'The economic and political reform that started in Bulgaria since the beginning of 1990 brought massive changes in the structure of property. Today foreign investments in property in Bulgaria are growing fast and this trend is expected to increase with the expected accession of Bulgaria to the EU on January 1, 2007.
Our Property Practice has been rapidly developing in close relation with our Foreign Investment, Construction, Tax and Corporate Practices to meet the growing challenges. The complexity of the matters we deal with often requires joining the skills of different specialists of the firm. Therefore, Borislav Boyanov & Co. has established a specialised property and construction team to meet the requirements of the increasing number of foreign and domestic investors in real estates as well as the challenges of large infrastructure projects, which have to prepare Bulgaria for its successful integration into the common market of the EU. The firm is a preferred partner for British, Irish, Dutch, Israeli and other foreign and local investors and developers.
Borislav Boyanov & Co. provides a full range of property law services ranging from one-off opinions on specific matters and advice to individual investors to long-term advice on a portfolio of projects and support of large infrastructure projects. In particular, we provide advice and assistance in connection with:
property aspects of M&A, privatization and concession transactionsproperty acquisitions, including, property legal due diligence, structuring the transaction, including adjustment of its financial and tax aspects, negotiations with counterparties, drafting transaction documentation, collateralization of paymentsproperty development, including establishment of local special purpose vehicles, property and development options due diligence, relations between project partners, obtaining required construction and development permits and authorizations, relations with public authorities, infrastructure and utility companies, drafting construction contracts, sale or lease agreements or other contracts for the utilization of commercial propertiescapital in-kind contributions - real estate, machinery, equipment, securities, receivables, etc.
rent and lease (operational or financial) of real estate, aircraft, ship, commercial enterprises, etc.
collateralization of claims - pledges of commercial enterprises, securities, receivables, aircraft chattels, mortgages of real estates and ships; transfer of secured claimsdebt/equity swaps
foreclosure of mortgages and pledges
infrastructure projects - detailed and comprehensive advice on the legal framework, due diligence, assistance during the implementation of the project, negotiating and drafting transaction documents, negotiations with public authorities
handling restitution claims
Major projects implemented with the assistance of Borislav Boyanov & Co. include the Euro 580 million project finance transaction for the rehabilitation of Maritsa East III Thermo Power Plant, which included contribution in-kind of the assets of the power plant into the capital of an SPV; acquisition of property companies managing large commercial properties such as the Sofia Central Department Store; Interpred (the former largest office building); Hotel Sheraton Sofia Balkan, Radisson SAS Hotel, etc. We have also advised McDonald’s Bulgaria in the process of the establishment of their restaurant network in Bulgaria through purchase, long-term lease or other transactions as well as AIG Life Bulgaria in the establishment of their network of offices and agencies throughout the country.
Borislav Boyanov & Co. has been involved in the development of major infrastructure projects such as the Bourgas-Alexandrou-polis oil-pipeline, construction of regional gas distribution networks, concession of water supply networks, etc.
Borislav Boyanov & Co. has provided services and legal assistance on several projects of the UK based company First Choice Holidays, which has been financing the construction and development of a number of hotels at the Bulgarian Black Sea coast – in the Elenite, Golden Sands and Sunny Beach resorts.
Borislav Boyanov & Co. advises the Canadian Corporation Dundee Precious Metals on all aspects of its mining business in Bulgaria, including the acquisition of private and municipal land, construction of business and commercial facilities, recovery of the land at the end of the mine useful life, etc.
We have represented Ansett Worldwide, United Technologies, CIT Aerospace, Singapore Aircraft Leasing Enterprise Pte. Ltd., Deutsche Structured Finance GmbH and others in connection with the leasing of Western aircraft.
Borislav Boyanov & Co. is currently advising a consortium of foreign investors in a multimillion project for the development of a designated technological and industrial park near one of the major Bulgarian towns as well as the investors in a project for the development of the largest golf resort in Bulgaria.'