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DGKV and Penkov, Markov & Partners Advise on Historic Bulgarian Real Estate Deal

DGKV and Penkov, Markov & Partners Advise on Historic Bulgarian Real Estate Deal

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DGKV’s real estate team has advised NEPI Rockcastle on the September 21, 2017 acquisition by its subsidiary NEPI Project Two EOOD of Bulfeld EOOD — the owner of the Paradise Center shopping center in Sofia — from Bul Dom OOD. Penkov, Markov & Partners advised the sellers on the deal, which remains subject to approval of the Bulgarian competition watchdog.

In an announcement to the Johannesburg Stock Exchange, NEPI stated that the EUR 252.9 million purchase — reportedly the highest price ever paid for real estate in Bulgaria — was funded by its cash resources and debt facilities, combined with sale of listed securities. 

The acquisition represents the second investment in Bulgaria by NEPI this year, following its acquisition of the Serdika Center shopping center in Sofia earlier this summer. With a gross floor area of more than 208,000 square meters, Paradise Center is one of the largest retail centers in the country. Opened in 2013 and benefiting from a major conference facility and with direct access to a newly-built metro line, Paradise Center has an annual footfall in excess of 10 million visitors. 

The DGKV team was led by Partner Stephan Kyutchukov and Senior Associate Valentin Bojilov and included Senior Associates Nikolina Stefanova, Kaloyan Krumov, Maya Mircheva ,and Yassen Spassov, and Associates Alexander Shpatov, Vladislav Antonov, Lora Aleksandrova, Martin Dimitrov, Silviya Apostolova, Tsvetelina Bayraktarova, Kamen Gogov, Patricia Cherkezova, and Simeon Vachev. 

The Penkov, Markov & Partners team was led by Partner Milena Gaidarska and included Attorneys Atanas Valov, Radost Georgieva, Maria Pashalieva, and Koicho Marinov.

Editor's Note: On December 14, 2017, Penkov, Markov & Partners informed CEE Legal Matters that Bulgaria's Commission for the Protection of Competition had authorized the concentration, and that "a final agreement for the transfer of 100% of the capital of Bulfeld Ltd. — the company which owns the Paradise Center — was signed on the 1st of December."

Image Source: paradise-center.com

Bulgaria Knowledge Partner

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