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Bojovic & Partners Advises Poseidon Group on Development of Belgrade’s Largest Retail Park

Bojovic & Partners Advises Poseidon Group on Development of Belgrade’s Largest Retail Park

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Bojovic & Partners has advised the Poseidon Group on the development of Capitol Park Rakovica, which the firm reports is Belgrade’s largest retail park.

Construction of Capitol Park Rakovica is in progress, with the grand opening scheduled in October 2017. Bojovic & Partners describes the retail park as "a retail complex made of two separate objects organized around and within the central plaza of a total built surface in excess of 21,000 square meters with 30 stores containing world-famous brands and more than 750 car parking spaces in the first phase of the development alone. The total land area is 65,000 square meters. The tenants are local and foreign trade and fashion chains, a hypermarket, as well as stores for home decor, sports, shoes, toys, electronics, and other services."

The Poseidon Group has reportedly invested approximately EUR 30 million into Capitol Park Rakovica. The company, which has operated in Serbia for more than a decade, operates other retail park projects in Sabac and Sombor.

Bojovic & Partners reports that its work on the matter "included due diligence, dealing with bankruptcy processes when acquiring the real estate on which to build the scheme, drafting transactional documentation, managing the permitting process, preparing construction contracts, conducting the conversion of the right of use on land into ownership, drafting and negotiating more than 40 lease agreements, and other related legal matters."

The firm's team was led by Partner Marija Bojovic and Real Estate Practice Co-Head Ivan Gazdic, supported by Associates Mario Kijanovic and Milos Radonjic.

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