Screening of foreign direct investment (FDI) has been present in Hungarian law since 2019 in relation to certain specific investment-related activities. During the COVID-19 pandemic, additional FDI screening legislation was introduced in May 2020. The 2020 regime has had an impact on a significantly wider range of business transactions and, therefore, this summary focuses solely on the 2020 regime (FDI Rules). Given that a real estate asset deal may also fall within the scope of the FDI Rules, assessing the potential application of the FDI Rules has become an important item on the real estate due diligence to-do list. Below you will find a summary of the applicable regime based on our experience to this date.
A sound investment requires an understanding of all the risks involved in the transaction. The main objective of real estate financial due diligence is to thoroughly inspect the fundamentals of the property, financing, seller and compliance obligations to be able to reduce and mitigate financial uncertainties.
DLA Piper has announced that former Counsels Andra Trantea and Paula Corban-Pelin have been promoted to Local Partner with the firm’s Romanian office.
Former Counsels Agnieszka Lehwark and Bartlomiej Palusiak have been promoted to Partner in DLA Piper's Warsaw office.
DLA Piper has advised the Karlin Group on a joint residential investment in Prague with PPF Real Estate. Kocian Solc Balastik advised PPF.
DLA Piper has advised the Aareal Bank on providing EUR 360 million senior facility for Pradera European Retail Parks’ international retail property portfolio financing.
DLA Piper has advised PPF Real Estate on its acquisition of an 8,000 square-meter construction site plot in the Orhideea area of Bucharest from RC Europe. Baker McKenzie reportedly advised RC Europe.
DLA Piper has advised Indotek on its acquisition of a 47% stake in Auchan holdings. Szecskay and, reportedly, D'Ornano Partners advised Auchan on the deal.
DLA Piper has advised Publicis Groupe on the takeover of IT consultancy and software development company Tremend Software Consulting.
In view of the sustained rise in the prices of electricity and natural gas, the Romanian Government has been under increased pressure to extend the consumers support measures first introduced under Government Emergency Ordinance no. 118/2021 on the establishment of a compensation scheme for the consumption of electricity and natural gas covering the period 1 November 2021 – 31 March 2022, which received Parliamentary approval and further amendments under Law no. 259/2021 (Law 259/2021), as both have further been amended.
Clifford Chance has advised Total Specific Solutions on concluding an investment agreement with Sygnity and the subsequent tender offer for the purchase of Sygnity's shares. DLA Piper advised Sygnity and its shareholders.
DLA Piper has advised the PNE Group on the sale of a solar project in Romania to Econergy. Vlasceanu, Nyerges & Partners advised the buyer.
Paksoy, working with Mayer Brown, has advised Gexpro Services on the acquisition of Resolux. Bech-Bruun Law firm reportedly advised Gexpro Services. DLA Piper reportedly advised Resolux.
Baker McKenzie and DLA Piper have joined the plethora of firms announcing their exit from the Russian market.