Category: Greece

  • Norton Rose Fulbright Advises on Refinancing of Largest Greek Wind Farm

    Norton Rose Fulbright Advises on Refinancing of Largest Greek Wind Farm

    Norton Rose Fulbright has advised Alpha Bank, Eurobank Ergasias, and National Bank of Greece on the approximately EUR 117 million non-recourse refinancing of the Agios Georgios wind farm on the uninhabited islet of Agios Georgios offshore Attica in the Athens metropolitan area.

    Agios Georgios is a 73.2 MW wind farm operated by Terna Energy Saint George, a subsidiary of Terna Energy. Norton Rose Fulbright describes it as “a flagship project for the Greek renewable sector as the largest wind farm to date in the country and the only one connected through a dedicated subsea high voltage cable system, approximately 36 km in length, to the mainland grid.” 

    Norton Rose Fulbright’s Greece-based team included Partner Dimitris Assimakis, Counsel Dimitris Rampos, Senior Associates Minas Kitsilis and George Palogos, and Associates Sylvia Betrosian and Christina Korinthios. The project was supported by a London-based team as well, led by Partner Daniel Franks.

  • Zepos & Yannopoulos and Bernitsas Advise on Eurobank Sale of Non-Performing Residential Mortgage Securitization

    Zepos & Yannopoulos and Bernitsas Advise on Eurobank Sale of Non-Performing Residential Mortgage Securitization

    Zepos & Yannopoulos has advised Eurobank Ergasias S.A., on its agreement with Celidoria for the sale of 95% of the mezzanine and junior notes issued by Pillar for EUR 2 billion. Bernitsas Law advised Celidoria on the deal.

    As a result of the sale, Eurobank will retain 100% of the senior notes, as well as 5% of the mezzanine and junior notes. The implied valuation of the portfolio based on the nominal value of the senior notes and the sale price of the mezzanine notes corresponds to approximately 60% of the total gross book value of the portfolio. 

    Zepos & Yannopoulos describes the transaction as the first of its type in the market in terms of both asset class and structure. In addition, the firm reports that this is the first Greek deal that has obtained permission from the European Central Bank for Significant Risk Transfer recognition under the European Capital Requirements Regulation. 

    The Zepos & Yannopoulos team was led by Partner Christina Papanikolopoulou and included Partners Kely Pesketzi, Maria Zoupa, and Alex Karopoulos, Senior Associate Mary Nigritinou, and Associates Athina Palli, Niki Ignatidi. and Alex Kontogiannis. 

    The Bernitsas team was led by Partner Athanasia Tsene and included Associates Dionysis Flambouras, Sofia Katrivesi, Fanis Krystallis, Eleni Gkountela, Maria Krika, and Fotodotis Malamas.

  • Kyriakides Georgopoulos Elects New Management Committee Members

    Kyriakides Georgopoulos Elects New Management Committee Members

    Following the May 2019 death of Kyriakides Georgopoulos Co-Founding Partner Leonidas Georgopoulos, Konstantinos Vouterakos has taken his place on the KG Law Management Committee. In addition, John Kyriakides became a Managing Partner, and Gus Papamichalopoulos became a co-Managing Partner and Chairman of the Management Committee.

    Georgopoulos started his career as an expert in Shipping Finance and Corporate law and managed his own law firm. He joined Kyriakides & Associates as a full partner in 1979. In 1999 the firm rebranded as Kyriakides Georgopoulos.  

    Konstantinos Vouterakos’s main areas of practice are Banking and Capital Markets and Securities’ Regulation. He also advises on Communications and Information Technology law. He received his LL.M. from the London School of Economics and Political Science and a Bachelor’s degree in Law from the National and Kapodistrian University of Athens, Greece. He joined the firm in 1997. 

    John Kyriakides — the son of Co-Founder Constantine Kyriakides — has over 20 years of experience in Litigation, Arbitration, and White Collar Crime. He has been a member of the firm’s Management Committee since March 2017. He holds an LL.M. from the University College London and an LL.B. from the University of Westminster.

    Gus Papamichalopoulos, who joined the KG Law Firm in 1989, heads its Energy and Infrastructure practice. He also provides corporate, commercial, transactional, and regulatory advice to clients in the energy sector. 

    John Kyriakides commented: “I am honored of this appointment and thank the partners for the trust they have put in me. At KG we all look forward to address the challenges of the future: To adding value to the firm as it adapts to a very dynamic, fast-evolving legal market and ensure that KG will continue to deliver high quality services to its increasingly sophisticated clientele, attract legal talent, and continue offering at the same time excellent working conditions to all its members. The members of the KG family will continue to work hard remaining always committed to our values.”

