Atlas Construct Invest, one of the Romanian subsidiaries of Soravia Group, an Austrian real estate developer and manager, recently sold about 9 ha of the 26 ha owned in the village of Ştefăneştii de Jos, Ilfov, to the neighboring society, Opus Land Development – the developer of the Cosmopolis residential complex. Opus Development paid EUR 2.4 million for the land.
Opus purchased the land plot near its residential project, with a view to the future expansion of Cosmopolis on the shore of the lake located in the northern part of the complex.
As a result of the transaction, Atlas retained a significant part of the properties owned by Stefanestii de Jos, increasing the possibilities of developing its project in the area.
Atlas Albulescu, partner, bpv Grigorescu Ştefănică and Nicolae Ursu, senior lawyer at bpv Grigorescu Ştefănică, was assured by Atlas Albulescu’s legal assistance throughout the transaction, through the legal support provided both during the structuring of the transaction and on the negotiation of transaction documents. The legal challenge in this transaction was the support of the parties and their sponsors alike for the purpose of convergence of their interests.
“We are delighted to have once again witnessed Soravia, a client with whom we have developed a long-lasting collaboration and one of the most bold real estate developers in a re-emerging market, remodeling its plans and getting the best result from the competing interests of all parties involved in this transaction,” said Anca Albulescu, partner, bpv Grigorescu Ştefănică.
“This transaction was a positive step in supporting the development of the whole area alongside one of our neighbors. We thank bpv Grigorescu Ştefănică’s team for managing business needs and the positive results of the transaction,” added Alexander Kolrus, Head of Legal, Soravia Group.