Hyp on the EUR 180 million loan extended to Immofinanz to replace the previous financing of the Myhive Warsaw Spire project.

    According to Dentons, the project is “one of the tallest modern office towers in Warsaw, Poland, with gross leasable area of more than 71,000 square meters and a BREEAM Excellent certification. Helaba, Pbb Deutsche Pfandbriefbank, and Berlin Hyp served as joint lead arrangers and provided the financing in equal parts, with Helaba acting as the facility and security agent for the transaction.”

    The Dentons team included Co-Managing Partner Bartlomiej Kordeczka, Partner Bartosz Nojek, Counsel Jakub Zienkiewicz, and Associates Kamil Bator, Karol Scibor, Karolina Kordulska-Tetkowska, and Martyna Kaminska.

  • Sayenko Kharenko Advises IFC on USD 210 Million Risk-Sharing Facilities for Raiffeisen Bank Ukraine

    Sayenko Kharenko, working with Hogan Lovells, has advised the International Finance Corporation on two risk-sharing facilities for Raiffeisen Bank Ukraine totaling approximately USD 210 million equivalent, one of which IFC cooperated on with the US International Development Finance Corporation. Redcliffe Partners and Mayer Brown reportedly advised the DFC.

    According to Sayenko Kharenko, “the first risk-sharing facility is set to address the critical financing needs of small and medium enterprises in Ukraine, particularly in agribusiness, with up to USD 50 million shared equally between IFC and Raiffeisen Bank Ukraine. The second risk-sharing facility, totaling EUR 150 million, focuses on supporting larger corporates in Ukraine to grow their businesses, preserve and create jobs, and finance longer-term renewable energy generation and energy-efficiency projects crucial for bolstering Ukraine’s energy security. This risk-sharing facility comprises contributions of up to EUR 50 million from IFC and USD 50 million from the U.S. International Development Finance Corporation, marking the first direct cooperation between IFC and DFC to establish a risk-sharing facility.”

    The Sayenko Kharenko team included Partner Igor Lozenko, Senior Associate Oles Trachuk, and Paralegals Mykola Suprunovych and Danylo Dashko.

  • Sadik & Capan and Acar Ergonen Advise on Koc Holding’s Acquisition of Stembio

    Sadik & Capan has advised Koc Holding on its acquisition of 65% shares in Stembio. Acar Ergonen advised the seller, Ibrahim Ozsu.

    Stembio is a biotechnology company operating in Turkiye.

    The Sadik & Capan team included Managing Partners Serra Sadik Hiziroglu and Nazli Tonuk Capan and Associate Seda Koprulu.

    The Acar Ergonen team included Managing Partner Duygu Acar Yucesoy, Partne Asli Tezcan, and Associates Sena Yerli and  Sila Eyvaz Sir.

  • Bernitsas Advises China State Grid on Acquisition of 20% Stake in Ariadne Interconnection

    Bernitsas has advised China State Grid on its acquisition of a 20% stake in Greece’s Independent Power Transmission Operator’s subsidiary Ariadne Interconnection which is responsible for implementing the electricity interconnection between Attica and Crete.

    According to Bernitsas, Ariadne Interconnection involves “two submarine 500-kilovolt cables, 335 kilometers in length, of a total 1,000-megawatt transmission capacity, laid in record depths of up to 1,200 meters on the Aegean seabed.”

    China State Grid has been IPTO’s strategic investor since 2017.

    The Bernitsas team included Partner Yannis Seiradakis, Counsel Eleni Stazilova, Senior Associate Stella Papakosta, and Associate Konstantina Karveli.

    Bernitsas did not respond to our inquiry on the matter.

  • Walless Successful for Voltas in Business Interruption Insurance Case

    Walless has successfully represented Voltas in a EUR 1.7 million business interruption insurance case in Lithuania.

    Voltas is a provider of electrical solutions for construction and renovation projects.

    According to Walless, “the claim was submitted by one of the leading insurance companies, seeking reimbursement for benefits paid under a business interruption insurance policy. The case involved complex issues related to the operation of electrical equipment and determining the causes of technical equipment failure.”

