DGKV advised AP Investments AD on the sale of 50% of Mall Galleria Varna to the Serbian based Delta Real Estate DOO and the Cyprus based Astatine Holdings Limited. The acquisition was closed on 18 August 2017. The financial terms of the transaction were not disclosed. Apart from the extensive transaction support, our lawyers provided legal assistance with regard to the reorganization and capital increase of the seller and analysis of the merger clearance potential.
The total investment amount for the design and construction of Mall Galleria Varna is EUR 77 million. The building is completed, but due to the highly competitive retail market in Varna the mall is not opened yet. It has three underground and three above ground floors with a total floor area of 110,000 sq. m.
The DGKV team advising AP Investments was led by Partner Georgi Tzvetkov, who was supported by Senior Associates Kaloyan Krumov, Valentin Bojilov, Dessislava Iordanova and Krassimir Stephanov and Associates Ivan Punev, Silviya Apostolova, and Vladislav Antonov.