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Infrastructure & Projects

Croatia

As a sponsor, lender or public sector organisation, you require legal advisors who can help you to successfully handle complex infrastructure transactions and projects in time. Whether you are involved in projects related to health, education, waste & water, energy, defence, leisure, custodial & justice, IT/telecoms, public buildings, ports, rail, roads or aviation, you will get the legal advice you need from us. With over 200 lawyers working in this sector, we can support you in virtually any industry sector and any part of the world including Europe, the Middle East, Africa, Asia and the Americas.

We have delivered numerous deals in the infrastructure sector with a combined value of many billions of euros, advising on public private partnerships, energy and renewables projects, including the largest offshore wind farms in Europe, infrastructure and utilities investments. If complex project financing is an issue, CMS is the right choice to facilitate solutions between sponsors, lenders and the capital markets. We have done so for international finance institutions such as EIB, EBRD or World Bank and for the most reputable commercial banks.

If you are an investor selling or buying an interest in a concession, a utility business or a PPP deal or if you bid for a contract, you need expert guidance through the complex bidding process. CMS has available experts in applicable national laws on concessions and public procurement. Finally you may want your advisor to help you avoid pitfalls of tax law or public accounting.

Our lawyers have expertise across these sectors, ensuring quick deal completions on terms that make your risks manageable, obey your internal processes and optimise your returns. And if you are facing a potential dispute, we have the experts to support you through dispute resolution procedures or litigation action.

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09 February 2021
BAT con­clu­sions for large com­bus­tion plants an­nulled – What next?
On 27 Janu­ary 2021 the Gen­er­al Court of the European Uni­on de­clared the so-called BAT con­clu­sions for large com­bus­tion plants an­nulled. It is worth con­sid­er­ing what this rul­ing really means and what it...
21 January 2021
Emer­ging Europe M&A Re­port 2020/2021
In 2020 we coun­ted 1,705 deals with a total value of EUR 60,80bn in emer­ging Europe, re­spect­ive year-on-year de­creases of 12.9% and 16%. It will not come as a sur­prise that this is the low­est num­ber of deals for the re­gion in the ten edi­tions of this re­port that we have pub­lished. Then again, after a year char­ac­ter­ised by the COV­ID-19 pan­dem­ic, in which deals were pro­trac­ted, post­poned or simply aban­doned, it is prob­ably not as bad as many of us may have ima­gined.While deal num­bers in Q4 re­mained sub­dued, we ex­per­i­enced the highest deal value for the fi­nal quarter of the year since 2016.After many years of de­cline, in re­cent years the an­nu­al deal­flow in emer­ging Europe had star­ted to stead­ily settle around the 2,000 mark. In last year’s re­port, we pre­dicted that the re­gion would main­tain its at­tract­ive­ness to in­vestors and we had great con­fid­ence in the deal pipeline. We felt that un­cer­tain­ties around China-US trade re­la­tions, Brexit and the US pres­id­en­tial elec­tions would have little im­pact on the re­gion’s deal­flow. As the year showed, glob­al polit­ic­al un­cer­tain­ties are no com­pet­i­tion for a pan­dem­ic when it comes to slow­ing down M&A activ­ity.However, deals did con­tin­ue and com­pared to oth­er glob­al emer­ging mar­kets, such as Emer­ging Asia and Lat­in Amer­ica, the re­gion per­formed quite well.The Emer­ging Europe M&A Re­port takes a closer look at the trends and data on a coun­try-by-coun­try and on a sec­tor basis. The im­pact of the eco­nom­ic slow­down was re­l­at­ively evenly spread across the re­gion, but there are al­ways some coun­tries that buck the trend. Po­land ex­per­i­enced a year-on-year in­crease in deal volume while wit­ness­ing the