Real Estate and Construction

˜I was impressed by the abilities they possess when it comes to real estate matters, such as acquisitions, consultancy matters and refinancing.

˜Radu Pavel, the managing partner of the law firm, is highly experienced, very careful with details, and a very diligent and proactive lawyer.

LEGAL 500 2019 – REAL ESTATE AND CONSTRUCTION TIER 4

Pavel, Margarit & Associates Romanian Law Firm`s team features exceptional lawyers, who are very knowledgeable and provide helpful recommendations. Client-friendly practice head Radu-Catalin Pavel is a very practical business lawyer and regularly engaged in complex real estate transactions. Other areas of expertise include real estate financing and construction projects.

LEGAL 500 2018 Tier 4 Real Estate and Construction

Pavel, Margarit & Associates Romanian Law Firms team is ˜professional and responsive with ˜a depth of experience across a range of real estate matters. Radu-Catalin Pavel provides ˜excellent strategic advice.

Pavel, Margarit & Associates Romanian Law Firms team is ˜professional and responsive with ˜a depth of experience across a range of real estate matters.

LEGAL 500 2017 Tier 4 Real Estate and Construction

Pavel, Margarit & Associates is very knowledge able in real estate and construction.

The Attorney at Law Radu-Catalin Pavel, who has extensive experience, advised a developer on a 90-property residential development near Henri Coanda International Airport.

International Financial Law Review IFLR1000 2020

Banking and Finance, Corporate and M&A

Highly regarded lawyer expertise in Real estate, Restructuring and insolvency and Banking practice area

This year, the law firm was ranked among the best companies in Romania in Banking and Finance practice area. At the same time, IFLR1000 recognized the results obtained by Pavel, Margarit and Associates Romanian Law Firm within the Corporate practice area. This is the fourth year in a row that the famous publication recognizes the results obtained by the lawyers from Pavel, Margarit & Associates Romanian Law Firm.

IFLR1000 specialists note that Pavel Margarit & Associates specializes in the minerals sector advising foreign mining and development companies on both corporate transactions and project work. The research period saw the firm act on acquisitions, financings and restructurings for international mining groups. It also provided regulatory advice concerning mining explorations and operations in Romania. Elsewhere, work in real estate and financial sectors also kept the firm busy.

At the same time, IFLR 1000 ranked Radu Pavel, the Managing Partner of Pavel, Margarit & Associates Romanian Law Firm, as Highly regarded lawyer for his expertise in Real estate, Restructuring and insolvency and Banking practice area.

International Financial Law Review IFLR1000 2019

Banking and Finance, Corporate and M&A

Highly regarded lawyer expertise in Real Estate, Restructuring and Insolvency and Banking practice area

The guide has recently published the new rankings, valid for the year 2019. Pavel, Margarit & Associates Romanian Law Firm was ranked on top places in ‹‹Banking and Finance and Corporate practice area.

IFLR 1000 ranked Radu Pavel, Managing Partner of Pavel, Margarit & Associates Romanian Law Firm, as one of the most valuable and experienced lawyers in Romania in Banking and in Restructuring and Insolvency practice areas, in cases related to Real estate industry.

IFLR1000 specialists note: Pavel Margarit & Associates specializes in the minerals sector advising foreign mining and development companies on both corporate transactions and project work. The research period saw the firm act on acquisitions, financings and restructurings for international mining groups. It also provided regulatory advice concerning mining explorations and operations in Romania. Elsewhere, work in real estate and financial sectors also kept the firm busy.