  • Machas & Partners Establishes a Joint Venture with Israeli Firon for Greek Real Estate

    Machas & Partners Establishes a Joint Venture with Israeli Firon for Greek Real Estate

    Machas & Partners has entered into a cooperation agreement with Israel’s Firon law firm to establish a joint venture that will support foreign investors interested in investing in the Greek real estate market.

    According to Machas & Partners, “this joint venture is illustrative of the many opportunities latent in the Greek real estate market and the recent increase in international investment interest.”

    Machas & Partners Managing Partner Nikos Koulocheris stated: “We are particularly satisfied with this development, which is a crowning achievement of long-standing cooperation with an international law firm like Firon. I am certain that the joint venture we have formed will improve the quality of services offered and assist to increase the movement observed lately in the Greek real estate market.”  

  • White & Case and Lambadarios Law Firm Advise on Financing for Elsewedy Electric’s Acquisition of Greek Windfarms

    White & Case and Lambadarios Law Firm Advise on Financing for Elsewedy Electric’s Acquisition of Greek Windfarms

    White & Case has advised the National Bank of Greece on the financing of Elsewedy Electric’s acquisition of a portfolio of five windfarms and two hydroelectric plants in Greece from the RF Energy Feidakis Group. The Lambadarios Law Firm advised Elsewedy both on the financing and on the underlying acquisition, and Watson, Farley & Williams reportedly advised the RF Energy Feidakis Group on the sale.

    Elsewedy Electric is an integrated energy solutions provider in the Middle East and Africa. This acquisition is being made through four Greek law bond programs, the main terms of which are governed by French law.

    The White & Case team in Paris that advised on the transaction was led by Partners Paule Biensan and Francois-Guilhem Vaissier, with support from Associates Sindhura Swaminathan, Louis-Jerome Laisney and Alain Chan Hon. 

    The Lambadarios Law Firm team was led by Managing Partner Constantinos Lambadarios, and included Partners Melina Katsimi, Yannis Kourniotis, George Panopoulos, and Prokopis Dimitriadis.

  • Clifford Chance Advises MediaMarktSaturn on Restructuring of Greek Operations

    Clifford Chance Advises MediaMarktSaturn on Restructuring of Greek Operations

    Clifford Chance and Bernitsas have advised MediaMarktSaturn on the restructuring of its Greek operations and the establishment of a joint venture with the Olympia Group to cover the Greek and Cypriot markets. Papadimitriou – Pimblis & Partners reportedly advised Olympia on the deal, which remains subject to approval from the relevant competition authorities.

    As a result of the joint venture, MediaMarktSaturn will hold 25% of the shares in the new company, with the Olympia Group holding the remainder. Both parties will transfer their operating companies in Greece and Cyprus to the new entity.

    The Dusseldorf-based Clifford Chance team consisted of Partners Christoph Holstein, Claudia Milbradt, and Marc Besen, Counsel Dimitri Slobodenjuk, Senior Associate Tobias Kamerling, and Associates Niklas Zientek, Gunter Barth, and Nicolas Hohn-Hein.

    Editor’s Note: After this article was published Bernitsas Law and Papadimitriou – Pimblis & Partners confirmed their involvement in the deal. The Bernitsas Law team was led by Partner Lambros Belessis and included Partners Yannis Seiradakis, Evi Kitsou, and Marina Androulakakis. The Papadimitriou – Pimblis & Partners team that advised Olympia Group on Greek law aspects of the deal consisted of Managing Partner Nikos Pimblis and Partner Nikos Xenoyiannis. 

  • The Buzz in Greece: Interview with Ilias Anagnostopoulos of Anagnostopoulos

    The Buzz in Greece: Interview with Ilias Anagnostopoulos of Anagnostopoulos

    Coming less than a week before the country’s general elections, the Greek Parliament’s July 1, 2019 adoption of a new Penal Code and new Code of Criminal Procedure were quite controversial, says Ilias Anagnostopoulos, Managing Partner at the Anagnostopoulos law firm. 

    The elections in Greece would normally take place in October, but due to the former ruling party’s loss in recent EU Parliamentary elections, Greek Prime Minister Alexis Tsipras scheduled a snap election on July 7, 2019. The timing was, perhaps, unfortunate. “Both codes were sent to Parliament just after the EU elections, and the opposition believes it was inappropriate for such important pieces to be adopted days before the July 7 elections,” Anagnostopoulos says. Still, he has little patience for the criticism, calling it “a politically motivated and totally unjustified attitude.” 

    In fact, Anagnostopoulos says, it was high time for a change, as the old Criminal Code was adopted almost 70 years ago, and as a result of its many amendments in the interim it lost “balance and harmony.” And the process of adopting new codes started years ago, he says, with the Ministry of Justice establishing a working group of academics, judges, lawyers, and prosecutors to draft the first versions of the codes. Through a number of stages of revision, the last drafts were presented in March 2019 and then passed following a period of public debate.