    The Walless team included Associate Partner Tomas Balciunasm and Associate Beatrice Gedvilaite.

  • E+H Advises Austrian Ski Association Subsidiary on Joint Venture with Skizeit

    E+H has advised Austrian Ski Association’s subsidiary Austria Ski Team Handels- und BeteiligungsgesmbH on a joint venture concerning the online platform Skizeit.

    According to E+H, as part of the partnership, “Skizeit Time & Data FlexCo was founded, a company that aims to promote the digital development of Austrian winter sports. The new joint venture will further develop the well-known online platform skizeit.at, which has been established as the leading results platform in Austrian skiing since 2002 and plays an important role for clubs and local ski associations with over 2,000 races and 18 million page views per year. The joint venture is designed to make it easier to organize and hold competitions, with comprehensive digital tools such as referee management and a coach and instructor database. In addition, solutions for timekeeping, performance analysis, and strategic partnerships will be integrated into the company.”

    The E+H team included Partner Johannes Feilmair, Attorneys at Law Franziska Egger and William Redl, and Associates Alexander Koschell and Gabriel Strasser.

    E+H did not respond to our inquiry on the matter.

  • DTB Advises Digital Realty on Sale of Cloud Services Business in Croatia to Databox

    Divjak, Topic, Bahtijarevic & Krka has advised Digital Realty on the sale of its cloud services business in Croatia to Databox.

    Digital Realty is a provider of data center solutions.

    Databox is a Croatian provider of cloud and data center services.

    The DTB team included Senior Attorney at Law Dina Salapic, Attorneys at Law Barbara Simic, Anella Bukovic, and Jure Marovic, and Associate Valeria Kirac.

    DTB did not respond to our inquiry on the matter.

  • Greenberg Traurig, Dentons, and Rymarz Zdort Maruta Advise on Eastnine’s EUR 280 Million Acquisition of Warsaw Unit from Ghelamco

    Greenberg Traurig has advised Eastnine on its acquisition of the Warsaw Unit office building from Ghelamco for EUR 280 million. Dentons and Rymarz Zdort Maruta advised Ghelamco.

    Eastnine is a Swedish real estate company focused on office and logistics properties in the Baltics. It is listed on Nasdaq Stockholm Mid Cap, Real Estate.

    According to Greenberg Traurig, located in the Wola district of Warsaw, the Warsaw Unit offers over 59,800 square meters of office space across 46 floors. The building is the first facility in Poland to receive WELL v2 Platinum certification and holds a BREEAM Outstanding rating. 

    The Greenberg Traurig team included Deputy Managing Partner Radomil Charzynski, Local Partner Filip Kijowski, Counsels Olga Durawa and Justyna Jamrozy, Senior Associate Tomasz Denko, Associates Paulina Walczewska, Maciej Smaczynski, Natalia Skomorowska, Patrycja Wakuluk, and Igor Jedrys, and Junior Associate Weronika Kopec.

    The Dentons team included Co-Managing Partner Bartlomiej Kordeczka, Managing Counsel Martyna Racz-Suchocka, Counsel Ewelina Klein, and Associates Karolina Kordulska-Tetkowska and Martyna Kaminska.

    The Rymarz Zdort Maruta team included Partner Leszek Tokarski and Counsel Krzysztof Rembierz.

    Editor’s Note: After this article was published, CEE Legal Matters learned that Linklaters advised Signal Capital Partners on its partnership with Ghelamco related to, among others, the sale of the Warsaw Unit.

    Signal Capital Partners is a UK-based private asset management firm focusing on European corporate and real estate special situations investments.

    The Linklaters’ team included Warsaw-based Managing Partner Janusz Dzianachowski, Partners Marta Domino and Artur Kulawski, Managing Associates Monika Lerka, Magdalena Szewczyk, Michal Nocon, Wojciech Podlasin, and Barbara Wanat, and Associates Aleksandra Mielniczuk, Justyna Tuleja, and Marcin Woloszyn as well as further lawyers in Brussels, London, and Stockholm.

