Published on 2 October 2023

Published on 26 June 2023CMS Belgrade real estate lawyers Ivan Gazdić and Marija Marošan, as well as competition law expert Srđan Janković, have assisted A1 Serbia, the local subsidiary of A1 Telekom Austria Group, in agreeing to acquire a part of the infrastructure of Serbian provider Conexio.A1 Group CEO Thomas Arnoldner: “With this asset deal, we are able to successfully pursue our growth strategy. A1 Serbia positions itself as a serious player in the region, providing strong support for local traffic needed for mobile backhauling and for the provision of other local services. The continuous connectivity is also a great asset for enterprise customers that need overall solutions and long-distance con­nectiv­ity.”A total of approx. 850 kilometers of piping to be acquired will close the gap between the A1 markets in Croatia and Bulgaria, while also providing routes to Hungary and North Macedonia. After the completion of the transaction, A1 Group will be able to lay fiber in the pipes and close the existing network infrastructure gap.“With this deal we take our international connectivity to a new level. A1 Group will be able to offer state-of-the-art technology and with a total of 850 km of connecting pipes across Serbia will be able to offer fiber along this track to our national and international customers”, says Alejandro Plater, COO A1 Group. “We will be able to offer services running on our own managed infrastructure from the Bosporus to Austria”. The completion of the transaction is, inter alia, subject to the applicable merger control clearance. As agreed between the parties, details regarding the transaction will not be released. CMS has been providing legal support to A1 Telekom Austria Group for a number of years, addressing their legal requirements across the countries of their operation. We congratulate our long-standing client on this transaction and look forward to future accomplishments.

24/01/2023In­ter­na­tion­al law firm CMS has advised The European Bank for Reconstruction and Development (EBRD) on a EUR 10.8 million loan to Serbian company Stax Technologies (Stax). Stax is a manufacturer of paper tissue packaging machines based in Konjevići. It intends to use these funds to expand its production facilities, purchase state-of-the-art equipment and implement energy efficiency improvements, including the installation of a new 300KW rooftop solar power system, which will allow the company to produce the energy it needs for its own operation in a sustainable way. CMS advised EBRD on all English and Serbian law aspects of the transaction and acted as a leading counsel, providing assistance in preparation, negotiation and completion of the relevant finance and security documents and closing the transaction. CMS Partner Rafal Zakrzewski com­men­ted: “We are delighted to have advised our long-standing client EBRD on this loan, which will have such a positive impact for the local Serbian community. The firm’s leading position in the CEE and expertise allows us to handle more and more major and complex transactions for our clients.”The CMS English law team was led by Rafal Zakrzewski and Orest Matviychuk, with support from Ivan Pshyk and Michal Horelik (Finance). The CMS Serbian law team was led by Milica Popović with the support of Jovana Bingulac, Ksenija Boreta (Banking and Finance); and Marija Marošan (Real Estate and Energy).

The co-Head of the Real Estate and Construction practice at CMS Belgrade and CMS Podgorica, Marija Marošan, has been promoted to Counsel after more than 12 years of advising international companies on real estate and construction law matters. Marija Marošan started her legal career after obtaining her master’s degree in Land Management from Kunglinga Tekniska Högskolan in Stockholm, in a reputable law office in Belgrade. Since joining the team of CMS in Belgrade in 2013, she has been providing legal support to pre-eminent clients on some of the largest and highly complex and sensitive real estate and energy projects both in Serbia and in Montenegro. Her extensive experience includes advising clients on the property development, sales and acquisitions, leasing, construction (including zoning, permitting, FIDIC and other forms of construction contracts), conversion, etc.  Marija also has an extensive track record with renewable energy and infrastructure projects both in Serbia and in Montenegro and has advised numerous clients regarding real estate and regulatory aspects of the development, operation, and financing of renewable energy and infrastructure facilities, energy efficiency projects, PPPs. Her admirable work and dedication to providing excellent service to clients and her outstanding expertise have led to her becoming the co-Head of the Real Estate and Construction practice at CMS Belgrade and a very prominent member of the Energy and Climate Change team. She shares her expertise and know-how and provides invaluable support to the CMS team in North Macedonia in advising on complex matters of law relevant to various renewable energy projects. We are proud to announce this new step in Marija’s career and wish her continued growth and success within the CMS family!  

Published on 3 November 2022CMS has advised a consortium of banks consisting of UniCredit, Credit Suisse, Eurobank and OTP Bank on the €205 million refinancing of Čibuk, a 158 MW onshore wind farm located in Serbia. The Čibuk wind farm is owned by the Taaleri SolarWind I Fund and its co-investors, Finnfund, Masdar and DEG, the German development finance institution. With 57 turbines, it is the largest wind farm in Serbia and produces enough electricity to supply around 87 thousand households. It offsets the equivalent of around 380,000 tonnes of carbon dioxide during each year of operation. CMS acted as legal advisors to the lenders in respect of the loan financing package. The English law CMS team was led by Rafal Zakrzewski and Przemysław Karolak, with support from Marcin Krzemien, Michał Horelik and Jakub Smiałek (Banking & Finance).  The Serbian law CMS team was led by Milica Popovic, with support from Ksenija Boreta, Jovana Bingulac (Banking & Finance), Ivan Gazdic and Marija Marosan (Real Estate & Energy). 

