CEE Legal Matters

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  • Reed Smith Advises on Largest Ever Real Estate Transaction in Greece

    Reed Smith has advised Invel Real Estate Partners on what it claims is the largest-ever real estate transaction in Greece.

    Reed Smith Partners Panos Katsambas and Thomas Gommes led the team advising Invel on its acquisition of a 66% stake in NBG Pangaea Real Estate Investment Company from the National Bank of Greece for approximately EUR 653 million.

    The Reed Smith team advised Invel on the structuring of its investment platform, the vehicle for the Pangaea transaction, and in negotiating the terms of the EUR 125 million investment by investment management firm York Capital. In addition, Reed Smith advised on regulatory, tax and antitrust matters, and coordinated the team of international counsel in Italy, Greece, Netherlands, Guernsey, Luxembourg, and the BVI.

    Pangaea, the largest of the Greek REICs, will soon own (after closure of certain planned acquisitions during the first quarter of 2014) a portfolio of 269 commercial real estate properties, valued at over EUR 1 billion. The existing portfolio encompasses nearly all of the main office buildings of the National Bank of Greece and its bank branches, spread across various cities in Greece.

    The Reed Smith team led by Katsambas and Gommes also included Partners Edward Miller and Caspar Fox, and Associates Andrew Clark and Stephen Mooney. Other firms advising Invel included Karatzas and Partners in Greece, Bonelli Erede Pappalardo in Italy, and Baker & McKenzie in the Netherlands. Sidley Austin advised Pangaea on corporate and M&A aspects.

  • Mediterranean Exarchou and Rosenberg Granted ABS License to Practice as Law Firm in England and Wales

    Exarchou Rosenberg has received a license from the British Solicitors Regulation Authority to operate as an alternative business structure in the UK.  

    The firm will transfer its head office operations from its current headquarters in Athens to its existing London office. According to Director George Rosenberg, the move is aimed at “developing [the firm’s] presence in London in order to promote its ability to service clients in the UK as well as take advantage of the esteem in which English law firms are held elsewhere in the world.”

    Exarchou & Rosenberg International — which also has offices in Cyprus and Oman — has 13 lawyers and consultants, and focuses on high-value construction work in the Middle East and North Africa, with additional energy, project finance, and corporate law capabilities.

     

  • Weil Gotshal Grows Energy and Natural Resources Team in Warsaw

    The Warsaw office of Weil, Gotshal & Manges has expanded its Energy and Natural Resources team with the addition of a pair of lawyers moving to the firm from competitor CMS Cameron McKenna.

    Marek Durski, who joins as Counsel, will head Weil’s Energy and Natural Resources practice in Warsaw after filling a similar role at CMS. Senior Associate Janusz Oglaza joined Durski in the move.

  • Baker & McKenzie Advises on Acquisition of Turkish Dairy

    Baker & McKenzie, working primarily through the Esin Attorney Partnership, its Turkish member firm, has advised on the acquisition of a leading Turkish dairy products distributor.

    The firm advised the Abraaj Group – a leading private equity investor operating in high-growth markets – in connection with the acquisition of a majority stake in Yorsan Group, a Turkish manufacturer and distributor of dairy products, including milk, cheese, and the popular Turkish Ayran. Esin advised Abraaj on (i) the acquisition financing (the lead arrangers of which were Turkiye Garanti Bankasi and Yapi Kredi), and (ii) the co-investment of the European Bank for Reconstruction and Development and the Yoruk Family. The deal was closed on 16 January 2014.

    Managing Partner Ismail Esin and M&A and Banking & Finance Partner Muhsin Keskin led the Esin team, while Baker’s team was led by Global Head of Private Equity Simon Hughes, M&A Partner Kuif Klein Wassink, and Banking & Finance Partner Fedor Tanke.

    Keskin described the transaction as “particularly challenging”, noting that it “combined the capabilities of seven practice groups – Private Equity, Mergers & Acquisitions, Banking & Finance, Employment, Competition, Corporate and IP – across three offices – Istanbul, London, and Amsterdam.”

  • Gessel Represents Tesgas in Settlement with PBG Energia and Bioelektrownia Szarlej

    Gessel has represented Tesgas in settling a dispute with PBG Energia and Bioelektrownia Szarlej.

    The three companies were involved in a series of cross and counterclaims regarding, among other things, a construction works agreement and the activation of a natural gas power generation facility worth over EUR 22 million.

    Gessel Partner Piotr Schramm led the firm’s special cases team in the matter.

  • Bener Law Firm Promotes Lawyer Cenk Kisnisci to Partner

    Senior Dispute Resolution lawyer Cenk Kisnisci has been promoted to Partner by the Bener Law Firm in Turkey, effective as of January 1, 2014.

    Cenk joined Bener in 2004 and has been with the firm since. His practice includes advising Turkish and multinational clients across a broad spectrum of litigation including high-value contractual disputes, real estate and construction disputes, and lease disputes, among others. In addition to his Dispute Resolution work, Kisnisci also works in Bankruptcy, Labor, and Intellectual Property, among other areas.

  • Specht Bohm Secures Victory for Family of Nord-Ost Hostage Siege Victim in Russian Court

    The Russian Court of first instance has ruled in favor of the family of a victim of the 2002 so-called Nord-Ost siege conflict in Moscow.

    As a result of the Court’s verdict, the family of the victim, represented by Specht Bohm Rechtsanwalt, will receive damages of over 100,000 Euros and additional monthly payments of 2,600 Euros.

    The Nord-Ost siege occurred in October 2002, when forty Chechen militants, including 19 women with bombs attached to their waists, took over 850 people hostage during a performance of the “Nord-Ost” play at the Dubrovka Theater in Moscow. As an attempt to subdue the militants, Russian forces pumped toxic gas into the ventilation system of the theater, which also caused the deaths of many of the hostages. Ultimately over 130 hostages died during the rescue attempt.

  • Tuca Advises on SOCAR Reacquisition of SOCAR Petroleum Shares in Romania

    Tuca Zbarcea & Associates has advised the State Oil Company of Azerbaijan (SOCAR) as the company completed the reacquisition of subsidiary SOCAR Petroleum shares from Romanian shareholders.

    According to SOCAR Petroleum, reacquisition of the last 10% of shares is now complete – leaving SOCAR in possession of 100% of all Romanian shares.

    According to Hamza Karimov, General Director of SOCAR Romania, this deal was made as a part of SOCAR’s strategic approach to strengthening its position in the Romanian market. “The deal settled in early 2014 shows that our company has entered a new stage of development in the Romanian market,” Karimov said.

  • Croatian and Slovenian Firms Enter Into Association and Cooperation Agreement

    The agreement on association and cooperation entered into by the Croatian Versic Marusic Law Office with the Slovenian Mrva Law Firm has been approved by the Croatian Bar Association.

    According to Versic Marusic, “this is a further step in our expansion of regional cooperation, enabling our clients, while acting in one jurisdiction, to get simultaneous legal support easily and efficiently in all four countries of the region (Croatia, Serbia, Bosnia and Herzegovina and Slovenia).

  • Serbian Commission Clears Microsoft’s Acquisition of Nokia

    The Jankovic Popovic & Mitic Competiton team has provided legal support to Microsoft in obtaining clearance from the Serbian Commission for Competition for its purchase of Nokia’s Devices & Services business, license Nokia’s patents, and license and use Nokia’s mapping services.

    The JPM team was headed by Partner Milica Subotic and Senior Lawyer Nikola Poznanovic.