Penev

Like no other legal field, Real Estate requires stringent adherence to the “Proper Preparation-Prevents-Pretty-Poor-Performance” rule.  In our wide-ranging experience this “6 Ps” principle has proved to be correct time and time again.  The lawyers and real estate experts of Penev LLP together possess substantial experience in performing Site Visit Surveys and Register and Title checks, as well as, drafting Title, Zoning and Land Use Due Diligence Reports.

Project Development involves various arrangements between the owner of the project lands and the developer, with respect to construction and development of a commercial and retail project on the land.  Over many years, Penev LLP has gained substantial experience in representing both international and domestic clients, acting on either side of the complex process of Project Development.
Advice to the US Government in their USD 54 million land acquisition and construction of new complex accommodating the needs of the Embassy, consular section, peace corps, USAID and other US offices.
Provision of advice to the Anglo-American School in Bulgaria regarding the construction of their new facilities and school camps including advice on various contracts with designers, construction company as well as on real estate property issues and rezoning procedures.
Since its establishment in 2005 we act on behalf of Lewis Charles Sofia Property Fund (AIM listed in London) in relation to a wide variety of projects, including acquisition of plots amounting to more than EUR 100 million in various areas in the country, advising on all Bulgarian law aspects of the acquisition, including but not limited to property issues and construction law issues, etc.

Penev LLP advises client on each stage of the Construction process.  We are competent to draft and perform Title and/or Zoning Due Diligence Reports, Investment and Technical Design Agreements, Construction Works Agreements, as well as Construction Supervision Agreements.
Provision of advice to ADF, France on their project in Bulgaria, pertaining to construction and operation of wool-processing facilities, environmental issues and licensing of activities.
Provision of ongoing advice to one of the largest European retail consumer product companies - Hit Hypermarket Bulgaria Ltd., in establishing its business in Bulgaria in relation to the construction of shopping malls in 10 Bulgarian cities.
Acting for ?I?ECAM  Group, one of the largest glass producers in Europe, on their USD 150 million investment in Bulgaria – the largest ever green field investment project in Bulgaria. . The project included obtaining a concession for extracting of ores and the construction of a factory for production of float glass in Bulgaria.

We provide full-scope services in the field of real estate investment, including business structuring, contract negotiations and drafting of various development and construction agreements, forms and protocols.
Provision of investment advice to Black Sea Property Fund and support on various development and construction issues.
Representation and advice to the largest UK privately held real estate developer William Pears Group in their participation in the privatization procedure of ADIS (Bulgarian State-owned company providing residential and commercial facilities to the diplomatic corps in Bulgaria).
Provision of advice to Savills on all their operations in Bulgaria with respect to various real estate matters and land acquisition.

Penev LLP has been entrusted by its clients to prepare and perform successfully complex sales or acquisition transactions.
Provision of advice to Heitmannn Real Estate Investment Management in relation to a EUR 12 million commercial development project – Acquisition of two Office Buildings and plots of adjacent land.
Provision of advice to HSBC London on a major real estate project regarding the acquisition and sale of real estate properties in Bulgaria.
Provision of advice to METRO Cash & Carry Bulgaria Ltd. on the establishment and development of their retail facilities in Bulgaria.

Due to our in-depth understanding of the magnitude of the processes entailed by  infrastructure development, we have been retained by a number of industry leaders to advise them on the infrastructure construction opportunities in Bulgaria.
Acting for Enel S.p.A. in negotiations with RAO Systems (Russia) with regard to a acquisition of energy assets in Bulgaria.
We acted for Mitsubishi on a renewable energy (wind generators) project in Bulgaria. The work included drafting and negotiating contracts for the supply and installation of wind turbines and the service and availability agreement, representation private parties and negotiation with the Regulator.
Provision of full scope legal advice on the set up and operation of the local business of Statkraft Markets GmbH - a leading player in Europe in renewable energy, involved in generation of hydropower, wind power and district heating, as well as construction of gas power plants in Norway and Germany, thus being a major player on the European energy exchanges market

Our lawyers know that planning is of crucial importance for a successful transaction, therefore we add to clients’ business endeavors planning in the area of real estate in the country.
Provision of advice to York Capital (US) with respect to various real estate matters and land acquisition.
Acting for Newport Properties Ltd. in the acquisition of real estates at the Bulgarian Black Sea resorts.
Advice to Tishmann International Management Limited (UK) in relation in large investment projects in Bulgaria.

At Penev LLP cost-efficiency, alongside with regulatory compliance, has always been on focus, therefore we provide specialized tax planning advisory services on the real estate investments of our clients.
Acting for Mountain Resorts Ltd. with respect to the acquisition of a real estate and hotel facility.
Acting for Bankya Estates Ltd. with respect to the acquisition of plots of land.
Acting for Australis Ltd. with respect to the acquisition of real estates at the Bulgarian Black Sea resorts.