  • NBU Adjusts Currency Control Restrictions to Stimulate Trade and Investment

    Starting from 20 November 2024, the National Bank of Ukraine (“NBU”) enacted amendments to the existing currency control restrictions under the moratorium on foreign currency cross-border transfers (“Moratorium”). These amendments aim to facilitate international trade cooperation and technical assistance projects while simultaneously strengthening compliance measures for certain exemptions.

    Liberalisation Measures

    Funds transfers under import contracts

    The NBU allowed Ukrainian companies to settle their obligations under import contracts before foreign suppliers without any limitations on the term of their delivery to Ukraine, provided that foreign currency funds are transferred in favour of:

    • foreign export credit agencies (“ECAs”) or foreign states through authorised institutions or foreign companies which have a foreign state or a foreign state bank among their shareholders;
    • other non-residents, provided that the above-mentioned institutions are participating in such import operations (through lending, insurance, guarantee or suretyship).

    Starting from 1 November 2024, Ukrainian companies may repay up to 10% of outstanding debt per month.

    To recap, Ukrainian companies were previously allowed to pay under import contracts only if works and services were delivered on or after 23 February 2021.

    Settlements under international technical assistance projects

    The NBU permitted the transfer of foreign currency funds abroad to facilitate settlements under international technical assistance projects, regardless of the project’s funding state.

    Previously, foreign currency funds could be transferred from Ukraine to make payments only under European Union-funded international technical assistance.

    Restrictive Measures

    New conditions for dividend repatriation transactions

    The NBU supplemented existing exemption from the Moratorium previously described in our legal alert. Ukrainian companies can now partially repatriate dividends on corporate rights or shares subject to two additional conditions:

    • a Ukrainian issuer of corporate rights or shares must be registered for at least 12 months before repatriating dividends; and
    • a foreign investor must hold corporate rights/shares of such issuer for at least 6 months before repatriation.

    New foreign currency loan restriction

    The NBU prohibited to use foreign currency loans to acquire foreign currency-denominated securities.

    Additional notes

    This LEGAL ALERT is issued to inform AVELLUM clients and other interested parties of legal developments that may affect or otherwise be of interest to them. The information above does not constitute legal or other advice and should not be considered a substitute for specific advice in individual cases.

    By Glib Bondar, Senior Partner, Avellum

  • A New Central Consumer Body is Expected from 1 January 2025

    On 10 October 2024, the Ministry of National Economy published a draft Government Decree on the National Trade and Consumer Protection Authority and another one on the amendments to the Government Decrees related to the establishment of the National Trade and Consumer Protection Authority.

    The Ministry invited comments on these documents through a public consultation until 18 October 2024. The proposed legislation aims to establish, from 1 January 2025, the National Trade and Consumer Protection Authority, a central budgetary body operating as a central office under the authority of the Minister for Trade. The adopted Government Decrees were published in the Hungarian Gazette on 14 November 2024 and will enter into force on 1 January 2025.

    The tasks of the National Trade and Consumer Protection Authority will include among others to contribute to the development and implementation of trade and consumer protection policy, to give opinions on draft legislation affecting its areas of responsibility, to propose to the Minister, where necessary, amendments to the legislation affecting his or her area of responsibility, and to operate a centralised system for the supply of samples.

    Under the Government Decree on the National Trade and Consumer Protection Authority, in the framework of the professional management activities of the National Trade and Consumer Protection Authority, it (a) organises meetings and training courses, and runs professional working groups, (b) issues mandatory professional procedures, guidelines, control and sampling plans in the course of inspections and professional activities of the government offices, (c) designates laboratories for the examination of samples taken; and (d) supervises the implementation of recommendations made in internal controls, audits and specialised inspections which it carries out.

    In addition, the National Trade and Consumer Protection Authority could oblige the government office to (a) participate in external audits carried out by international bodies, (b) collect, maintain records and provide data for the establishment and maintenance of national databases; and (c) to report and account for the tasks performed.

    By Lidia Suveges, Attorney at law, KCG Partners Law Firm