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Kinstellar advises on one of the largest office building acquisitions in Bulgaria to date
We are pleased to announce that Kinstellar advised First Big Orange Garden, a special purpose vehicle, on one of the largest office building acquisitions in Bulgaria to date - the FairPlay Business Hub. First Big Orange Garden acquired the FairPlay Business Hub from Fairplay International AD, one of the biggest real estate investors on the local market. Strategically located in Lozenets, Sofia, the FairPlay Business Hub is a highly valuable asset, built to premium standards to provide an exceptional environment for modern business. Real estate advisory firm Avalant supported the buyer throughout the process of identification, analysis, and selection of the investment property. Our Sofia team advised the client throughout
Kinstellar advises Paradox Interactive on the acquisition of Haemimont Games
Kinstellar’s Sofia office successfully advised Paradox Interactive, one of the premier developers and publishers of strategy and management games, on the acquisition of Haemimont Games, one of the first video game development studios in Bulgaria. The renowned video games publisher enters the Bulgarian market in the first video game transaction in Bulgaria for 2025, part of Paradox’ strategy to grow the management games genre and a good news for the entire video games industry in Bulgariа. The Kinstellar team, comprising Georgi Kanev (Managing Associate, Head of Interactive Entertainment & Gaming), Diana Dimova (Partner, Corporate/M&A), Denitsa Kuzeva (Senior Associate, Corporate/M&A) and Atanas
Kinstellar advises TSH Investment on the acquisition of Park Center mall in Bulgaria from Revetas Capital Advisors
Kinstellar has successfully advised TSH Investment, the joint venture between the real estate investment companies Trinity Capital and HUS Invest, on the acquisition of Park Center shopping mall, strategically located in the heart of Sofia. TSH Investment acquired Park Center from Revetas Capital Advisors, a European real estate investment advisor focused on distressed opportunities and value-add investments. The purchase is set to enhance the potential and attractiveness of the mall. Kinstellar advised on all aspects of the acquisition, including transaction structuring, debt restructuring elements, and real estate acquisition, by providing multidisciplinary support to the in-house team of TSH. The team was led
Kinstellar advises UEG on closing the acquisition of a solar project in Bulgaria with a forecasted capacity of 250 MW
Kinstellar assisted United Energy Group (UEG)’s internal legal team to successfully complete the acquisition of Green Profit EOOD, a developer of a photovoltaic (PV) project under construction. The Simeonovgrad-Polyanovo PV project, located in southern Bulgaria, has a forecasted capacity of 250 MW. The acquisition, which was finalised on 15 November 2024, marks a significant expansion for UEG, a Hong Kong-based producer of traditional and renewable energy. The team that advised UEG throughout the completion of the project was led by Nina Tsifudina (Partner) and Atanas Mihaylov (Counsel) and included Mladen Minev (Counsel), Simeon Vachev and Nikolay Gergov (Senior Associates).
Kinstellar advises Mitiska REIM on a joint venture with Park Lane Developments for the development of retail parks in Bulgaria
Kinstellar has advised the Mitiska European Real Estate Partners 3, a real estate fund managed by Mitiska REIM, on its entry into the real estate market in Bulgaria through a joint venture (JV) with Park Lane Developments. Mitiska REIM, the leading specialist investor in European convenience real estate, and Park Lane Developments, a leading commercial property company developing and managing prime office, logistics/light-industrial, and retail park assets in CEE, plan to develop and open at least five prime retail parks in Bulgaria over the next five years. Kinstellar advised on the structuring and implementation of the JV. The team was led by Partner Antonia Mavrova (Head of Real Estate, Construction &
Kinstellar advises UEG on the acquisition of a solar project in Bulgaria with a forecasted capacity of 250 MW
April 2023 – Kinstellar has supported United Energy Group (UEG)’s internal legal team, Leslie Zhang, Yu Zheng, Yao Liu and other UEG in-house counsels, on the acquisition of Green Profit EOOD, a developer of a photovoltaic (PV) project under construction. The Simeonovgrad-Polyanovo PV project, located in southern Bulgaria, has a forecasted capacity of 250 MW. Kinstellar led and negotiated the entire transaction, including the share purchase agreement and other transaction documents. UEG is a Hong Kong-based producer of traditional and renewable energy that has recently expanded its presence in the European energy market. The multi-disciplinary team that advised UEG was led by Nina Tsifudina (Partner) and Atanas Mihaylov (Counsel)
Kinstellar advises Zoo Group Stefanov pet stores on its sale to A&M Capital Europe
Kinstellar Sofia has advised the owners of Zoo Group Stefanov LLC, operating the most popular pet store chain in Bulgaria, on their successful sale of the company to A&M Capital Europe, a European private equity fund. With 29 locations across Bulgaria and a well-established online store, the fast growing brand specialises in the supply of food and accessories for pets. The sale will enable Zoo Group Stefanov LLC to combine with the other pet store business owned by the purchaser in Bulgaria which will ensure its sustained growth in the future. The Kinstellar team in Sofia was led by Atanas Mihaylov (Counsel), and included Nina Tsifudina (Partner), Nikolay Gergov (Associate), and Yasen Toshev (Junior Associate).
Acquisition of a technology business in Bulgaria: Identifying the right earn-out structure
October 2022 – Over the past few years, the CEE region has been the focus of vibrant M&A activity in the technology sector. Bulgaria is no exception, with a number of acquisitions completed in IT services, software development, gaming, e-commerce, and digital services. A notable trend in the structuring of these transactions is the growing use of earn-out payment structures. In our recent practice, earnouts have been agreed upon in the majority of the acquisitions of tech companies by their founders. While previously earn-outs were not very popular in Bulgaria, such structures have become key to successful acquisitions. They are a useful tool to bridge the different purchase price expectations of the buyer and the seller by providing
Kinstellar advises e-gaming company 52 Entertainment on the acquisition of Casualino (Zariba Group)
Kinstellar has successfully advised 52 Entertainment, a worldwide leader in bridge online (BBO, Funbridge) and e-sailing (Virtual Regatta), on its expansion into strategy and mind games by the acquisition of Casualino (also known as Zariba Group), the largest independent gaming studio in Bulgaria. The purchase of Causalino, a prolific creator of live games and highly popular brands, will help 52 Entertainment to continue its contribution to shaping the future of mobile and web gaming. The HLD-backed 52 Entertainment is scaling its operations to create new genre-defining top-grossing games for millions of new players. Kinstellar’s team was led by Antonia Mavrova (Partner) and Atanas Mihaylov (Counsel) and
Bulgaria: Director duties and ESG considerations
Bulgarian law requires that the directors of Bulgarian joint-stock companies perform their functions as directors by adhering to the “duty of care” standard of a prudent businessperson and always in the interest of the company and its shareholders. If a director fails to comply, they could be held liable for any damages caused to the company. The required duty of care standard is not easily reconciled with the current shift in corporate governance towards compliance with material ESG factors. While important for all stakeholders (e.g., employees, customers, vendors, and the communities where the company operates), ESG compliance could trigger additional financial costs and potentially be an obstacle to maximising profits.