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Kinstellar advises Huajie on the launch of the Business Park project in the Czech Republic
Kinstellar has successfully advised Europe Huajie Development s.r.o. on the launch of a Business Park project in the Czech centrepoint of the Belt and Road Initiative (BRI). This will be the third project carried out in the Czech Republic, following the successful operation of a freight park and a logistics park. The new business park will be located in Prague 8. Amazon, the Bank of Communications of China, China Visa Application Service Center, and other influential institutions have already established their places in the district. With a total area of 3,520 m2, the project will consist of a business park comprising a commercial exhibition centre, China (Zhejiang) manufacturers’ display, European import goods display
Kinstellar contributes to the International Bar Association (IBA) report: “Structured Settlements for Corruption Offences: Towards Global Standards?”
” Kinstellar is proud that experts from our Compliance, Risk and Sensitive Investigations (CRSI) practice are contributors to the report “Structured Settlements for Corruption Offences: Towards Global Standards?†published by the Structured Criminal Settlements Subcommittee (SCSS) of the IBA’s Anti-Corruption Committee (Please click here to read). Launched in 2016, the project aims to map the evolution of settlement practices for corruption cases worldwide and to add to the growing discussion as to whether—and to what extent—there is a need for global standards. The report is based on the answers to an IBA questionnaire submitted by law firms from around the world and provides an up-to-date and comparative
Kinstellar provides expert overview of aircraft financing in Kazakhstan
Kinstellar is proud to have contributed to the 2018 edition of the Pillsbury World Aircraft Repossession Index with information about Kazakhstan. Now in its third year, the Index provides expert analysis of the legal environment in 102 jurisdictions regarding the repossession and export of aircraft assets. Although Kazakhstan's overall score of 46% places it in the higher risk category, the Index highlights several positive trends in the country for aircraft financiers. These include Kazakhstan's accession to the Cape Town Treaty and its related Aircraft Protocol in 2011, which has led to the incorporation of aircraft deregistration provisions into local legislation. As a result, the country now qualifies for the reduction
Mandatory cyber security standards apply to operators of critical infrastructure, digital and public service providers in Bulgaria
Bulgaria-based operators of critical infrastructure, digital and public service providers must deploy state-of-the-art technology and processes in order to fend off cyber incidents and be able to immediately report unauthorised access to their network and information systems. This is mandated by a new Cyber Security Act transposing the European Union Directive on network and information security of 2016 in Bulgaria. Companies should plan and prepare, as meeting these new standards may require significant investments in technology and compliance, or even a complete overhaul of the ways an organisation stores and accesses proprietary or client data and maintains and protects its information technology systems. Which businesses
Kinstellar advises on the largest real estate deal of 2018 in the Czech Republic
Kinstellar advised HELABA (Agent) and ÄŒSOB on the refinancing of Forum Nová Karolina in connection with its acquisition by ÄŒS nemovitostnà fund managed by Reico investiÄnà spoleÄnost ÄŒeské spoÅ™itelny, the largest single asset real estate deal in the Czech Republic, valued more than CZK 5.4 billion. The six-storey building with over 200 shops, a hypermarket, a modern fitness centre, a giant cinema and a children’s club became the largest retail deal in the country. It is currently 94 per cent leased and features such brands as H&M, Marks & Spencer, Intersport, New Yorker and Peek & Cloppenburg. The Kinstellar team was led by Klára Å tÄ›pánková (Partner) and Leo Javorek (Managing Associate).
