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Deals March 2024

Kinstellar advises S IMMO AG on the sale of Zagrebtower

Kinstellar has successfully advised S IMMO AG on the sale of Zagrebtower office building to the OTP Group. The transaction is expected to close in the third quarter of 2024, subject to the necessary regulatory approvals. Kinstellar advised S IMMO AG throughout the process including on structuring of the transaction, due diligence, and transaction negotiations. Located in the heart of the Croatian capital, the class A office building encompasses a total net area of almost 26,000 m² and has a BREEAM International In-Use Excellent certificate. Zagrebtower consists of a 22-storey, 79 metre office tower with a connected nine-storey low-rise building. The tenants include the Croatian Ministry of Economy and

Deals March 2024

Kinstellar advises IMMOFINANZ on the sale of Grand Center Zagreb

Kinstellar has successfully advised IMMOFINANZ on the sale of the Grand Center Zagreb office building to a Croatian real estate investment company. Kinstellar advised IMMOFINANZ throughout the process including on structuring of the sale process, structuring of the transaction, due diligence, and transaction negotiations. Located in the heart of the Croatian capital, Grand Center Zagreb stands as a modern, high-quality office building with a distinctive architectural design. With approximately 16,000 sqm of exclusive office space, the property also provides tenants with access to local amenities, including a variety of bars and restaurants. Kinstellar’s team was led by Andrijana Kaštelan, Counsel, and

News March 2024

Kinstellar announces new promotions to Counsel

February 2024 – Kinstellar is delighted to announce the promotions to Counsel of: Yerlan Akhmetov, Kuanysh Shekerbekov (Almaty, Kazakhstan), Cătălin Dinu, Cătălin Graure (Bucharest, Romania), Barnabás Sági (Budapest, Hungary), Yulia Eismont, Maksym Tesliar (Kyiv, Ukraine), Michal Forýtek (Prague, Czech Republic),  Andrijana Kaštelan, Vedran Kopilović, Marija Vuchetich (Zagreb, Croatia). ALMATY Yerlan Akhmetov focuses on banking and finance, M&A and capital markets matters. Having been with the Firm for nine years, Yerlan has earned a reputation for cultivating strong client relationships, demonstrating leadership qualities and making significant contributions to our firm's success. He has played a key role

Deals January 2024

Kinstellar advises Evelixon Trading in two transactions in the Serbian wind power sector

Kinstellar advised Evelixon Trading Limited on the acquisition of a 100% share in the project company Grand Wind Park from Windvision Serbia Holding. The project, known as the WN NBT WIND 1 wind farm, is currently in the early stages of development. Located in the city of Pančevo, the farm is planned to have an installed power capacity of 120 MW. Evelixon Trading Limited has a few projects in their portfolio in Serbia in the early stages of development or nearing "ready-to-build" status. Kinstellar’s team provided comprehensive legal advice throughout the transaction – performing a legal due diligence, drafting the transaction documents - including the SPA, and assisting with the signing and closing processes.

Insights January 2024

New legislation in the real estate sector in Hungary

With the adoption in 2023 of Act C on Hungarian Architecture (the "New Legislation"), Hungary’s parliament amended several laws affecting the real estate sector, some of which entered into force on 30 December 2023. At the same time, the New Legislation repeals certain laws, or provisions thereof, including Act LIII on the Acceleration and Simplification of the Implementation of Investments of Special Importance to the National Economy (2006) (the “Previous Legislation”). Among the new changes, special attention should be given to the rules on prioritised investment projects. Below we provide a brief overview of several important provisions. A construction works project and administrative matters relating

Insights January 2024

Attention, Real Estate Developers and Energy Professionals in Hungary! The legal framework of the world behind the meter has arrived!