highest deal value com­pared to 2019.South-east­ern Europe was quite stable over­all with mar­kets such as Ro­mania, Bul­garia and Croa­tia all see­ing only mod­est drops in deal volumes. From the usu­al top per­formers, Czech Re­pub­lic was prob­ably the hard­est hit with a 24,7% de­crease in trans­ac­tions; how­ever, these are still bet­ter num­bers than the coun­try pos­ted in 2012 in the slip­stream of the fin­an­cial crisis and as re­por­ted in the CMS Emer­ging Europe M&A Re­port at the time.A great deal has been writ­ten about win­ners and losers in terms of sec­tors, rather than fo­cus­ing on some of these un­fore­seen de­vel­op­ments, the art­icles in the re­port fo­cus on some of the trends that had set in be­fore the pan­dem­ic hit. In fact, some of these de­vel­op­ments were ac­cel­er­ated by it: the ad­vance of Tele­coms & IT in terms of deal volume—tak­ing the top spot from Real Es­tate & Con­struc­tion—and con­tin­ued in­vest­ment in re­new­able en­ergy, driv­en by cli­mate goals, the de­mand of clean en­ergy by tech­no­logy gi­ants, and the over­all drive for sus­tain­ab­il­ity.Two art­icles provide a more de­tailed look in­to how spe­cif­ic com­pan­ies are faring, a close-up on the Croa­tian con­glom­er­ate Forten­ova and where it stands two years after its re­struc­tur­ing, and a fireside chat with Tereza Ber, gen­er­al coun­sel at Zentiva, about the com­pany’s takeover of the CEE busi­ness of Al­vo­gen.We also take a look at the re­gion’s IPO activ­ity. The Warsaw-list­ing of Al­legro is a testi­mony not only to the suc­cess of eco­m­merce in these new times, but also to the in­creased in­terest in an exit through the stock ex­change. After see­ing only 14 IPOs in 2019, this re­boun­ded to 26 in 2020. Through dual-track sales pro­cesses sellers want to make the most of the com­pet­i­tion between a trade sale and IPO, and with new re­cords set on stock ex­changes through­out the world to­wards the end of 2020, it will likely re­main an at­tract­ive pro­spect.One de­vel­op­ment that we noted in 2019 did re­verse last year. While cross-bor­der in­vest­ment in­to the re­gion de­creased by 34.3%, do­mest­ic deal activ­ity picked up by 18.4%, reach­ing a total of 764 and 941 trans­ac­tions re­spect­ively. Over­all, in­vestors based closer to the re­gion re­mained more act­ive than those fur­ther away, and in par­tic­u­lar in­vestors from the US, China and Ja­pan made few­er ac­quis­i­tions in emer­ging Europe. We look at what keeps at­tract­ing west­ern European in­vestors to the re­gion.The re­stric­tions on our free­dom forced us to live dif­fer­ently: we work from home, shop on­line and meet friends vir­tu­ally. Al­though a vac­cine may soon al­low us to re­turn to “nor­mal”, the last year is likely to have a last­ing im­pact on our be­ha­viour. As busi­nesses that be­ne­fit from this new eco­nomy grow, so does in­terest from in­vestors. On the flip side, those com­pan­ies that have had to count their losses may be­come in­ter­est­ing tar­gets too. While some com­pan­ies will see the need for a cap­it­al in­jec­tion to sur­vive, oth­ers will be look­ing for in­vest­ment to help it cap­it­al­ise on their suc­cess. 
14 January 2021
The rise of the glob­al ex­pert ser­vices prac­tice: Court of Ap­peal guid­ance...
A Court of Ap­peal de­cision earli­er this week has up­held an in­junc­tion gran­ted by the TCC pre­vent­ing an in­ter­na­tion­al ex­pert ser­vices firm from act­ing for more than one party to an in­ter­na­tion­al con­struc­tion...
23 October 2020
The EU FDI Reg­u­la­tion be­comes fully ap­plic­able
The EU FDI Reg­u­la­tion, which came in­to force in April 2019, in­tro­duces a frame­work for screen­ing FDI in­to the EU. It is not a sep­ar­ate new screen­ing tool at EU level, but a frame­work for co­oper­a­tion and...
07 October 2020
CMS Ex­pert Guide to I&L In­vest­ment In­cent­ives in CEE-17
This Ex­pert Guide is part of Ex­CEEd­ing Bor­ders 2020 Re­port CMS and So­rain­en have provided a coun­try-by-coun­try guide to un­der­stand­ing and com­par­ing what in­cent­ives are po­ten­tially avail­able to In­dus­tri­al&Lo­gist­ics...
