bpv Grigorescu Ştefănică advised the Dutch-based property management leader MVGM in the acquisition of the property management business of JLL in Romania3 July 2019
The company MVGM, a leader on the Dutch property management, and the real estate services company JLL concluded an agreement for the takeover by MVGM of the property management division of JLL in Continental Europe, including Romania, becoming one of the first 5 players on property management market in Europe.
bpv Grigorescu Ștefănică acted as local counsel for MVGM in relation to the acquisition of the property management business of JLL Romania, including the JLL teams specializing in retail centers management.
MVGM is a leader on the Dutch real estate market, focusing on the property management sector, having approximately 900 employees in over 20 different locations in the Netherlands. MVGM was already active in Germany prior to concluding the transaction.
Following the transaction, MVGM will become one of the top 5 players on property management market in Europe. Moreover, the access of MVGM to another 8 countries from Europe, namely Spain, Portugal, Belgium, Luxemburg, Poland, Czech Republic, Romania and Slovakia will be facilitated and its activities in the Netherlands and Germany will be extended, by 540 new employees. Furthermore, the portfolio of MVGM in the Netherlands and Germany, currently in surface of 6.4 square meters will increase by over 12 million square meters.
MVGM will integrate gradually the new activities in its current business, in cooperation with JLL, by concluding separate transactions in each country, between September and December 2019, once all the necessary approvals from the authorities will be obtained.
bpv Grigorescu Ștefănică team, coordinated by Cătălin Grigorescu, Managing Partner and consisting of Cristina de Jonge, Managing Associate, Cristina Randjak, Managing Associate, Diana Radu, Associate and Andrada Popescu, Associate, provided legal advice and assistance in relation to the structuring of the transaction based on the local legal and regulatory particularities and in performing the due diligence investigation regarding the JLL property management division in Romania, including the relevant contracts and employees.
Moreover, bpv Grigorescu Ștefănică team advised MVGM in relation to the transaction documents related to the Romanian division of JLL and will continue to provide assistance until completion and full implementation of the transaction locally. bpv LEGAL offices from Vienna (bpv Hügel), Hungary (bpv Jadi Nemeth), Czech Republic and Slovakia (bpv Braun Partners) have advised on the relevant transaction matters in their respective jurisdictions.
The Hague office of the Dutch law firm Barents Krans acted as lead international counsel for MVGM and coordinated the legal assistance provided in the various relevant European jurisdictions.
bpv Grigorescu Ştefănică advises some of the most prominent names active in the commercial real estate development and investment sector in Romania such as Immofinanz, Soravia, Aviva, CTP Invest, Commerz Real, East Balkan Properties, as well as residential property developers, property managers and financiers.