    Additional controversy about the then-draft codes in came from the suggestion by some that the provisions were “too lenient,” Anagnostopoulos says. As a result, there may be some changes, he reports, although probably nothing major. “My view is that since the elections did take place and the New Democracy party won, things will become calmer,” he says, adding that he believes it is better to wait and see how the codes operate in practice before deciding whether any changes are actually necessary.

    Anagnostopoulos reports that the new Criminal Code has reduced the maximum penal sentence from 20 to 15 years, with the exception of life sentences, which are permissible only for a small number of offenses against the state or against life. In addition, he says, many convicted of minor or mid-level crimes can opt for public service instead of jail. Judges are also empowered to issue monetary penalties in accordance with defendants’ economic situation, he says. “On the one hand, overall sentences are lower now. However, the amount of time actually spent in jail can be higher than it was under the old Code.” He adds, “the committee tried to make the Code more proportional in terms of sentences imposed and time served in prison.”  

    “The Criminal Code became a sober piece of work,” he says, “and the descriptions of the various types of offenses have become clearer and more simple, as opposed to the old Code which provided for a complicated system of aggravating and mitigating circumstances.” 

    Anagnostopoulos says that the new Code of Criminal Procedure was aligned with the European Convention of Human Rights and the European Court of Human Rights case law as well as with the more recent EU Directives on Procedural Rights, enhancing the rights of defendants and other participating parties in the proceedings. Additionally, the Code introduces a form of plea bargaining for the first time in Greece, and another change, related to the new power of the Prosecutor to issue orders imposing fines, helps avoid trials for less serious offenses. “It is hoped that these changes will accelerate the rhythm of criminal procedure because the delay of criminal proceedings is a systemic problem in Greece,” he says. “Generally there is hope that the justice system will become more rational, expeditious, and equal.” 

    Finally, Anagnostopoulos says that expectations are high following the center-right New Democracy Party’s success in the recent elections, as the party has promised to start the economy working much better than before. “If they are successful in reviving the economy, that would mean more money for the state and more jobs for the people, which would be very welcome.” He says that the investment environment seems to be positive for Greece at the moment, “so it remains to be seen how capable the new government will be in boosting the economy and succeeding in its investment projects.” In addition, he says, the outcome of the elections will force the opposition – in particular, the Syriza party – to become stronger. “My expectation is that they will cut off from their ultra-lefty past, become more institutional in their oppositional tactics, more parliamentary, and pro-EU – which is important.” Either way, he says he is happy about the ultra-right Golden Dawn staying out of Parliament. “It is a very good result,” he smiles. “The future of Greece is a European future. It is one thing to be critical of the EU and another to be anti-EU. The Pro-EU stance is very much needed in Greece and the elections show that this will be our future.”

  • White & Case and Karatzas & Partners Advise on Intrum’s Acquisition of Piraeus Bank’s Recovery Banking Unit

    White & Case and Karatzas & Partners Advise on Intrum’s Acquisition of Piraeus Bank’s Recovery Banking Unit

    White & Case has advised Intrum AB on the EUR 328 million acquisition and hive-down of the Recovery Banking Unit of Piraeus Bank. Karatzas & Partners and Milbank advised Piraeus Bank.

    Intrum will acquire 80% of the shares in the new entity corresponding to a purchase price of EUR 328 million of which EUR 296 million is paid in cash on closing of the transaction with the remainder to be paid if certain financial targets are reached, after year-end 2022. Piraeus Bank will own the remaining 20% of the shares. 

    The RBU will be hived-down into a separate legal entity valued at EUR 410 million, which will be fully consolidated by Intrum. Over 1,200 bank employees will be transferred to the new business and a EUR 28 billion securitization of non-performing loans will be managed by Intrum. 

    White & Case’s team included, in London, Partners Gavin Weir, Ingrid York, and Stuart Willey, Counsel Richard Blackburn, and Associates Christian Holbrook, Christopher Beardmore, Claire Sackman, Erika Games, Nathaniel Crowley and Elizabeth Emerson; in Frankfurt, Partner Dennis Heuer and Associates Claire-Marie Mallad and Alexander Kreibich; and Stockholm-based Partner Henrik Wireklint.

    The Karatzas & Partners team included Partners Alexander Metallinos and Anna Manda, Counsel Angeliki Tsatsi, and Associate Sonia Saranti.