Comparable
07 October 2020
Ex­CEEd­ing Bor­ders
Col­li­ers In­ter­na­tion­al­Luke Dawson - Man­aging Dir­ect­or & Head of Cap­it­al Mar­kets, CEEThe In­dus­tri­al&Lo­gist­ics (I&L) prop­erty sec­tor has ris­en out of the shad­ows over the last few years to be­come one of the most dy­nam­ic and stra­tegic­ally im­port­ant sec­tors in our eco­nom­ies and the com­mer­cial real es­tate sec­tor, on a glob­al basis. The I&L sec­tor is by no means a new kid on the block and for people out­side of this in­dustry, it may well largely go un­noticed as products and ser­vices are seem­ingly ma­gic­ally pro­duced and ap­pear in shops and on our door­steps. Be­hind the scenes, there is of course a gi­gant­ic sec­tor made up of man­u­fac­tur­ers, sup­pli­ers, re­tail­ers, 3PLs, dis­trib­ut­ors, stor­age and sup­ply chain com­pan­ies to name just a few, and they lit­er­ally touch any busi­ness or in­dustry sec­tor that you can pos­sibly ima­gine. In ad­di­tion to that, there are sev­er­al highly ex­per­i­enced, glob­al, re­gion­al and loc­al in­vestors and de­velopers that provide the li­on’s share of the prop­er­ties to make all this pos­sible.In this re­port, we look at how the I&L sec­tor has de­veloped in the geo­graph­ic­ally and macro-eco­nom­ic­ally stra­tegic re­gion of Cent­ral&East­ern Europe (CEE). We will also touch on some of the trends fa­cing the sec­tor, both from a prop­erty point of view, as well as from oc­cu­pi­er and con­sumer led stand­points. To­geth­er with our part­ners, we also provide valu­able in­sight in­to im­port­ant loc­a­tion se­lec­tion de­cision-mak­ing cri­ter­ia around la­bour mar­kets, tax and in­cent­ives offered to in­vestors con­sid­er­ing this re­gion.This re­port cov­ers a range of top­ics across 17 coun­tries in the wider CEE re­gion and as a res­ult, we have close to 100 pages of in­sights to share with you. There­fore, we would not ex­pect you to con­sume this all in one sit­ting and we hope this will be a use­ful tool longer term as you re­view the op­por­tun­it­ies in this great re­gion. Last, but not least, you can­not ig­nore the ele­phant in the room that is COV­ID-19. This pan­dem­ic that we are still very much in, has only con­firmed the stra­tegic im­port­ance and need for this sec­tor in un­cer­tain times, but has also high­lighted some areas for re­flec­tion. We hope you find this re­port use­ful and, wheth­er you are an in­vestor, de­veloper, oc­cu­pi­er or oth­er in­ter­ested party in the I&L sec­tor, we look for­ward to dis­cuss­ing your out­look and plans with you fur­ther.CMS and So­rain­en­Lu­kas Hej­duk - Part­ner, Head of CEE Real Es­tateOver re­cent dec­ades, coun­tries in the wider Cent­ral and East­ern Europe re­gion have at­trac­ted sig­ni­fic­ant levels of for­eign in­vest­ments. The well-edu­cated la­bour forces and lower la­bour costs than in West­ern Europe, rap­idly de­vel­op­ing in­fra­struc­ture with good trans­port links to the rest of Europe, tax ex­emp­tions and pref­er­ences for in­vestors, are only some of the reas­ons why nu­mer­ous com­pan­ies have de­cided to open man­u­fac­tur­ing fa­cil­it­ies and dis­tri­bu­tion centres in CEE.CMS and So­rain­en have provided their col­lect­ive know­ledge and ex­per­i­ence which is in­ten­ded to help po­ten­tial In­dus­tri­al&Lo­gist­ics in­vestors un­der­stand what in­cent­ives are avail­able when seek­ing to start op­er­a­tions in one or more of the 17 CEE coun­tries covered in this re­port. As there are vari­ous levels of sup­port across CEE, the