Real Estate

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 use of real estate 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 on legal and tax matters.

In particular, we have advised major international enterprises, developers, development consultants, financial institutions and investors (both resident and non-resident) on how to assess and administer all tax liabilities arising in Greece (such as corporate income tax, stamp tax, property tax, municipal tax and VAT). We have also provided advice on a great variety of legal issues, among which regulatory restrictions on land usage, administrative permits and implications arising from the transfer of land in border areas.

Our experience includes:

  • Structuring real estate acquisition and use of flexible and tax efficient schemes (i.e. choice of the most appropriate property vehicle, legal due diligence, equity structure, financing arrangements etc.)
  • Advising potential investors with respect to the contemplated privatisation of state-owned real estate, including the due diligence of the real estate assets. The holding, development as well as the commercial exploitation of real estate (e.g. commercial leases, sale and lease back agreements, construction contracts etc.)
  • Divestments related to real estate (i.e. exit strategies, repatriation of profits, international tax implications etc.)
  • Advising clients with respect to the renegotiation and/ or termination of lease agreements
  • Advising high net-worth individuals who are interested in acquiring real estate in Greece for residential purposes
  • The legalisation of unauthorised constructions in collaboration with engineers.Advice on the legal framework applicable to real estate projects, which covers zoning & planning areas, permits & other regulatory approvals, forest and archaeology clearances and drafting construction agreements
  • Advising clients with respect to the establishment and operation of Real Estate Investment Companies on all relevant regulatory, corporate and tax related aspects
  • Litigation on all issues pertaining to real estate (e.g. title claims, lease disputes, tax claims).
For further information on our tax expertise including, inter alia, real estate tax issues please visit the relevant section. 

Indicative cases recently handled include representing:

  • The Stavros Niarchos Foundation with respect to the largest private real estate project currently being developed; said project involves the construction of a Euro 450 million Cultural Centre which will comprise 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 the negotiation of agreements with the Greek state and public authorities, construction companies, suppliers of services, etc.
  • The owners of two of the largest private islands in Greece on a wide array of legal, regulatory and tax issues related to the use, exploitation and sale of the islands
  • Tui Travel PLC in investments in corporate vehicles/hotels holding real estate in Greece
  • Numerous subsidiaries of large multinational corporates (e.g. HP, Nokia, SGB, Footlocker, Media Markt, Philips) on the renegotiation and/or termination of their lease agreements
  • Numerous high net worth individuals with respect to the acquisition of residential properties in the mainland and on the islands
  • One of the largest international food retailers in Greece in the leasing of shops and entertainment facilities in a Commercial Centre 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
  • A multinational corporation in clarifying the current lease and ownership status of a block of apartments; our work included updating leases and advising the client on the most efficient manner of exploitation of such apartments, as well as on the restoration of the building
  • 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, on leases of large scale stores for the operation of Do-It-Yourself stores as well as on the purchase of real estate plots. The advice given covered the relevant construction agreements and a concession agreement with the Athens International Airport for the operation of a store situated by 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
  • 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 financial, commercial lease and sale and purchase agreements
  • Deutsche Bank AG and its subsidiary REIB Europe Investments Limited in relation to its joint venture with Lamda Development S.A. in EFG Eurobank Properties S.A. that was subsequently converted into a Real Estate Investment Company
  • LaSalle with respect to the acquisition from Carrefour-Marinopoulos of a shopping centre and the subsequent sale and a leisure centre 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
  • Piraeus Bank and its subsidiary, 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
  • Piraeus Bank on all tax related aspects of the new legal framework enacted by law 2778/1999 regarding the establishment of the second Real Estate Investment Company in Greece
  • Τhe Hellenic Tourism Organisation and its subsidiary, ETA, on the legal due diligence and evaluation of more than 150 properties situated all over Greece
  • Thomas Cook on its sale of a holding vehicle owning extensive property in Rhodes.
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