Category: Greece

The Ince & Co law firm has been named exclusive winners for Shipping/Transport for both Greece and China in the 2014 Client Choice awards, in which law firms and partners are nominated by corporate counsel.

Shipping and Trade lawyer Paul Ho, who heads Ince & Co’s Shanghai office, was named exclusive winner of the Shipping/Transport category for Shanghai; and Piraeus-based Partner, dry-shipping specialist Evangelos Catsambas, was named exclusive winner of the Shipping/Transport category for Greece.

Ho said of the award that: “I am proud on behalf of the Shanghai office to have won this exclusive Shipping/Transport award for China. This award provides us with valuable feedback from clients who represent a range of companies, both international and China-based.”

Nick Shepherd, the Head of Ince & Co’s Piraeus office, commented that: “We are delighted that Evangelos has been named exclusive winner of the Shipping/Transport category for Greece, for the second consecutive year. This award, based on client reviews, demonstrates the exceptional commitment and commerciality that Evangelos, together with an excellent team here, brings to the Greek shipping community.”

In 2013, Ince & Co won the Client Choice award for law firm in Greece, and Piraeus-based Partner Evangelos Catsambas was named individual winner for Shipping and Transport in Greece. 

Papapolitis & Papapolitis has advised BlackRock Solutions in its assessment of the loan portfolios of a select group of Greek commercial banks following BlackRock’s engagement by the Bank of Greece.

In a Memorandum of Understanding entered into by the European Commission, the European Central Bank, the International Monetary Fund (collectively known as the “Troika”) and Greece, it was mutually agreed that a diagnostic assessment would be completed by the end of 2013.

According to Papapolitis & Papapolitis the assessment consisted of four work-streams: Asset Quality Review, Credit Loss Projections, Troubled Asset Review, and Foreign Loan Books Review.” 

The P&P team was led by Nicholas Papapolitis, and included Banking Partner Nikolaos Katsaros, Dispute Resolution Partner George Gravias, and Associates Katerina Dalamara, Sophia Mavridou and Sergios Manarakis.

Drakopoulos has announced that it has advised a major Saudi conglomerate on a multi-million euro real estate acquisition in the southern suburbs of Athens.

The deal consisted of a cross-border acquisition involving the Saudi, Swiss, Luxembourg, and Greek jurisdictions. This is the first investment in Greece of the Saudi conglomerate, which is active in many industries and several countries in the Middle East, the United States, and Europe. In a statement released by Drakopoulos, the firm described the acquisition as constituting “a vote of confidence in the prospects of the Greek economy, since the Saudi Group is currently looking closely in the local market for more opportunities, mainly in real estate.”

The identity of the client was not revealed, nor was the specific amount or location of the transaction. Drakopoulos said that the purchasing Saudi group plans a total refurbishment of the property and a transformation into a luxury five-star boutique complex of suites expected to attract tourists from the Middle East.

The Saudi conglomerate was advised by Drakopoulos Partners Panagiotis Drakopoulos and Christos Christou in Greece and the Kingdom of Saudi Arabia and Ducrest Heggli Avocats in Switzerland and Luxembourg, while the Piraeus branch of Ince and Co. represented the Seller. 

Norton Rose Fulbright has advised on all legal aspects of two motorway restructurings in Greece with a combined value of GBP 3.1 billion, with Hogan Lovells and Linklaters across the table on the two deals.

NRF acted for project company Aegean Motorway on the restructuring of the EUR 1.3 billion Maliakos-Kleidi motorway. The shareholders of Aegean Motorway are HOCHTIEF PPP Solutions, Vinci Concessions, AKTOR Concessions, J&P AVAX, AEGEK, and Athena. The lenders were advised by Hogan Lovells, and the Koutalidis Law Firm advised on the Greek legal aspects of the restructuring.

Norton Rose Fulbright also acted for the lenders, including 26 banks and the European Investment Bank, on the restructuring of the EUR 1.8 billion Elefsina-Korinthos-Patras-Pyrgos-Tsakona motorway. Linklaters advised Olympia Odos, the project company, and Karatzas and Partners advised on the Greek legal aspects of the restructuring.

Both restructurings closed on December 17. Construction work on the motorways is expected to resume in early 2014 and the motorways are expected to be operational by the end of 2015.

Partner Madhavi Gosavi, who led the restructurings for Norton Rose Fulbright, said that, “the successful conclusion of these two motorway restructurings has increased investor confidence and demonstrates the Greek Government’s commitment to supporting new and existing infrastructure.”

Gosavi was assisted by Norton Rose Fulbright Partners Charles Whitney, Jeffrey Barratt and Peter Hall, and by Associates Ann Vesely, Phil Hanson, Christina MacGilp, Ben Sealy, Eleanor Cochrane, and Jessica Bethell-Jones.

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.

The Greek Papapolitis & Papapolitis law firm acted for York Capital Management (UK) Europe Advisors, in respect of the company’s investment in Invel Real Estate Partners’ EUR 653 million acquisition of a 66% stake in NBG Pangaea Real Estate Investment Company from the National Bank of Greece.

The P&P team advised in negotiating the terms of the EUR 125 million investment by York Capital. In addition, P&P advised on banking, regulatory, capital markets, corporate and antitrust matters and worked alongside counsel in the UK, Italy, Netherlands and Luxembourg.

According to Papapolitis & Papapolitis, the acquisition was the largest real estate transaction ever in Greece and one of the largest overall M&A transactions in the Greek market, with Pangaea, the largest Greek real estate investment company, owning a portfolio of real estate assets valued at over EUR 1 billion. The existing portfolio encompasses nearly all of the main office buildings of NBG and its bank branches, spread across various cities in Greece. Other firms advising York Capital included White & Case UK, White & Case Italy, Van Doome, and Ardent & Medernach.

The P&P team included associates Katerina Dalamara (Corporate), Panagiotis Papageorgiou (Real-Estate), Sergios Manarakis (Real-Estate) and Sophia Mavridou (Competition).