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Divjak, Topic & Bahtijarevic Advises Dogus Group on Transforming Croatian Factory into Luxury Hotel

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Divjak, Topic & Bahtijarevic (DTB) has advised the Dogus Group on its assumption of majority control of Tenos Ltd.

Tenos -- which before the transaction was owned by Croatian businessman Zdenko Zrilicwhich -- owns a former factory in Zadar, in the northern Dalmatian region of Croatia. The Dogus Group plans to develop a five-star hotel and exclusive residential area on the property. In the process the firm advised on the closing of a transaction which included sensitive loan restructuring and subscription issues and an anticipated debt to equity swap. Upon completion of all anticipated phases of the deal, Dogus Group will have invested more than EUR 40 million in this newest purchase. 

DTB expects Dogus' investments in Croatia to exceed EUR 400 million by the end of 2014.

DTB Partner Mate Lovric led on the deal, with assistance by Senior Associate Ozren Kobsa. Lovric explained that: "This project is to make room for Dogus’ leading position in terms of Zadar's tourist offer. The Dogus Group already has two marinas in Zadar (Marina Dalmacija and Marina Borik), they already have one luxury hotel in Dubrovnik, and one hotel is currently being developed in Sibenik. Most importantly, the former Maraska factory-made-five star plus hotel will completely change the Zadar city scenery."

 

 

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