Real Estate
Real Estate is an industry in which our firm has developed a particular expertise widely recognised in our jurisdiction. We have extensive experience in real estate projects and have been involved in many of the largest and most complex transactions in Greece. We have dealt with many transactions regarding the acquisition, exploitation and/or the use of real estate property for a great variety of purposes (office buildings, residential property, commercial centres, cinemas, hotel buildings & leisure sites, industrial sites, warehousing & logistics facilities, fuel terminals, blending plants, mines & quarries, etc) always providing comprehensive support in legal and tax matters.
In particular, we have advised major international enterprises, developers, development consultants, financial institutions and investors (both resident and non-resident) to assess and administer all tax liabilities arising in Greece (such as corporate income tax, stamp tax, property tax, municipal tax and VAT). Further, we have been advising on a great variety of legal issues related to for example, regulatory restrictions with respect to land usage, administrative permits, implications arising from the transfer of land in frontier areas and others.
Our involvement has been relevant to:
- The structuring of the acquisition of real estate property and the use of flexible and tax efficient schemes (i.e. choice of the most appropriate property vehicle, legal due diligence, equity structure, financing arrangements etc)
- The holding, development as well as the commercial exploitation of real estate property (e.g. commercial leases, sale and lease back agreements, construction contracts etc.)
- Divestments related to real estate property (i.e. exit strategies, repatriation of profits, international tax implications etc.).
For further information on our tax expertise including inter alia on real estate tax issues please click the relevant word.
Relevant Projects/Assignments
Example cases recently handled include representing:
- The Stavros Niarchos Foundation with respect to the largest private real estate project currently being developed, consisting of the construction of a Euro 450 million Cultural Center which will include new state-of-the-art facilities for the Greek National Opera and the National Library of Greece, set within an Educational and Cultural Park. We advise the Foundation on most legal and tax aspects of the project including negotiation of agreements with the Greek state and public authorities, construction companies, suppliers of services, etc.
- Tui Travel PLC in investments in corporate vehicles/hotels holding real estate in Greece
- A company owning an island in the Ionian sea on all legal issues regarding the possibility of development of the island
- One of the largest international food retailers in Greece in the leasing of shops and entertainment facilities in a Commercial Center to be constructed in Sophia, Bulgaria. Our work included preparing all relevant contracts and negotiating and managing all aspects of the leasing process for over 100 tenants on an ongoing basis for over 2 years
- Deutsche Post AG on the sale and lease back of the real estate property of its local subsidiary DHL
- SGB, subsidiary of Leroy Merlin, in Greece, as well as Leroy Merlin, on leases of large scale stores for the operation of Do-It-Yourself stores as well as on the purchase of real estate plots and the relevant construction agreements
- SGB, subsidiary of Leroy Merlin, in Greece, as well as Leroy Merlin on a concession agreement with the Athens International Airport for the operation of one store situated in the area close to the Athens International Airport
- Sfera Joven with respect to the lease agreements of its stores in Athens, Patra and Thessaloniki
- Footlocker with respect to the lease agreements of its stores in Athens and Thessaloniki
- Iberdrola Inmobiliaria with respect to their real estate investments in Greece
- Deutsche Bank with respect to the acquisition of Euro 120 million property portfolio
- Credit Agricole with respect to the acquisition of a Euro 100 million property portfolio
- Klepierre on a large contemplated real estate transaction in Patras and Thessaloniki
- Deutsche Bank (Real Estate Opportunities Group) on the first structured sale and leaseback in Greece. Our advice on the Euro 60 million transaction included the legal due diligence of 16 supermarket properties, the negotiations of the relevant sale and purchase agreements, financial and commercial lease agreements
- LaSalle with respect to the acquisition from Carrefour-Marinopoulos of a shopping center and a leisure center in Central Greece. Our advice on the Euro 19 million transaction included the legal due diligence of the property, the structure of the transaction and negotiation of the relevant sale and purchase agreement
- Α major Austrian bank in real estate project finance related to a large hotel & leisure development in the Peloponnese
- Τhe Bank of Piraeus and its subsidiary company, PICAR, on one of the largest real estate development projects in downtown Athens
- MyTravel Group plc on the restructuring and refinancing of its hotel investments in Greece
- Τhe Hellenic Tourism Organization and its subsidiary, ETA, on the legal due diligence and evaluation of more than 150 properties situated all over Greece
- Τhe Heracles-Halkis Cement group on the legal status and development opportunities of their real estate properties
- Thomas Cook on its sale of a holding vehicle owning extensive property in Rhodes.
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