Our team acted for the buyer, one of Greece’s largest real estate funds, and we have been involved in all aspects of the acquisition. Our involvement began with carrying out a due diligence exercise on all of the real estate properties owned by the target, the tenancy agreements in place and planning and licensing matters related to the real estate properties. Our due diligence exercise continued to cover the 21 special purpose vehicles (SPVs) and the Fund.
Upon completion of the due diligence exercise, we drafted the purchase agreement and entered into multiple rounds of negotiations with the sellers before reaching a final agreement and proceeding with completion. In parallel with the purchase agreement, our team was also involved in securing external acquisition financing from a local bank and negotiated the bond loan granted to the buyer together with all relevant security documents.
Following the acquisition, our Real Estate team continues to offer legal support and contract management services to the client and the acquired assets to optimise the performance of the real estate properties and deal with issues identified during our due diligence exercise.
In the preparatory stages, we had to agree on the exact scope of the assignment, which was quite complex and evaluate the different work streams within the said scope. Afterwards, we had to liaise with other professional advisors and negotiate with the counterparty, adopting a structured and streamlined approach for the prompt and beneficial for the client completion of the project.
The client successfully acquired a significant real estate portfolio and no unexpected issues were discovered following completion. We are very pleased that we had the resources and personnel to cover all aspects of the transaction and arrange the closing promptly. Meeting the timeframes and tackling various issues from the beginning contributed to keeping the process smooth and the costs relatively low.