News & Deals



BOYANOV & Co. Advises the Parties in the Second Largest Transaction on the Bulgarian Office Properties Market in the Last 10 Years

BOYANOV & Co. advised the leading Greek real estate company NBG Pangaea REIC on the acquisition of I&B Real Estate AD in a transaction with a value of close to EUR 79 million. On the express mutual agreement of the parties, throughout the process, two dedicated teams of the firm provided legal support and assistance to both the sellers and the buyer. The transaction was successfully completed on 28 December 2018.

The company I&B Real Estate AD is the owner of City Tower (Telus Tower), a full-let office building in Sofia, Bulgaria with a total area of about 54,000 sq.m. ( The newly built multi-storey office building with modern specifications, excellent accessibility and location was completed and put into operation in 2018. The majority owner of I&B Real Estate AD and lead seller in the transaction was Icon OOD, a company from the GEK Terna Group, a good client of BOYANOV & Co.

The price for the acquisition of the shares of I&B Real Estate AD was based on an agreed value of the property of EUR 78,600,000, subject to adjustments. This constitutes the second largest transaction on the Bulgarian office properties market in the last 10 years.

The buyer NBG Pangaea REIC is the leading real estate investment company in Greece. Its shares are listed on the Athens Stock Exchange (

BOYANOV & Co. provided full legal support and assistance to the buyer NBG Pangaea REIC including legal due diligence, negotiation of the transaction documents and support for successful closing of the transaction and registration of the corporate changes.

The team was led by Nikolay Zisov, Partner and included also Adriana Bakalova, Associate, Iva Miteva, Senior Associate, Georgi Drenski, Senior Associate and Nedyalka Novakova, Associate.

Yordan Naydenov, Partner, Nickolay Nickolov, Partner, Dr Nikolay Kolev, Senior Associate and Svetlana Tzvetkova, Associate, provided legal support and assistance to the sellers.

Both teams worked independently in strict observance of the applicable Chinese Wall internal rules and principles.


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