Futureal acquires over 15,000 square meters of land near Poligrafiei Boulevard in Bucharest
Stratulat Albulescu Attorneys at Law assisted Futureal, a Hungarian real estate investment company, with the acquisition of over 15,000 square meters of land to build a housing estate near Poligrafiei Boulevard. The transaction was worth €3.7 million and was completed on 14th June. The real estate developer plans to build approximately 400 apartments in multiple buildings, each building consisting of 11 floors. The first phase is scheduled to be completed in 2019. Futureal is one of the leading developers and investors in Central Eastern Europe. Futureal has already successfully developed another residential project in northern Bucharest.
Stratulat Albulescu Attorneys at Law assisted with all phases of the transaction from the negotiation of terms to the closing, including negotiating the term sheet, preparing the due diligence report, and drafting the transaction documents. Silviu Stratulat, Managing Partner, who specializes in real estate transactions, led the firm's team that included Cristina Man, Senior Associate, and Alex Bumbu, Associate.
Interview with Silviu Stratulat, Managing Partner at Stratulat Albulescu Attorneys at Law
Please introduce Stratulat Albulescu Attorneys at Law.
Stratulat Albulescu Attorneys at Law is a dynamic Romanian law firm that provides legal advice in all business sectors and all areas of business law in Romania. Our expertise includes real estate transactions. We have represented many domestic and overseas enterprises in this field. Our team works in close co-operation with highly-respected law firms throughout Europe and elsewhere and has extensive experience in cross-border transactions. Our highly experienced lawyers provide legal advice in the English, French, Italian, Romanian, Spanish, and German.
Tell us a bit more about Stratulat Albulescu Attorneys at Law's involvement in the transaction?
Stratulat Albulescu was the main coordinator of the transaction, beginning with the initial negotiations and the execution of the term sheet. We completed a full due diligence investigation into the title history, established the legal regime, and we addressed all regulatory matters pertaining to the target properties.
What was your specific role in the transaction?
Legal Adviser to our client Futureal, the buyer-developer.
What were some of the challenges that you were faced with?
The transaction was challenging by the high level of complexity given by, among other, dealing with legal and natural entities as landlords, problematic historic titles over the target properties in view of the Romania’s nationalization history and restitution of property legislation, We had to deal with erratic town planning documentation in Bucharest. These challenges created the need for regular and systematic collaboration between the legal and technical teams to identify the optimal solutions to meet our client’s goal.
Is there anything else you would like to add?
We’re greatly pleased that our client realized its goal, and we take immense pride and pleasure in Futureal’s success. There are times in a process as complex as this one, involving so many different challenges, where you’re afraid things just won’t work out. But with the skill and perseverance of our team, the engineering team, and Futureal’s team, we got it done. Soon, Bucharest will have a terrific new housing complex, and it will serve as a reminder of what we can accomplish. And, we must say, we enjoyed the challenge. It’s what we do and do well, and what we take pride in.