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Reff & Associates assisted Bank of Cyprus in the financing of the first phase of the Colosseum shopping center

Reff & Associates assisted Bank of Cyprus in the financing of the first phase of the Colosseum shopping center Reff & Associates acted as exclusive legal advisor to Bank of Cyprus in the structuring and implementation of the first large financing transaction concluded in the real estate sector in Romania in 2011, namely the loan facility provided to Nova Imobiliare for the development of the first phase of the Colosseum shopping center in Bucharest. According to the developer, the first phase of the retail park will be opened to the public in September 2011.

This transaction adds to the total number of finance and debt restructuring mandates (both on lender and borrower side) with an aggregate value of over 600 million Euro in which the Banking & Finance Team of Reff & Associates has been involved in 2010.

The assistance provided by Reff & Associates to Bank of Cyprus included legal due diligence, preparation and negotiation of the financing and security documents, as well as review of the construction and lease agreements.

“In a loan market dominated by debt restructuring mandates we are pleased to have contributed to the structuring of a transaction including fresh funds for the development of an ambitious project, one of the very few financings of real estate projects concluded over the last two years. As expected, the transaction was quite complex both from commercial and legal point of view. In comparison with similar transactions in the past, the lenders and borrowers currently involved in such deals have new angles which they want to address in the legal documentation. The challenge of reaching a common view addressing both the commercial interests and the need for a solid legal structure requires the involvement of experienced teams by all parties,” says Andrei Burz-Pînzaru, Partner, coordinator of the Reff & Associates Banking & Finance Team.

“Our previous experience in large finance transactions (either lender or borrower side) as well as the professionalism and dedication of the team members have been instrumental in successfully concluding the deal.
The specific aspects of such a real estate financing were covered by the competencies of a mixed banking and real estate team. A number of seven lawyers were involved in the transaction and I would like to underline the decisive roles played by Simina Mut – Managing Associate and Irina Albușel – Senior Associate, from the Banking & Finance Team, respectively Robert Ioniță, Managing Associate from the Real Estate Team,” Andrei Burz-Pînzaru continued.

“The challenges encountered during the process of financing a large scale Development Project such as the Colosseum are, by nature, numerous and complex. Current market conditions add more obstacles to the accomplishment of such a transaction,” said Spyros Spyropoulos, Structured Financing Coordinator with Bank of Cyprus.

Cella Lascu, Project Financing Relationship Manager with the bank, added: “Bank of Cyprus Romania, thanks to the dedication of its on board teams and the continuous support of its external advisors, is pleased to be part of this new, significant development for the city of Bucharest.”

Panico Panayi, Managing Director of Nova Imobiliare, said: “Romania is the seventh largest member of the European Union and its potential is huge. We have full confidence in the future of Romania. Nova’s Colosseum development, because of its design and quality, will tap into this market. The Colosseum is not for the immediate area, but for the whole of Bucharest and for the area of 60 kilometres around Bucharest.”

Reff & Associates project team: Andrei Burz Pînzaru – Partner, Simina Mut – Managing Associate, Robert Ioniță – Managing Associate, Lucian Tănase – Managing Associate, Irina Albușel - Senior Associate, Ioniță Valeriu - Senior Associate, Diana Rădoi – Associate.

Reff & Associates is the correspondent law firm of Deloitte Romania, integrated with the Deloitte multi-disciplinary advisory practice and affiliated to a network of law firms and legal departments working with Deloitte all over the world. The professionals working with Reff & Associates have significant experience in high level transactions, in which complex matters are addressed from cross-border and multidisciplinary perspective. The multidisciplinary experience of legal professionals allows them to provide, together with other Deloitte professionals, a complete answer to the needs of their clients. They propose state-of-the-art services relying not only on legal and regulatory expertise but also on the use of innovative processes. Their global and systematic approach allows clients to integrate early in their strategy potential legal issues, thus anticipating and preventing legal risks and minimizing the disruption of business operations.

Founded in 1899, the Bank of Cyprus Group is the leading Cypriot banking and financial services group. In addition to retail and commercial banking, the group’s activities include finance, factoring, investment banking, brokerage, fund management, life and general insurance. In Romania, Bank of Cyprus operates a network of 12 branches and 2 agencies in Bucharest and other major cities. Bank of Cyprus has participated in the past in the financing of important projects and companies..


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