Through the years, the Real Estate and Construction Practice developed as a strong and successful practice deeply involved in practically all major deals that took place in Bulgaria.
The firm’s active involvement in the real estate and construction field started from the very beginning of the process of privatization of the former state owned properties as of the early 1990s. The firm advised the potential buyers in some of the major privatization deals in that period with significant real estate work within the projects. Deals of this kind include but are not limited to the privatization of the Bulgarian Telecommunication Company, Bulbank, Expressbank, Bulgarian Post Bank, United Bulgarian Bank, Bulgartabac Holding – the state-owned tobacco giant, Maritza East III Power Company (now Enel Maritza East 3 AD) – a lignite coal burning power plant, TZUM Retail Center, Sheraton Sofia Hotel Balkan, Radisson SAS Sofia Grand Hotel (now Radisson Blu), Interpred, etc. The firm advised the Bulgarian Government with respect to the privatization of all seven electricity distribution companies including a huge number of real estates and infrastructure.
The Real Estate and Construction Practice is involved in different types of deals such as M&A, project financing etc.
The firm was further involved in the land acquisition and subsequent construction of: the biggest china sanitaryware plant worldwide and Europe’s biggest fittings plant built up by American Standard Inc., a number of production plants built by European producers in the town of Sevlievo, Sevlievo plaza – a luxury 4 star hotel, McDonald’s network of restaurants all over the country, etc.
The Real Estate and Construction Practice has been extremely active with respect to the booming increase in that sector. We advised a great variety of investors from the Gulf states, Germany, Spain, UK, Austria, Greece, Australia, etc. on their investment projects in Bulgaria. The firm was involved in the acquisition of the Super Borovets project for the development of the biggest ski center in Bulgaria (near 2 million sq.m. of land involved); several malls in the town of Sofia as well as the malls in the towns of Bourgas, Veliko Tarnovo and Varna; acquisition of a former governmental residence in the town of Sandanski, a substantial number of commercial, residential and multifunctional projects in the major cities of the country, Black Sea Coast and mountain resorts etc. The firm is currently advising a well-known foreign investor in its aggressive expansion involving acquiring of lands and subsequent construction of hypermarkets all around the country, with respect to all real estate and construction issues.
Boyanov & Co. has advised the Engineer in relation to the strategic Burgas-Alexandroupolis pipeline project with respect to a variety of real estate and construction issues related to the project. Boyanov & Co. was appointed to advise the Bulgarian Ministry of Transport on a dispute with the Austrian construction company Strabag with respect to the construction of the new terminal at Sofia Airport.
Clients related to real estate and/or construction projects include among the rest State General Reserve Fund of Oman, Ideal Standard Inc., Kraft Foods International, Inc., McDonald’s, Heitman International Private Equity, DEGI Deutsche Gesellschaft für Immobilienfonds mbH, Babcock & Brown, Credo Group (U.K.) Limited, Dawnay Day Europe Ltd, North Asset Management, Macquarie Global Property Advisors, AFI Europe N.V., , Vakson group, GEK group (Greece), Metron (Greece), Cleves Investments LLP (UK), Montebalito (Spain), Inmobilia (Spain), Group Metro (Spain), Arborea Group (Spain), a leading European retail investor, etc.
The Real Estate and Construction Practice of the firm has strong expertise and covers all areas of investors’ interests among which:
- Real estate due diligence;
- Structuring the deals;
- Financing of the deals in close cooperation with the Finance Practice;
- Construction issues;
- Lease agreements;
- Real estate and/or construction disputes.