Real Estate & Construction
Reform of the real estate sector in Serbia in the past fifteen years was a one step forward two steps back game. Unreliable property registers, investor unfriendly city construction land legislation, complex and unclear permitting procedure are just some of the issues investors are faced with when trying to develop a real estate project in Serbia. Our team of specialized real estate lawyers have strong understanding of the industry and the regulatory landscape and are capable of devising and implementing strategies that achieve client’s goals and secure its success.
- Project Structuring: Advising on setting up the most appropriate project structure. Incorporation of project vehicles with adequate management organization.
- Real Estate Acquisition: Real estate title due diligence. In-depth target legal due diligence in case of share deals. Advising on all aspects of a prospective investment. Negotiating transaction documents and executing the transaction.
- Bankruptcy purchases: Advising on benefits and risks associated with purchase of real estate in bankruptcy procedure, as well as representation in the bankruptcy sales process.
- Zoning and planning: Assessing the existing planning documents. Advising on the procedure for adoption of a new planning document and assisting the investor throughout the process. Working in tandem with technical consultants ensuring the appropriate planning basis for the project. Advising on the necessity of environmental assessment. Negotiating the agreements on land development fee and the agreements on development of municipal infrastructure.
- Real Estate Finance: Negotiating term sheets, facility agreements and security documents. Perfecting the security package. Advising lenders and borrowers throughout the lending process.
- Real Estate Joint Ventures: Advising on structuring real estate joint ventures. Analysing associated corporate, tax and financing issues. Negotiating joint venture agreements, shareholder agreements, and other associated documents.
- Leasing: Setting-up standard lease documents for commercial landlords. Negotiating heads of terms, lease agreements and supporting lease documentation. Advising on risks related to early termination, fit-out works, rent review process, maintenance and repair obligations etc.
- Property Management: Advising commercial landlords on day-to-day legal issues arising from managing a real estate portfolio.
- Real Estate Litigation and Dispute Resolution: Advising on construction disputes between contractor and developer, lease terminations, evictions, lease and service charge claims. Advising on property transaction disputes.
- Condominium Developments: Advising on setting-up appropriate management structures amid restrictive and under-developed Serbian regulatory framework.
"Recent highlights for the team at BDK Advokati include advising Aviv Arlon on developing three retail parks in Serbia and assisting Starwood Hotels & Resorts with the W Hotel development, part of the Belgrade waterfront project. Practice head Dragoljub Cibulić is ‘resourceful’."
- Legal 500 2017 (SERBIA)
"Outstanding real estate team with specific experience of handling FIDIC contract matters and mandates relating to retail developments. Advises on real estate finance, as well as joint ventures and complex asset purchases. Represents major financial clients and public bodies in addition to large international and regional corporations with interests in the retail and hospitality sectors.
Clients affirm that the department has ‘very good knowledge of the retail space’and is ‘efficient and responsive.’
Others describe the team as ‘perfect in real estate and litigation matters.’"
- Chambers Europe 2017 (SERBIA)
"Regional firm with a respected commercial department which handles a range of real estate matters. Advises clients on the acquisition of distressed assets and in disputes relating to FIDIC-based construction contracts. Also involved in public work projects, and noted for its expertise in coastal resort developments...
This outfit is well admired by clients, who describe it as ‘an excellent firm which has handled complex projects for us.’"
- Chambers Europe 2017 (MONTENEGRO)