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DGKV Successful for Glorient Investment in Real Estate Ownership Disputes

DGKV Successful for Glorient Investment in Real Estate Ownership Disputes

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DGKV is reporting that, after trials lasting several months, three of 27 cases between firm client Glorient Investment BG Ltd. and Technomarket Bulgaria AD involving ownership of retail stores and an office building in Bulgaria have concluded with verdicts in Glorient's favor. The verdicts resolve the disputes over three of the 13 stores, with 24 cases involving the remaining 10 stores still ongoing.

In its decision of December 6, 2016, the Sofia City Court ordered Technomarket – a home appliance chain – to transfer the commercial storage complexes in the Bulgarian cities of Pazardzhik and Sevlievo to Glorient. In an earlier decision, on November 21, 2016, the Court also reached a similar decision for disputed real estate in the city of Kardzhali. According to DGKV, "besides being obliged to return the ownership of the complexes, Technomarket shall have to pay and the costs of the cases." Technomarket may still appeal the decisions.

According to DGKV, "this is another chapter in a saga of 27 cases which started in early 2016 and turned out to be one of the biggest disputes in the real estate sector in Bulgaria. Until February, Glorient Investment Bulgaria, a local affiliate of East Balkan Properties, a UK-based company that specializes in building retail premises, was receiving rent regularly from 22 outlets of Technomarket, a Bulgarian electrical goods retailer from whom it bought the properties 10 years ago. But now Glorient says NSN Investment, a company that acquired Technomarket early this year, is suing Glorient claiming its deals with the retailer are invalid and the properties still belong to Technomarket. Rents on the outlets have not been paid since the dispute began."

DKGV’s team is led by Partner Angel Ganev and includes Senior Associates Elena Ivanova and Mariya Hristova and Associates Vlada Tsenova, Nikola Minchev, and Tsvetelina Bayraktarova. 

Bulgaria Knowledge Partner

Schoenherr is a leading full-service law firm providing local and international companies stellar advice that is straight to the point. With 15 offices and 4 country desks Schoenherr has a firm footprint in Central and Eastern Europe. Our lawyers are recognised leaders in their specialised areas and have a track record of getting deals done with a can-do, solution-oriented approach. Quality, flexibility, innovation and practical problem-solving in complex commercial mandates are at the core of our philosophy.

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