Real Estate

The real estate market has traditionally been one of the key factors of the Greek economy. Greece’s geographical and geopolitical position attracts international investors not only for business ventures, but also for private recreational purposes. Responding to both the limitations and opportunities offered by the credit crunch, we have recently advised on some of the largest and most high profile real estate acquisitions, dispositions, joint ventures, financings and restructurings. Apart from the customary due diligence and contract drafting for Real Estate S&P transactions, our firm undertakes the formation of new structures and vehicles used globally for real estate projects, in order to facilitate financing and to securitize the tax aspects of the projects. New legislation on REICs, Mall Developments, Sale and Lease Back Agreements create a new legal context and enhance investment opportunities in real property in Greece.

We are uniquely qualified to assist clients with such complex matters because of our “one firm” approach to the practice of law. There are no formal departments at Machas & Partners and all clients are clients of the firm, not of an individual partner. This allows our real estate lawyers to collaborate with our experts in other related fields and seamlessly work together to best serve our clients.

We have acted as Greek counsel to:

  • a leading domestic real estate investment company is its €37,5m acquisition of an Italian closed-end speculative real estate investment fund, in the context of diversification of client's investment portfolio. (January 2014)
  • National Bank of Greece in connection with the €653m sale to Invel Real Estate (Netherlands) II BV of a 66% stake in its wholly owned subsidiary NBG Pangaea REIC. Implementation of this complex transaction, the largest M&A deal in Greece in 2013, has required the granting of approvals by national and European authorities including the Hellenic Financial Stability Fund, the European Commission DG Comp and the Hellenic Capital Markets Commission. Morgan Stanley acted as financial adviser to NBG. (December 2013)

For more information about our real estate practice please contact Diana Vougessis.