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 privatisation 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 InterContinental Sofia), 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 estate 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* hotel, Hilton 5* hotel, Marriott 5* 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, Republic of South Africa, etc. on their investment projects in Bulgaria. The firm was involved in the acquisition of several malls in the town of Sofia as well as the malls in the towns of Bourgas, Veliko Tarnovo, Varna, and Plovdiv; acquisition of a former governmental residence in the town of Sandanski, a substantial number of commercial, office, residential and multifunctional projects in the major cities of the country, Black Sea Coast and mountain resorts, the development of “Okol Lake Park” being an entirely new, greenfield residential area to be constructed at an area of totally 3,000 decares, with residential, office and retail buildings, school, hospital, Pullman 5* hotel, restaurants, and an 18 holes golf course, etc. The firm advised 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 Fraport AG in relation to getting the concession for both Varna and Bourgas airports and for the tender procedure for granting a concession for the Sofia Airport. The firm is currently advising the owner of a Varna-based public transport port on the reconstruction of the port, construction, and long-term lease of new silos facilities for loading, unloading and storage of grain. The firm has advised Silver Star on the acquisition of the entire network of service centres and showrooms for Mercedes branded vehicles around the country and is currently advising the client on the land purchase and subsequent construction of a brand-new service centre for Mercedes trucks, office buildings and showroom in Sofia. BOYANOV & Co. advised Hewlett-Packard Global Delivery Bulgaria Center on a 10-year lease of a building to be built to suit the specific client’s needs. Boyanov & Co. advised NBG Pangaea REIC on the acquisition of a Telus Tower – a landmark modern office building in downtown Sofia.
BOYANOV & Co. has advised the Engineer in relation to the strategic Bourgas-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 Oman Investment Authority, Ideal Standard Inc., Mondelez International (former Kraft Foods International, Inc.), McDonald’s, Hewlett-Packard, Procter & Gamble, The Coca Cola Company, Philip Morris, GEK Group (Greece), Metron (Greece), Cleves Investments LLP (UK), Markan Holding, Hystead Limited (a subsidiary of South African Hyprop Investments Limited and PDI Investment Holdings Limited), Eurobank Bulgaria AD, Bulgaria Air Maintenance AD, Behr-Hella Thermocontrol GmbH, Kamenitza AD (a Molson Coors brewing company), Westinghouse Electric Company, NBG Pangaea REIC, 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.