Victor Constantinescu, Kinstellar partner and co-head of the firm-wide real estate practice, speaks at real estate investment conference in South Africa for the second year in a row
For the second year in a row, Victor Constantinescu, Kinstellar partner and co-head of the firm’s wide Real Estate practice, was an invited speaker at SGB Securities’ annual real estate conference which took place in Cape Town, South Africa on 3 December 2018. SBG Securities is a wholly owned subsidiary of Standard Bank, one of South Africa’s largest banking groups with a 156-year history in the region and solid knowledge required to operate successful businesses across the continent. The conference brought together high-level real estate professionals and investment managers interested in the CEE region. In his presentation, Victor describ ed the investment climate and risks in the CEE region, primarily
Kinstellar advises Penta Real Estate on the financing of Sky Park Residence in Bratislava
Kinstellar has recently advised Penta Real Estate in relation to a EUR 110 million syndicated club loan for the construction of Sky Park Residence in Bratislava—the first syndicated club financing for a residential project in Slovakia. The club was led by Tatra banka. Sky Park is a unique multi-purpose development project designed by world-renowned architectural studio Zaha Hadid Architects. The project is being developed at a former industrial zone in Bratislava’s city centre and at completion will bring six new high-rise buildings to the Bratislava real estate market. The first phase, which is the subject of the financing deal, consists of three 30-storey residential towers offering up to 800 apartments and 2,000
Kinstellar Counsel Andriy Nikiforov moderated a roundtable on trends in the payment services market in Ukraine organised by the Ukrainian Bar Association
On 11 December 2018, Andriy Nikiforov, Counsel at Kinstellar in Kyiv and Chair of the Banking, Finance and Insurance Committee of the Ukrainian Bar Association (UBA), moderated a roundtable on changes in the payment services landscape in Ukraine, organised by the UBA. Other speakers at the roundtable included Natalia Lapko, Director of the Payment Systems Department of the National Bank of Ukraine (NBU), and Arthur Muravitsky, Director of the Financial Services Department of Ukraine’s national postal service, Ukrposhta as well as senior managers of Ukrainian commercial banks. The participants discussed the current condition of the payment services market and prevailing trends in Ukraine. An in-depth Q&A session
Kinstellar advises on one of the largest-ever bond financing by an alternative debt provider
Kinstellar has advised The Dedica Anthology hotel group, a European portfolio of nine luxury hotels located in Italy, France, Hungary and the Czech Republic, owned by global alternative investment firm Värde Partners, on a EUR 337 million bond financing. The debt provider is Blackstone Real Estate Debt Strategies, and the transaction represents one of the largest bond issuances by an alternative debt provider in the Italian real estate market. The Kinstellar team was led by Csilla Andrékó (Partner) and Martina Březinová (Counsel) and other key members of the team were Zsuzsa Andrékó, Péter Benczik, Pavla Krsková and Alice Radvanovská. For more information please contact Csilla Andrékó, Partner
Kinstellar Energy Digest Ukraine, November 2018 in Review
Kinstellar Energy Digest Ukraine, November 2018 in Review OIL & GAS: Liberalisation of geological data gets closer On 7 November 2018, the Ukrainian government adopted Resolution No. 939 – “Questions on the Transfer of Geological Informationâ€Â (“Resolution No. 939â€), which establishes a new procedure for the transfer of geological data and abolishes some out-dated secondary legislation. The new “Regulations on the Transfer of Geological Data†(the “New Regulationsâ€), which form part of Resolution No. 939, are outlined below. Updated approach to classification The New Regulations revisit the definition of geological data and its types: initial (primary) geological data and
Bulgaria-based corporates and NGOs must disclose their ultimate beneficial owners by June 2019
Significant regulatory developments marked the year 2018 in Bulgaria. A new Act on the Measures against Money Laundering (the “AML Act†or the “Actâ€) was also adopted with view to transposing Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing. Further rules detailing the mechanics for disclosure of ultimate beneficial owners (“UBOsâ€) of Bulgaria-based entities are expected to become effective in the next few weeks. We set out below the key aspects that businesses need to take into account in order to comply with the new requirements. Ultimate beneficial owners Ultimate beneficial owners are considered to be
When freedom of contract slips into an abuse of a stronger bargaining position. The Bulgarian Competition Authority fines A1, the Bulgarian subsidiary of Telekom Austria.
Last week, the Bulgarian competition authority fined A1, the Bulgarian subsidiary of Telekom Austria, a total of BGN 804,340 (approximately EUR 411,252) for abusing its bargaining power by imposing high sales targets on a local distribution partner and by unilaterally terminating the distribution partnership with it. The case was tried and the fine imposed under the Bulgarian rules on abuse of stronger bargaining position, which were introduced in 2015 and apply to all economic sectors (unlike similar regulations in other EU Member States, which are limited to the retail/retail food sectors only). A1 is the largest mobile telecom operator in Bulgaria. Based on regulatory submissions, it appears to have held in