As of 1 January 2024, material amendments to several Hungarian energy laws have come into effect, including, among others, the Hungarian Electricity Act (Act LXXXVI of 2007), which has been significantly changed. These changes materially affect decentralised (local) power generation, which has been a focus of the real estate industry in recent times. Below we provide an overview of the main changes in Hungary that may facilitate local power generation, storage, and procurement from electricity sources other than power traders. The long-awaited change to the concept of a private power distribution line (in Hungarian: magánvezeték), based on the EU’s definition of a “closed distribution system,” ensures the appropriate

Deals December 2023

Kinstellar advises S IMMO AG on the sale of Eurocenter office building in Zagreb, Croatia

Kinstellar has successfully advised S IMMO AG, a real estate investment company, on the sale of Eurocenter, one of its office buildings in Zagreb, to Atlantic Grupa d.d.  The transaction, which was carried out by way of a share deal, has an asset value of EUR 26.5 million. Eurocenter has been part of S IMMO AG’s commercial property portfolio since 2008. The centrally located, six-storey modern building features around 9,000 sqm and counts IBM, Atlantic Grupa, EBRD, and the Polish, Irish and Finnish embassies among its tenants. The Kinstellar team was led by Andrijana Kaštelan, Managing Associate, and included Duško Žurić, Partner, Senior Associates Tena Pajalić and Matea Sekur, as well as Kristina Marinov

Deals November 2023

Kinstellar advises S IMMO AG on its acquisition of EUR 481 million property portfolio in the Czech Republic

Kinstellar has successfully advised S IMMO AG, a real estate investment company, on acquiring a property portfolio in the Czech Republic from CPI Property Group. The property portfolio comprises 11 office and retail properties, as well as development land. The transaction's property value is EUR 481 million, with an annual rental income of approximately EUR 29 million. Klára Štěpánková, Partner and the Co-head of the firm-wide Real Estate sector and Real Estate, Construction & Planning services added: We are thrilled to have advised S IMMO AG on this large and complex portfolio transaction and assist them in further expansion in the Czech Republic. The Kinstellar team was led by Klára Štěpánková

News November 2023

New senior hires boost Kinstellar Bucharest’s already market-leading real estate practice

Kinstellar is delighted to announce further hires: the additions of Corina Stanciu (Senior Associate) and Cristiana Mic-Soare (Special Counsel) to the Bucharest office’s real estate service line, thus even further strengthening the firm’s market-leading expertise in real estate and related sectors. Corina Stanciu joined the team as a Senior Associate. She has years of experience: she has assisted real estate investors and developers on real estate transactions, project development and construction permitting, covering the full range of business sectors: commercial / retail, office, industrial, logistics, residential, agriculture, renewable energy. She advised on day-to-day real estate, construction, regulatory

Deals November 2023

Kinstellar, Gen & Temizer | Özer advise Property Finder and Zingat on the sale of 100% of Zingat to hepsiemlak, and on Property Finder’s subsequent share subscription into hepsiemlak

Kinstellar Gen & Temizer | Özer have successfully advised Property Finder and Zingat on the sale of 100% of Zingat to hepsiemlak, and Property Finder’s subsequent share subscription into hepsiemlak. The transaction is expected to close after the approval of the Turkish Competition Authority. Property Finder is the Middle East's largest property portal and was the 100% shareholder of Zingat. Established in 2015, Zingat is one of the largest property portals in Turkey with a wide range of residential and commercial properties listed for rent and sale. Hepsiemlak is one of Turkey's major real estate buying, selling, renting and advertising platforms, under the umbrella of Doğan Holding. The team was

Deals October 2023

Kinstellar advises NOVA Real Estate on the sale of Trenčín Industrial Park to BHM Group

Kinstellar has recently advised NOVA Real Estate on the sale of Trenčín Industrial Park—one of the largest production and logistics centres in Slovakia—to BHM Group, an important investment group on the Czech market. The transaction is one of the largest real estate M&As in Slovakia in 2023. NOVA Real Estate is a Czech real estate fund managed by the investment company REDSIDE, a provider of first-class investment solutions and specialist knowledge to both institutions and individual investors in the dynamically developing market of alternative investment funds. BHM Group is a private investment company focusing mainly on investments in projects and companies in the fields of new technologies and renewable

Deals September 2023

Kinstellar advises a significant global player on the lease of its headquarters in Hungary

Kinstellar’s team in Hungary has successfully advised a Hungarian company with a global presence in connection with the preparation and negotiation of a lease agreement for its new office headquarters. The deal is one of the largest transactions of its kind on the Hungarian real estate market.  The Budapest office advised on various legal aspects throughout the transaction, the subject of which is the lease of more than 8,000 sqm in a Class A office building in Budapest. Kinstellar’s team was led by Partner Annamária Csenterics (Co-Head of the Hungarian Corporate/M&A service) and Of Counsel Mónika Frank (Co-Head of the Hungarian Real Estate service) and supported by Junior Associate Judit Sós.