• Assisted a major real estate developer, that developed a residential project of 102 top villas in Bucharest in day-to-day business operations, such as negotiations with buyers for purchase, drafting and negotiating transaction documents (sale-purchase agreements), drafting and reviewing the contracts with utilities providers. We also assisted the client in all phases of the project, starting with a lengthy due diligence report for the acquisition of the land where the project was developed. (EUR 8,000,000)
• Assisted a major Romanian real estate player in the pre and post implementation phases of a cross-border project. Prior to the completion of the phase B of the project, the developer opened the insolvency proceedings, which in turn added complexity to the mandate. We assisted in connection to all real estate matters arising from the execution of the project to the selling of the apartments, negotiations with the buyers, drafting the sale-purchase agreements, drafting legal opinions on legal issues that inevitably arose in the day-to-day activity of a company, evaluation of all the assets, due diligence and regulatory matters. (EUR 8,000,000)
• Assisted an operational mining exploration and development company in Romania for natural resources in a cross-border due diligence project on the real estate assets consisting in mine galleries, lands, apartment blocks, administrative buildings and other property part of the mining exploitation. The due diligence report was a condition precedent to enter in the prepayment agreement with one of the largest trading houses of concentrates in the world. Spanning over three jurisdictions, Romania, the U.K. and U.S., our services included the drafting of a complex due diligence report over the real estate assets owned by the client, drafted, negotiated and concluded an immovable and movable mortgage agreement. (USD 9,500,0000)
• Assisted one of the major land developers in the north of Bucharest, in the process of concluding a cross-border joint venture agreement with an investment company that buys, renovates and sells luxury villas. Our services included drafting the joint venture agreement, with a careful attention to the condition subsequent, in order to obtain the ownership of the project from a company in bankruptcy. In addition to that, we negotiated the post-closing conditions and the events of default and the condition for termination of the agreement, drafted the security package, assisted and advised in discussions with the General Constructor and made on-site visits. (EUR 5,000,000)
• Assisted a major Romanian iron and steel manufacturer on acquiring an NPL real estate portfolio from a private equity fund that was previously owned by the largest Romanian financial institution (cross-border project). We prepared and drafted a legal due diligence report for the assets, drafting and negotiating the transaction documents and the promissory sale and purchase agreements and assisted in all negotiations with the related parties. Our mandate involved assistance in all stages of the deal, including pre-closing, closing and post-closing matters, inasmuch as regulatory and financings. (EUR 2,500,000)
• Assisted the parent company and its subsidiaries of a leading Romanian retail group of companies owning children products stores and a pharmaceutical chain, with the lease agreements with the major Romanian malls and commercial centers. Our services included assistance with the negotiation of a lease agreement for a 5000 sqm commercial space in a shopping center. Apart from leading the negotiations on behalf of the client, we prepared all related documents to the transactions, drafted the lease agreement and offered further assistance with the post-signing and the afferent matters that arose. (EUR 2,000,000)
• Advised an important Romanian bank listed on the Bucharest Stock Exchange, in a complex procedure involving the evaluation and selling of the assets owned by one of its subsidiaries. Our services included the review of the property documents for the assets, drafting the sale and purchase agreement of the assets, drafting an in-depth real estate due diligence report regarding the assets of the subsidiary, obtaining all necessary documents from the relevant public authority in order to sell the assets and dealing with all regulatory matters. (EUR 1,000,000)
• Assisted a Romanian real estate player having as an associate an investment bank, in a due diligence report on the liquidation of assets. Our services included an extensive due diligence report regarding all the assets of the bank subsidiary in the liquidation process. (EUR 1,000,000)
• Assisted a Romanian subsidiary of a leading Greek logistics service provider, with operations in Greece, Bulgaria and Romania, with the renting of a logistic center for international trucks. Our assistance consisted in obtaining all the necessary documents from the relevant public authorities, drafting and negotiating transaction documents (pre-lease and leases agreements and so on) and dealing with all real estate matters involving the execution of a lease agreement for a logistic park, regulatory matters, as well as land book research. (EUR 1,000,000)
• Assisted a natural person, in selling a large property with more than 1.000 sqm located in an exclusive residential area in Bucharest. Our services included assistance during the negotiation with the buyer, drafting the promissory sale and purchase agreement, performing all the necessary changes in the land registry, obtaining a building permit for an annex and an attic, obtaining all necessary documents from the relevant public authority, drafting of all pre and post-closing agreements. (EUR 800,000)
• Assisted the number one tour operator for holidays at the Romanian seaside with the lease and management of a hotel at the Black Sea from a listed state-owned company. Our law firm assisted with the lease negotiations, drafting the pre-lease and lease agreements and handled all real estate matters arising from the project. In addition to that, due to the Covid-19 pandemic, we assisted the client in negotiations with the contractual partner, in order to balance the contractual obligations assumed by the parties and to renegotiate the agreement in a reasonable manner.
• Assisted a natural person, which developed several residential projects in value of over EUR 30 MIL, in various real estate mandates. We assisted the Client with the negotiations for selling a property in value of EUR 600,000, drafting and negotiating several sale and purchase agreements, revising several sale and purchase agreements, obtaining all necessary documents from the relevant public authority in order to sell the assets and complied with all regulatory matters and day-to-day queries emerging from the transaction. In addition to that, our services included day-to-day assistance in construction related issues, due diligence reports, real estate claims, land book deregistration of seizures or claims, real estate financing loans, joint venture agreements.
