Real Estate, Land Development & Hospitality

Our team has the expertise to guide our clients throughout the life cycle of their real property assets.

We have a history of advising on complex transactions, ownership structures, developments and financings involving significant properties. Our lawyers have advised government agencies and authorities and contributed to the drafting of the town planning and zoning regulatory framework and new laws and regulations in this sector.

We provide a cross-practice offering which encompasses the acquisition, development, commercialisation, management and disposal of residential, touristic, commercial and industrial assets. Our clients include investors, banks, financing institutions, public bodies, non-profit organisations, developers, construction companies, retailers, high-net-worth individuals and real estate trusts and funds. We have acted in major hospitality, secondary residential, touristic and office space development, cinema complex, mall and logistics center projects, as well as marina, renewable energy and other infrastructure projects.

Corporate Real Estate
We advise on all types of real estate corporate transactions involving real property asset portfolios and companies, with experience in significant M&As, joint ventures, sale and leaseback, restructuring and financial leasing deals. Industry leaders choose us to advise them on the Greek and overseas structures available, the establishment of special purpose vehicles, shareholders’ agreements and the representations and warranties necessary to cover their interests in all kinds of real estate deals.
Hospitality & Leisure
We have in depth sector-specific experience in hospitality and leisure and have advised on many of the landmark transactions to have taken place in Greece. We act for prominent global hotel owners and operators, investment funds and financing institutions on the development, financing and construction of hotels, resorts and residence complexes as well as leisure and touristic facilities, including gaming and casinos, sports, health and fitness and cinemas, shopping malls and marinas. We also have an expertise in hotel asset acquisitions and disposals and hotel management, franchise, operation and lease agreements.
Planning & Land Use
An important part of our practice is focused on assisting our clients with regulatory compliance for all types of real estate developments and investments and management of the risks associated with failure to comply. This is a highly regulated sector in Greece with added complexity arising in archaeological areas, and or team has extensive experience in advising on town planning, land use, zoning and environmental issues.
Real Estate Development
Our team has acted in numerous acquisitions of commercial, touristic, residential and industrial property, undertaking land registry and cadastral enquiries, due diligence of ownership titles, the legal issues surrounding maturity actions and drafting documentation for purchase and sale and leaseback transactions. Our lawyers are experienced in handling development and transfer pre-conditions, drafting development and management agreements, construction contracts and agreements with contractors, consultants, operators and other service providers, and advising on registration and other formality requirements. We have a track record of representing both the State and investors in real estate public procurement tenders, advising on procedures, strategies and awards and drafting documentation.
Real Estate Finance
Our Real Estate team works closely with our Finance and Insolvency lawyers to offer a cross-practice expertise, advising all market participants, including banks, real estate companies and real estate funds, on debt and equity real estate financing. We have also repeatedly worked on the structuring of commercial mortgage-backed securitisations.
Real Estate Tax
We provide an integrated service which covers the direct and indirect tax aspects of real estate development, corporate and financing transactions and ownership structures. We advise on transfer pricing, management of the taxes associated with investments, developments and real estate asset portfolios, tax-efficient structuring of both ownership models and transactions, as well as incentives available to reduce or minimize tax exposure.
Recent Experience
GIC Strategic Investment in Hotel Investment Partners (HIP)
We advised GIC, a global institutional investor, on the Greek leg of their entry as a new capital partner in Hotel Investment Partners (HIP). GIC will acquire a shareholding of approximately 35% in HIP, with funds managed by Blackstone continuing to be a majority shareholder in HIP, with approximately 65% ownership of the company.
Intrum Hellas Sale of Tethys Portfolio of Hotel and Hospitality Real Estate Assets
We advised Intrum Hellas acting as coordinator on the secondary sale and transfer to a consortium consisting of SMERemediumCap / Latonia Enterprises Company Limited – Athanasios Laskaridis family office / WHG Europe Limited – Brown Hotels of a portfolio of securitised loan receivables, with a total legal claim of €285m (project Tethys), originated by Piraeus Bank, serviced by Intrum Hellas and sold and transferred by three securitisation SPVs, Sunrise I NPL Finance DAC, Sunrise II NPL Finance DAC and Vega II NPL Finance DAC. Tethys is secured over hotel and hospitality real estate assets located in popular Greek tourist destinations and is the first sectoral portfolio of loan claims sold in the secondary market in Greece.
