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01.02.2019

Lease Agreement for Kremikovtzi Terrain


Lease Agreement for Kremikovtzi Terrain - Kambourov and Partners

Kambourov & Partners Attorneys at Law adds one of the major real estate deals of 2018 to its portfolio of mandates. Austrian company SORAVIA Group GmbH and First Investment Bank signed a lease agreement for 40% (4000 decares) of the terrain of what used to be Bulgaria's largest metalworking company - Kremikovtzi AD. Atanas Shopov, partner and head of the Real Estate & Construction practice at Kambourov & Partners Attorneys at Law, advised First Investment Bank on all aspects of the deal - the financial lease of the land, zoning, and development of the properties, as well as on the related environmental aspects. Financial lease transactions for land are generally quite few on the local market (as opposed to those considering buildings and construction of buildings) and respectively are rather challenging. In this particular case, all aspects of the real estate investment process were tackled. The deal is among the largest ones for 2018, both in terms of purchase price and size of acquired area. SORAVIA Group GmbH announced it seeks to attract industrial, logistics, commercial and infrastructure companies to develop their business on the ex-Kremikovtzi terrain.