UK-based Hystead Limited, majority-owned by South African Hyprop Investments, has successfully closed the sale of Delta City shopping mall in Belgrade, Serbia. Delta City Belgrade, one of the most visited shopping malls in Serbia, has been acquired by MPC Properties, one of the leaders in construction and real estate management in the region. CMS Belgrade has been selected to provide full legal support to Hystead Limited in this EUR 115 million transaction. The team of CMS Belgrade experts headed by partners Maja Stepanović (Corporate/M&A) and Milica Popović (Banking & Finance) assisted the client throughout the transaction, providing support in negotiations, closing activities and tax structuring. Other team members whose engagement has been invaluable are Real Estate and Construction co-heads Ivan Gazdić and Marija Marošan.

UniCredit Bank Serbia and Elicio Ali VE, a 100% subsidiary of Elicio NV, successfully closed the refinancing transaction of the 42 MW Alibunar wind farm in Q3 2021. CMS Belgrade has been selected to prepare the full set of finance documents for UniCredit Bank Serbia as the sole lender in the EUR 53 million re­fin­an­cing.  Com­ment­ing on the transaction, Nikola Vuletić, Chairman of the Management Board of UniCredit Serbia, said: “We are proud that Elicio once again recognised our bank as a reliable partner for the first refinancing of an operational wind farm conducted in Serbia. This is a clear example of how banks and the renewables sector can contribute to improving overall energy security and consumption of renewable energy in Ser­bia.”  Alain Janssens, CEO of Elicio, added: “This refinancing represents an important milestone for the Serbian renewables market as it affirms the strong fundamentals of the project and the bankable regulatory environment for renewable energy production in Serbia. The transaction also confirms the funding available in the Serbian market to locally finance well-structured projects and to do so on longer tenors. These are crucial conditions for realizing Serbia’s considerable ambitions in terms of an increased contribution of wind energy to the energy mix, an area in which Elicio will continue to actively par­ti­cip­ate.” The team of CMS Belgrade experts headed by partners Ivan Gazdić and Milica Popović provided full legal support in every phase of this landmark refinancing, from the legal due diligence review to full-scope advice on multiple regulatory, real estate, corporate, project finance and other legal issues and drafting of the finance documents. Other team members include Ksenija Boreta, Marija Marošan, Igor Đorđević, and Teodora Vujošević.

Recent work highlights Planning and environmental Advised GFA and city of Pirot on PPP and public procurement regarding ESCO project – replacement of street lighting. Advised the EBRD on the first street lighting PPP projects in the city of Belgrade and the city of Novi Sad, expected to result in a significant improvement in the cities’ overall energy efficiency. Advised Fintel Energia SPA/MK Fintel Wind in relation to three wind farm projects in Serbia covering all standard and major legal aspects of the projects Construction and development Advised a German company BMTS Technology regarding future lease of CTP’s facility to be developed in Serbia. Advised a London based investment company Poseidon Group on sale of a land plot to a company holding a Shell license, Coral SRB, for development and operation of the Shell gas station in Belgrade. Advised a leading developer of components for car interiors, process consulting and electronic systems - Fischerwerke, in setting up brownfield production facility. Investment and disposal Advised the sell-side, Britain’s Poseidon Group and Belgium’s Mitiska REIM, on the divestment of Capitol Park Rakovica, the largest retail park in Belgrade, to Israel’s BIG CEE Group. Advised Rafako on investment agreement and accession to Serbian SPV, for development of Thermal Power Plant in Kovin. Advised a German company, Teletrader, on acquisition of apartments for turist accommodation, drafting SPA, tax issues, etc. Managers and occupiers Represented a tenant - Toyota Financial Services and Faxi, regarding lease in Nis (Serbia). Advised Ametek Inc. in the course of complex transactions relating to the construction and lease agreements for several production halls, as well as the sale and purchase of real estate. Advised AmRest in relation to the lease negotiations in Serbia (tenant side), as well as on the construction of real estate properties in several locations in Belgrade. Financing Acted for OTP Group: financing of two projects within Lustica Bay marina town in Montenegro: The Chedi Hotel, and Marina. Advised Banca Intesa on financing of development of Delta Planet Niš shopping mall. The project is worth €80m. Advised European Investment Bank on regulatory framework and license overview (con­struc­tion/en­gin­eer­ing local licenses). Advised the EBRD and the IFC on the refinancing of Delta mall acquisitions in Serbia, Montenegro and Macedonia. Advised UniCredit Group on the facility agreements (€60m+) and security documents for financing of the development of Airport City Belgrade, the largest office park in Serbia, and refinancing of the existing loans. 

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