SEE Property Forum 2019 - Bucharest, Romania
RTPR Allen & Overy has advised Prime Kapital on the sale of a real estate portfolio to MAS Real Estate for EUR 112.97 million. Reff & Associates — the Romanian office of Deloitte Legal — advised the buyers on the deal, which involves nine retail centers with a total surface of 67,959 square meters, located throughout Romania.
Southeast European Private Equity Forum 2019, 14th June 2019, Bucharest, Romania, Intercontinental Hotel
While 2017 was characterized by various fiscal changes, experiments, and abandoned proposals, the tax landscape at the end of 2018 underpins the competitive edge of Romania in the region. Still, there are reasonable threats with regard to the predictability of the tax system, considering the current macroeconomic trends and the budgetary constraints faced by the Romanian government.
Schoenherr has appointed Bucharest Managing Partner Sebastian Gutiu and Partner Matei Florea firm-wide heads for Real Estate and Banking, Finance & Capital Markets, respectively.
The Deal: In July 2018, CEE Legal Matters reported that Reff & Associates had advised Dutch shipbuilding group Damen on its take-over of Daewoo Shipbuilding & Marine Engineering Co Ltd.’s participation in Romania’s Daewoo Mangalia shipyard. DSME was advised by CMS. The yard, which was renamed the Damen Shipyards Mangalia, is now operated as a joint venture with the Romanian Government, with Damen assuming operational control. We reached out to both firms for more information.
The Vouchers Directive, which regulates the VAT treatment of vouchers across the EU Member States, was agreed upon by the Council of the EU in 2016, and caught the attention of Romanian authorities, tax advisors, and businesses at the end of 2017. Together with other Member States, Romania must design and enforce an appropriate legal framework to ensure the application of the Directive starting in 2019.
1999 was the year I started my career as an attorney, as a young graduate from the law school at Bucharest University, just accepted to the Bucharest Bar. Times then were so much different than today, and as 20 years have gone by, I look at what those years have meant for Romania and for me, and how much things have changed for the country I continue to live in and build my personal and professional life in.
Of the five types of corporation that may be established under Romanian law, joint stock and limited liability companies continue to be the most common. Recent statistics show that almost 1 million companies are active in Romania, of which approximately 800,000 are limited liability or joint stock companies. Further, the number of limited liability companies is reportedly double that of joint stock companies.