POP PEPA advises Österreichische Volksbanken-Aktiengesellschaft (Volksbank) on Europolis.
December 1, 2013
POP PEPA has advised Österreichische Volksbanken-Aktiengesellschaft (Volksbank) in the reorganisation of the Romanian portion of the client’s loan portfolio in Europolis AG, a Central and Eastern European real estate firm. The Europolis transaction, which is the result of Volksabank’s sale in 2010 of its then subsidiary Europolis AG to CA Immo (controlled by Bank Austria), resulted in CA Immo becoming one of the biggest players on the Bucharest office market comprising 100,000 sqms, with expected 20 million euros in annual rent generated revenues.
Speaking to the transaction, managing partner Steven Pepa said: “This was a particularly difficult and long drawn out transaction, with quite a level of complexity. Over the course of the transaction, Romania changed its civil code, which added an additional layer of nuance. We are proud to have assisted in this signature loan portfolio reorganisation.” The deal team included managing partner Steven Pepa and banking counsel Elena Manole.
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