  • Reed Smith and Papapolitis & Papapolitis Advise on EBRD Loan to Invel for Acquisition of Pangea

    Reed Smith and Papapolitis & Papapolitis Advise on EBRD Loan to Invel for Acquisition of Pangea

    Reed Smith has advised the EBRD on a EUR 55 million loan to Invel Real Estate to support its purchase of a 32.7% stake in Pangea from the National Bank of Greece. Papapolitis & Papapolitis advised Invel.

    Pangea, which is listed o the Athens Stock Exchange, is the largest real estate investment company in Greece, focused primarily on providing liquidity to construction sectors and development companies in the region. With the acquisition, Invel’s total investment in Pangea is expected to exceed EUR 1 billion. 

    The Reed Smith team was led by Partners Panos Katsambas and Kevin-Paul Deveau and Associate Sally Koo.

    The Papapolitis & Papapolitis team was led by Partner Nicholas Papapolitis and included Partner Nikolaos Katsaros, Counsel Alkis Mirkos, Senior Associate Elmina Chadio, and Associate Vanessa Kapnoutzi.

  • A Blueprint for the Domestic and International Legal Future of the Automotive Industry: What to Expect in the Post Combustion Engine Era

    The latest buzzwords in the automotive and manufacturing industry, “autonomous driving” and “connected mobility,” serve as foretokens of a new “mobility services” era. The industry is affected by current ecological, environmental, and digital standards, and the mobility habits, trends, and demand are gradually disbanding from conventional practices. New indicators are affecting business models in this important industry, including those of parts-suppliers and distributors, by calling for new regulations and consumer expectations.

    Many industry players are transforming from classic automotive original equipment managers into tech and energy companies, placing emphasis on software, Internet of Things, big data, electric mobility, and smart cities. For their part, consumers are transforming from car owners into car users, zooming in the experience of mobility itself, and favoring ride hailing services and in-car infotainment.

    In the midst of this overwhelming transformation, the Greek automotive industry remains stagnant, trapped in a constant consolidation and debt restructuring process. Car ownership has declined, the passenger car market remains underdeveloped, and the regulatory regime framing the industry is insufficient and outdated. However, Greece will eventually have to keep pace with market developments at least at a European level – and the country is particularly eager to evolve its car market towards the new global era of autonomy and connectivity.

    Key words like “electrified,” “autonomous,” “shared,” and “connected” reveal a shifting industry landscape, which will lead to a complicated regulatory environment. Experts anticipate that autonomous driving will require comprehensive real-time generated data collected both from the vehicles themselves and from various traffic participants. Although the flow of such data will be of utmost importance to the operation of the new mobility scheme, it will soon create a messy situation, requiring a re-enforced legislative and regulatory framework. 

    The excessive need for real-world data promotes data protection and system security as the key regulatory pillars of the future automotive industry. The massive volume of data feed and data processing when navigating the new world of connected cars needs to be deployed in the context of a far-reaching legislative environment that will ensure auto-safety and cybersecurity against the complexity and cost pressure of the variant state-of-the-art digital demands.  In this respect, Greece should follow the lead of other advanced European countries which have already established standards in the form of IT Safety Acts and security regulations. It is commonly accepted that the new regulatory framework should be technically drafted, cybersecurity-and-telematics oriented, and data protection-and-safety focussed, and that it should provide the highest level of security against unauthorized use through encryption and software managing practices. 

    In addition to data protection and e-security, the market expects legal challenges to multiply in the imminent future. On the good news side, new key cooperation models should emerge as tech companies join forces with traditional manufacturers in sector mergers that skyrocket the M&A and investment activity in the industry. Of course, any such extensive merger movement could trigger a series of snags, especially taking into account the recent cartel claims and the enhanced scrutiny of the European Commission on the automotive sector. An additional problem is linked to the new commercial and intellectual property law issues that could potentially arise from the use of standardized technologies to achieve connectivity. Licensing processes, patent registration, and litigation, as well as the calculation of royalties are among the primary domestic challenges, especially given Greece’s high level of bureaucracy. At the same time – though perhaps at a less exponential rate – the regulator’s eye is likely to be drawn to the potential pitfalls that lie in the area of customs law, and he is likely to regulate the duties imposed on the imports of driverless cars by addressing all labor and employment issues that could be caused by automated processes.

    The prospects and potential of the automotive industry in the future are, beyond question, colossal; while carmakers are looking at all possible future trends, the new era of auto manufacturing will bring together emerging and diverging markets, which need to start evolving within the borders of a solid yet expanding regulatory framework. It remains to be seen whether Greece will be able to stand its ground and be actively present and regulatory-ready in these new times for the automotive industry.

    By Panagiotis Drakopoulos, Senior Partner, and Mariliza Kyparissi, Senior Associate, Drakopoulos

    This Article was originally published in Issue 6.2 of the CEE Legal Matters Magazine. If you would like to receive a hard copy of the magazine, you can subscribe here.