DLA Piper has advised the OTP Property Fund Management on its acquisition of the BSR Center office building on Vaci ut in Budapest from a real estate fund managed by GLL Real Estate Partners. The seller was advised by Lakatos, Koves and Partners.
Kinstellar Hungary has advised a syndicate of banks consisting of Erste Group Bank AG, Erste Bank Hungary Zrt., K&H Bank Zrt., UniCredit Bank Hungary Zrt. and UniCredit SpA – led by Erste – in connection with a EUR 335 million credit facility to Granit Polus for refinancing existing loans and providing a capex credit line for the WestEnd City Center shopping mall in Budapest. EY Law advised the borrowers on the deal.
Noerr, working alongside global counsel Mayer Brown, has advised IDI Gazeley on the USD 2.4 billion acquisition of its European division, Gazeley, by the Singaporean warehouse operator Global Logistic Properties. GLP acquired Gazeley from the portfolio of the Canadian real estate investor Brookfield Asset Management.
Szabo Kelemen and Partners has successfully represented Berlington Hungary kft. and several other Hungarian gambling operators against the Hungarian State in their claims for damages caused by the Hungarian legislation, which, in 2012, banned the operation of slot machines in arcade halls without providing a transitionary period and without indemnification.
Kocian Solc Balastik has advised the Agrofert Group on the October 31, 2017 acquisition by group member DEZA a.s. of Polish chemical company Petrochemia-Blachownia S. A. from BorsodChem Zrt after two years of negotiations. Szecskay Attorneys at Law advised DEZA on Hungarian matters, Wardynski & Partners advised on Polish matters, and Bouchon & Partner advised on German matters. Baker McKenzie advised BorsodChem Zrt.
The Hungarian Parliament has recently adopted three new procedural laws: Act CXXX of 2016 on the Code of Civil Procedure (“CCP”), Act I of 2017 on the Code of Administrative Litigation (“CAL”), and Act CL of 2016 on Administrative Proceedings, which will all enter into effect on January 1, 2018. These new procedural laws come on the heels of the recodification of many substantive laws such as the Civil Code and the Criminal Code. This article aims to give a brief overview of these new procedural laws.
The Hungarian Parliament adopted a new act on non-judicial civil proceedings on 12 October 2017. The purpose of this act is to determine the rules that apply to all non-judicial civil proceedings before the courts, provided that the law governing the proceeding in question does not regulate otherwise, and the main goal is to regulate these proceedings in a more appropriate and transparent way.
January 18-19th, Budapest, Hungary
Lakatos, Koves and Partners has provided Hungarian law advice and Clifford Chance London has acted as international legal advisor to joint lead managers Deutsche Bank AG, London Branch, BNP Paribas, Citigroup, and ING Wholesale Banking London and stabilization manager Deutsche Bank AG, London Branch in connection with Hungary’s issue of international bonds with a 1.75% coupon for EUR 1,000,000,000 on 4 October, 2017 maturing in 2027. The Hungarian state was advised by the Dr. Zsolt Szita Law Office on matters of Hungarian law and Linklaters on English law.
The commercial legal markets of Central & Eastern Europe didn’t appear automatically. They didn’t develop in a vacuum. They were formed, shaped, and led, by lawyers – visionary, hard-working, commercially-minded, and client-focused individuals pulling the development of CEE’s legal markets along behind them as they labored relentlessly for their clients, their careers, their futures.
The Sarhegyi and Partners law firm has successfully represented the Hungarian State on appeal to the Metropolitan Regional Court against claims brought against it by the Hungarian town of Budaors involving challenges to aspects of the country's Budget Act. In addition to the immediate dispute, the case represents the first time that the issue of liability for damages caused by legislation was considered since the new Hungarian Civil Code entered into force in 2014.
Partos & Noblet Hogan Lovells has advised the Vajda Papir Group on its HUF 22 billion syndicated loan arrangement with a Hungarian bank syndicate consisting of OTP Bank, UniCredit Bank Hungary, Eximbank, and the Hungarian Development Bank for project finance and general corporate purposes. The lenders were advised by CMS Budapest.
According to the current provisions of the Code on the Civil Procedure, a private document shall, until proven otherwise, have full probative force, verifying that the issuer has in fact made the statement that the document contains, or undertakes to consider himself bound by such statement, provided that the rules regarding the form of using witnesses is observed.