More than ever, arrangement of suitable financing and project structuring, is vital for successful completion of real estate development.  Penev LLP has been very instrumental in providing tailor-made solutions to clients’ financial and tax structuring needs.
Provision of advice to a  large London based Investment Bank on the Senior secured trenched loan facility and the Bank’s preferred equity investment Project in Bulgaria;
Provision of advice to the EBRD including negotiations on behalf of the bank, preparation of contractual documentation including drafting of Loan Agreement, Equity Subscription Agreement and Shareholders Agreement in relation to the “Boliari” project in Bulgaria for the proposed financing of the construction of shopping  malls;
Drafting and registering with the Bulgarian National Bank finance loan agreements for various clients of Penev LLP (e.g. “Monicomp Bulgaria” Ltd., “Black Sea Properties” Ltd., “Newport Properties” Ltd., “Australis” Ltd etc.)

Over the many years of our practice Penev LLP has represented both the lessor and the lessee in the process of negotiating and executing various lease agreements.  As the process of securing the client’s most suitable lease could require much time and effort, we fully engage with the client’s business objective, from the very beginning,, advising, drafting and registering leases to support  client’s business operations.
We currently act on behalf of AT&T with respect to a complex lease dispute involving trilateral contractual relations, advising on all Bulgarian law aspects of the lease, drafting documents and negotiation.
Negotiation, drafting and execution of Lease Agreements for retail spaces in large shopping centers such as Serdika Centre, Carrefour Tzarigradsko Mall, Grand Mall Varna, Galeria Stara Zagora Mall for members of Inditex S.A. Group in Bulgaria, inter alia Zara Bulgaria, Massimo Dutti and others. Assistance in Escrow transactions ancillary thereto.

At Penev LLP, we acknowledge that a state-of-the-art development is of no business use and value if requisite construction rules and regulations have not been fully met by respective parties in the Project Development.  Therefore, we assist our clients to either fulfill those statutory requirements, as developers, or have the same fully complied with for the benefit of property owners and/or project investors.
Registration of Inditex S.A. contractors Ancin Clima, Metalyeso, Liñagar, Decorga with the Central Professional Register of Builders for performance of construction works. On-going advice and assistance regarding construction law compliance;
Acting for Black Sea Properties with respect to a large Greenfield-project regarding purchase of land and approval with respective municipal and governmental authorities of the construction project (infrastructure and construction project);
Represented the Turkish ?i?ecam  in the land acquisition and concession-granting issues relating to the construction of a factory for the production of float glass - a USD 150 million project, to be the largest green filed investment project in Bulgaria to date.

We assist our clients in protecting their interests in respective real estate projects to the maximum extent.  Our lawyers advise our clients in the whole process of foreclosure of any security imposed on a property and/or project, representing the clients before various state and court authorities, organizing and conducting of requisite legal procedures.
Penev LLP’s real estate lawyers also advise Lewis Charles Sofia Property Fund Bulgaria in drafting, execution and registration of mortgages and pledges of land and buildings.
Representing HEPP III Luxemburg Master S.a.r.l. as a sole-owner of Heitmannn Bulgaria Ltd. for execution of EUR 22 million Registered Going-concern Pledge.

As in Roman times “Pacta sunt servanda” (Latin for "Agreements must be kept") where this principle refers to private contracts, stressing that contractual arrangements between the parties are recognised and enforced by the law.  We at Penev LLP pay special attention and focus on drafting customized contracts providing for all steps and stages of the real estate acquisition and/or development process.
We currently act on behalf of ADF, France (part of Dewavrin Group S.A) with respect to the sale of real estate located in Parvomai, Plovdiv Municipality, advising on all Bulgarian law aspects of the sale, including but not limited to property issues and construction law issues.
Provision of advice to ‘Den & Nosht’ Ltd. on finance schemes for acquisition production devices for their factory in Gorna Orjahovitza.
We currently act on behalf of TEAK Ltd. with respect to the acquisition of a number of properties located in Sofia, advising on all Bulgarian law aspects of the acquisition, including but not limited to property issues and construction law issues, etc.

Protecting clients’ legitimate interests by representing them before all three levels of the Bulgarian court system, as well as, before special courts of arbitration established with various business and industry chambers.
We currently defend the interests of Black Sea Properties in civil proceedings involving more than fifteen parties for the cancellation of a title of ownership.
Representation of Lewis Charles Sofia Property Fund Bulgaria EOOD with respect to its claim for declaration of insolvency of a major Bulgarian developer. The complex legal proceedings involve damages in the amount of approximately EUR 2.5 million.
Representation of AT&T in out-of-court proceedings with respect to a complex lease dispute involving trilateral contractual relations advising on all Bulgarian law aspects of the lease, drafting documents and negotiation.