Reff & Associates and Deloitte Romania are former Italian banks Veneto Banca (Veneto Banca (which has been in a state of compulsory liquidation since 2017). The acquired portfolio is located throughout Romania, mainly in Bucharest, Kruznapoca and Oradea. It includes more than 100 different real estate assets such as office buildings, housing, farmland, hotels and pensions. The transaction was signed in August 2021 and the transfer of the first phase of the property was completed in February 2022. , The remaining properties will be transferred by the end of this year.
The 100 assets inherited from Immobiliare Italo Romena will be added to Studium Green’s existing portfolio, including real estate projects such as Wings, West Side Park and Seasons in Cluj-Napoca.
“We are particularly pleased with the acquisition of this asset portfolio, which has been blocked for many years due to the legal and financial situation of the Veneto Group.” Dorin Bob, CEO of Studium Green, said: “”By actively reintroducing these assets into the economic circuit, local investors have a valuable opportunity to develop different productive projects in different areas.“He added.
Reff & Associates | The Deloi Trigal Real Estate team provided assistance to Studium Greenin in legal analysis and due diligence preparation, transaction structuring, and transaction support and negotiation. The lawyer team included partner Irina Dimitriu, Senior Managing Associate Larisa Popoviciu, and Managing Associate Maria Nitulescu. Deloitte Tax provided tax advice on transaction documents with the contribution of manager Ilia Bica.
“”This is one of the most well known portfolios on the market. The diversity of real estate assets has been accompanied by significant legal complexity that needs to be unraveled at record speeds during a very intense due diligence process. The peculiarities of each type of property generated complex transactional structures in several phases, each with its own requirements and requirements. Optimizing the potential of over 100 assets while protecting the interests of our clients and finding a working solution that meets the seller’s requirements was a real challenge in a very rigorous bidding process.“Irina Dimitriu, a partner at Reff & Associates, said. Deloitte Legal and Real Estate Practitioner Leader.
https://www.romaniajournal.ro/business/real-estate-developer-studium-green-buys-a-portfolio-of-100-real-estate-assets-from-immobiliare-italo-romena/ Real estate developer Studium Green buys a portfolio of 100 real estate assets from Immobiliare Italo Romena – The Romania Journal.