15/06/2009 - Badea Clifford Chance assisted the lenders in EUR 101 million real estate financing in Turkey

Sat, 31st July, 2010
Badea Clifford Chance has successfully advised on yet another transaction in Southeast Europe, having recently assisted UniCredit Bank Austria and Yapi Kredi, one of the largest Turkish private banks, in connection with the EUR 101 million financing for the development of Optimum Shopping Center, located in Turkey.

Optimum Shopping Center is being developed jointly by the Turkish company Ronenans and the American investment firm Amstar Global Partners, in the city of Adana, which is located in the Southeastern part of the country. The shopping center is estimated to cost EUR 141 million and will be opened in March 2011.

"This transaction is particularly relevant for our activity, reflecting the significant extent to which our office is a hub for the Southeastern European market. We have regularly advised clients such as Morgan Stanley and Deutsche Bank in transactions in various countries from the region such as Turkey, Bulgaria, Croatia, Moldova and Serbia." commented Daniel Badea, Managing Partner of Badea Clifford Chance.

As a recognition of its activities in the region, Clifford Chance won the M&A Awards for "Balkans Legal Advisor of the Year" at the Financial Times (FT) and Mergermarket European M&A Awards in December 2008.

Perry Zizzi, Partner, added: "This was a significant real estate deal at a time when financing is still extremely difficult to obtain for such projects, particularly in a market such as Turkey, which has probably been as severely hit by the financial crisis as Romania. Clifford Chance considers Southeast Europe, and in particular Turkey, to be a key market in the coming years and this is evidenced by the firm's having entered into a strategic advisory arrangement with one of Turkey's top lawyers."

Badea Clifford Chance team which worked on this transaction comprised Perry Zizzi (Partner, Real Estate Finance), Cosmin Anghel (Counsel, Banking) and John Fenemore (Senior Associate, Banking). Perry Zizzi has advised on matters throughout Southeast Europe, including on debt restructuring, real estate, finance, privatisations and M&A.





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Clifford Chance opened an office in Romania in June 2006, in association with Badea&Asociaţii, a Romanian local firm. The two firms decided to merge in December 2008, with effect from 1st May 2009. The office's name has now been changed to Badea Clifford Chance and Daniel Badea continues to be managing partner. The Romanian firm was founded in 2002 by Daniel Badea and Nadia Badea.

The Bucharest office has 4 partners and 50 lawyers, being part of the Central and Eastern European Region of Clifford Chance, which also has offices in Budapest, Moscow, Prague, Warsaw and Kyiv. The firm also regularly works and has strong relationships with law firms in Bulgaria, Croatia, Moldova and Serbia.

Badea Clifford Chance is frequently involved in complex syndicated finance transactions, project finance, restructurings, derivatives, Eurobonds and share issues on international capital markets, company acquisitions by strategic investors or private equity funds, infrastructure and highway projects, real estate investments, energy projects etc.

Badea Clifford Chance is ranked in the first tier in the latest edition of Legal 500 (2009) at Banking & Finance and Real Estate sections, as well as in the latest edition of Chambers and Partners (2009) at the Banking & Finance section.

For further information please contact:

Elena Bîrjovanu, Business Development and PR Manager
e-mail: elena.birjovanu@badea.cliffordchance.com
tel: 0722.280.026