bpv Grigorescu Stefanica assisted Soravia Group’s Romanian branch in the sale of part of its properties to the real estate developer of Cosmopolis10 September 2018
Atlas Construct Invest SA – one of the Romanian branches of Soravia Group – a major Austrian real estate developer and asset manager, recently sold approx. 9 ha of its approx. 26 ha land owned in Stefanestii de Jos, to its neighbor Opus Land Development S.A. – the developer of Cosmopolis residential complex.
Opus acquired the land in the proximity of its residential project in view of further developing Cosmopolis, on the shore of the lake located on the northern side of Cosmopolis.
Following the transaction, Atlas has retained a significant part of its properties located in Stefanestii de Jos, Ilfov, increasing the possibilities for further developing its project.
The legal assistance for Atlas was ensured by Anca Albulescu, Partner, and Nicolae Ursu, Managing Associate, during the entire transaction, through constant legal support provided both in the structuring phase of the deal and during the negotiation of the transaction documents. The challenge of the legal assistance provided in this elaborated transaction consisted in supporting the parties, as well as their financiers, to converge their interests.
“We are happy to have assisted once again our longstanding client, Soravia, one of the most endeavouring real estate developers on a still recovering market, in reshaping their plans and obtaining the optimal outcome out of competitive interests of all the parties involved“, stated Anca Albulescu, Partner at bpv Grigorescu Stefanica.
“The transaction was a good step in order to sustain the development of the whole area together with one of our neighbors. We thank bpv Grigorescu Stefanica for the business-orientated handling and the positive outcome of the transaction”, added Alexander Kolrus, Head of Legal at Soravia Group.