• Assisted one of the largest retailers of electric vehicles in Romania, in a real estate litigation regarding a monument building (protected-heritage), against the Mayor House of Bucharest, with the scope of not cancelling the works, the building underwent without a permit. We offered consultancy in terms of analyzing the legislation and drafting a legal opinion with the purpose of obtaining the relevant authorizations for the modification of the building`s design and assisted with all the corporate and regulatory matters. (EUR 500,000)
• Assisted a major Romanian metallurgical factory, in all real estate matters involved by the acquisition of two industrial buildings from an insolvent company. Our services involved drafting of the lease agreement and negotiated with the insolvency practitioner, drafting an extensive real estate due diligence report before the transaction, assisting during the bidding procedure, drafting and negotiating the sale and purchase agreement. (EUR 600,000)
• Assisted one of the major Romanian tour operators in Romania in a project regarding the lease and management of a hotel, from a listed Romanian Bank. Our services included drafting the pre-lease and lease agreement, negotiating the contractual clauses and dealing with all the real estate regulatory matters. As an effect of the Covid-19 pandemic, our client declared incapacity to pay the annual rent to the lessor prior to which we have successfully renegotiated the rent obtaining a substantially reduction from the rent and the reducing of the insurance policy to EUR 800,000.
• Assisted a major Romanian construction and blocks rehabilitation company with the analysis of the contracts with the local council, the general contractor agreements or subcontractor agreements with various subcontractors or general contractors. Our services included thus the analysis of the mentioned agreements, due diligence reports and legal opinions on various matters concerning the business, inasmuch as real estate regulatory and compliance matters. In addition to that, we assisted the client in all phases of the projects undertook.
• Assisted a large Romanian mining company, on matters pertaining to the acquisition of assets through an auction organized by the judicial liquidator named in the bankruptcy procedure of the company. We reviewed and drafted the legal documentation and took all the steps towards registering the assets in the land registry. (EUR 1,900,000)
• Assisted one of the top 3 Romanian supermarkets specialized in the sale and commercialization of products for children, in a real estate matter concerning a lease contract with several malls in Romania. We reviewed and negotiated the contractual clauses of the Lease Agreement and identified and adjusted the abusive clauses, assisting the client signing of the lease agreement, helped the Client to strengthen its position at the negotiations and provided the Client with a clear picture of the legal risks and consequences entailed by any potential failure on their part to comply with the contractual obligations. (EUR 1,000,000)
• Assisted a top Romanian real estate company that rented a commercial building, in a file against the buildings owner in order to recover the amount of money invested in the renovation of the building. We performed a thorough analysis of the situation of the buildings (which were worth EUR 500,000) and of the legality of the improvements made to the estate (which were worth an additional EUR 100,000) and provided a legal opinion on the legality of the improvements brought to the estate with a view to implement a strategy for the recovery of the investments.
• Assisted a major Romanian real estate developer with a legal opinion on some pre-sale purchase agreements having a total value of over EUR 1 MIL. Our role was to identify for the client the opportunities and the steps to be undertaken, in order to conclude the sale-purchase agreements with the individuals with whom the client had signed the pre-sale purchase agreements.
• Assisted a major Romanian real estate developer with a legal opinion regarding the interpretation of the rights and obligations from the preliminary sell purchase agreements signed for some apartments in a resort. Our role was to analyze the possible and imminent unilateral resolution of the preliminary sell purchase agreements caused by the delays of the General Constructor in finishing the construction works assumed. We analyzed the consequences of the possible unilateral resolution of the preliminary sell purchase agreements and also the damages the developer may be obliged to pay.
• Assisted a major Romanian real estate developer to establish certain principles for the regulation and exploitation of the condominium, to be mandatory for all owners and tenants of the Condominium. We drafted a set of regulations on the exploitation and functioning of the condominium, establishing all the terms and conditions for implementing the Regulation on the exploitation and functioning of the condominium.
• Assisted a major Romanian real estate developer that developed a five-star resort of over EUR 100 MIL, in conducting a legal research on the legal provisions applicable, in order to draft a Master Draft of Sale Purchase Agreement to be used by the client in all transactions having as object transferring of ownership rights of the apartments built on one hand, and revised and negotiated the Sale Purchase Agreements to be closed with potential buyers, amounting over EUR 1,6 MIL, on the rights and obligations of each party, on the sellers liability for eviction and so on. Our role was to review all contractual terms contained in the Sale Purchase Agreements, so that they are consistent with the provisions of the law, on one hand and protect the Client against the abuse of potential Buyers on the other hand.
• Assisted a major Romanian real estate developer that developed a five-star resort of over EUR 100 MIL, with a legal opinion on his obligations arising from the provisions contained in the Regulations on the organization and functioning of the residential complex built by the Client in regard to some obligations for tenants that were not applied to the Developer in his quality of owner of several apartments that were not sold yet. Our role was to review the provisions of the Regulation concluding that some applicable provisions do not aim for the obligations of the real estate developer but only for the tenants of the project.