GIC Strategic Partnership with Sani/Ikos Group
Bernitsas Law advised GIC on their entry into a strategic partnership with Sani / Ikos Group, under which GIC becomes the leading shareholder alongside Sani/Ikos Group’s management team. The transaction values the Sani/Ikos Group at €2.3bn.
Lease Agreement for Significant Hospitality Development
We acted for Red Circle Srl, Renzo Rosso’s real estate investment company, in relation to their long term lease of a large office building in the center of Athens to a Greek hotel group which plans to develop the property into a luxury hotel.
Astir Group €362m Bond Loan
We advised the Astir Group on the issue of a €362m bond loan by Astir Palace Vouliagmenis for the refinancing of existing bank debt and financing of the development of the Astir marina located on the Athens Riviera.
SMB Hotel Development and Real Estate Acquisitions Financing
We advised SMB Hotels Holdings BV, an Israeli interests hospitality group active in many countries around Europe, with regard to the acquisition and c.€11.4m financing by a UK bank of two real assets in Athens to be developed into boutique lifestyle hotels.
Darzalas Fund Investment in Rehabilitation Centers
We advised Darzalas, a Luxembourg based fund, on its investments in Greece, including real estate assets and rehabilitation centers acquired in the context of several M&As of Greek entities.
Family Office Real Estate Advice
We advised a family office with respect to the sale of real estate assets located in Athens and on Mykonos Island to high net worth individuals.
Attica Riviera Land Plot Acquisition
We advised a high net worth individual active in real estate with respect to the acquisition of a plot of land located in Vouliagmeni on the Attica Riviera.
Crete Resort Development
We advised a leading luxury hotels and resorts owner and operator currently active in Greece and Spain and the owner of two luxury Greek resorts, with regard to the acquisition of land for the development of a new five star resort in Crete.
Rocco Forte Hotels Management and Operation Agreement
We advised Rocco Forte Hotels, a world leading luxury hotels and resorts operator, with regard to entering into an agreement for the management and operation of luxury hotels located in Greece.
Percassi Leasing of Retail Spaces
We are advising Percassi, an Italian investment group and leader in the cosmetic monobrand business focused on own and partnership brand retail and real estate, with regard to the leasing and operation of NIKE stores in Greece.
Property Advice to the Church of Greece
We advise the Church of Greece on an ongoing basis in relation to its rights over and ownership of properties in urban and rural areas across Greece.
Disposal of Real Estate Portfolio
We advised one of the largest Middle-Eastern real estate private equity and sovereign funds in relation to a private tender process for the disposal of a real estate portfolio consisting of four hyper-markets located in Athens and Thessaloniki, and on their subsequent sale to the successful bidder.
Astir Bond Loan
We advised Astir SA in the issuance of a bond loan by Astir Palace Vouliagmeni for the additional financing of the refurbishment, reconstruction and development of the Astir luxury hotel properties, a landmark Greek hotel, and the Astir marina located on the Athens Riviera, with the National Bank of Greece acting as arranger, bondholder agent and facility agent and National Bank of Greece and NBG Malta acting as subscribers.
Vouliagmeni Marina Private Equity Real Estate Investment
We advised Jermyn Street Real Estate Fund IV LP, a fund managed by AGC Equity Partners, acting through its subsidiary Apollo Investment ΗoldCo, regarding the redevelopment and expansion of the Vouliagmeni Marina.
Bank of Cyprus €55m Luxury Hotel Properties Loan
We advised Bank of Cyprus PCL acting in various capacities including facility agent, security agent, original lender and revolving lender, in their entry into an amendment and restatement deed for an existing credit agreement and an intercreditor agreement relating to a €55m secured term loan and revolving facility granted to a Cyprus based legal entity running luxury hotel properties on the island of Cyprus.
Eurobank €72m Refinancing of Shopping Center
We advised Eurobank Ergasias SA as bondholder agent, facility agent and hedging bank and Eurobank Ergasias SA, Piraeus Bank SA and Alpha Bank SA as initial bondholders in respect of a €72m bond loan issued by Pylaia SA for the refinancing of existing financing and general corporate purposes in connection with Mediterranean Cosmos Shopping Center, a landmark Greek shopping center located in Thessaloniki.
Astir Palace Vouliagmeni Villas Project
We advised Jermyn Street Real Estate Fund IV LP, acting through its subsidiary Apollo Investment ΗoldCo, in relation to the negotiations and execution of sale and purchase agreements with respect to plots within the Astir Palace Vouliagmeni Property for the construction of luxury residential villas, among the most high-profile residential properties internationally which attracted interest from high net worth individuals across the globe.
Four Seasons Management Agreements
We advised Jermyn Street Real Estate Fund IV LP, acting through its subsidiary Apollo Investment ΗoldCo, together with Astir SA, owner of the Astir Palace Vouliagmeni resort (now Four Seasons Athens), with regard to the management, operational and all related contracts concluded with Four Seasons for the management and operation of the resort.