DLA Piper advised Tri Investments on Romania's largest residential property deal this year
28 June 2009
DLA Piper has advised Tri Investments, a British investment company, and Salamanca Capital, their Investment and Property Adviser, on the purchase of a major part of Perla Residence, the residential complex developed by Crown Constructions, in a deal worth approximately €15.5 million. It is believed to be Romania's largest residential property deal this year.
Senior Associate, Alin Buftea, led the DLA Piper team advising on this deal. The team advised on the purchase of the residential complex, finance restructuring through a bank facility and provided legal monitoring of work complementary to the completion of construction.
"Completion of this transaction is a positive sign that foreign investment funds are still interested in the local real estate market," said Alin Buftea.
"It is expected that the transactions which are now on-hold or which have been slowed down by the financial blockage will be resumed or pushed forward in the second part of the year subsequent to a revision or restructuring of external portfolios held by investment funds active in Romania or due to alternative financing options."
Perla Residence is situated near Pipera Lake in Bucharest. The complex is made up of 85 apartments, three villas and associated facilities relating to a luxury residential complex such as underground parking, a club and a fitness centre.
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