fol­low­ing guide is presen­ted in a coun­try-by-coun­try format. It is not meant to be com­pre­hens­ive and gives more of a gen­er­al, in­dic­at­ive pic­ture. As laws and reg­u­la­tions can change quickly, it is vi­tal to seek pro­fes­sion­al ad­vice at an early stage if you de­cide to green light an in­vest­ment.Rand­stad­Paweł Ko­peć - Head of En­ter­prise Solu­tions CenterThe CEE re­gion has al­ways been among the first des­tin­a­tions in the minds of for­eign in­vestors, from the pro­duc­tion and lo­gist­ics sec­tors, when look­ing for sav­ings on per­son­nel costs and avail­ab­il­ity of the work­force. Over the years, la­bour mar­ket con­di­tions across the CEE coun­tries has changed rap­idly and, in some coun­tries, un­em­ploy­ment rates have fallen be­low levels that any­one could have pre­dicted a few years back, reach­ing nat­ur­al un­em­ploy­ment rates.Des­pite some of these factors, the CEE re­gion re­mains very at­tract­ive and has a lot to of­fer. Not only there are dif­fer­ences in la­bour avail­ab­il­ity and costs between the vari­ous coun­tries, there are also sig­ni­fic­ant dif­fer­ences between spe­cif­ic counties and cit­ies in the giv­en coun­try. New in­vestors will of course tend to feel more se­cure loc­at­ing their busi­nesses in areas already ex­plored by oth­er com­pan­ies, but those who take the risk and be­come pi­on­eers in less in­dus­tri­al­ized areas, may well be re­war­ded with loy­al per­son­nel and less work­force short­ages. In this re­port, we share our views on the vari­ous la­bour mar­ket con­di­tions and trends across the re­gion.25%me­di­um25%me­di­um25%me­di­um25%me­di­um
Published in CEE Legal Matters I September 2020
Lo­gist­ics and man­u­fac­tur­ing in Cee: Today’s trends and op­por­tun­it­ies
While the COV­ID-19 pan­dem­ic has caused dis­rup­tion to nearly all busi­nesses in the lo­gist­ics and man­u­fac­tur­ing sec­tors in CEE, enough time has lapsed that iden­ti­fi­able trends and op­por­tun­it­ies are be­gin­ning...
27 August 2020
Tail­ings Man­age­ment and New Stand­ards of Reg­u­la­tion
Tail­ings dam fail­ures have put the min­ing in­dustry in the head­lines for the wrong reas­ons in re­cent years. Dam fail­ures can have dis­astrous con­sequences in terms of loss of life and en­vir­on­ment­al dam­age...
07 August 2020
Treaty claims for can­celled or mod­i­fied in­fra­struc­ture pro­jects in the...
A re­cent IC­SID tribunal has denied an in­vestor’s claim con­cern­ing the de­vel­op­ment of an air­port pro­ject in Latvia. The in­vestor was un­able to pro­ceed with the con­struc­tion of its pro­ject due to nu­mer­ous...
05 June 2020
Ad­vance pay­ment bonds: “step­ping down” pro­vi­sions and more guid­ance on...
Last month we re­por­ted on a TCC de­cision which con­sidered the re­quire­ments for mak­ing and re­ject­ing a de­mand un­der an ad­vance pay­ment bond sub­ject to the URDG. Very sim­il­ar is­sues have now been con­sidered...
07 May 2020
GRESB 2020 – It’s Ques­tion Time!
GRESB has launched its 2020 Real Es­tate As­sess­ment. GRESB is the lead­ing glob­al En­vir­on­ment­al, So­cial and Gov­ernance (ESG) bench­mark for the real es­tate and in­fra­struc­ture in­dus­tries. It is a vol­un­tary...
07 May 2020
The use of ex­perts in in­ter­na­tion­al con­struc­tion dis­putes: con­flicts of...
A re­cent de­cision of the Tech­no­logy and Con­struc­tion Court ap­pears to be the first re­por­ted Eng­lish de­cision to up­hold a fudi­ciary duty of loy­alty in an ex­pert wit­ness ap­point­ment. The find­ing in this...