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Greece’s real estate sector has always contributed significantly to the development of the nation’s economy. It has to be noted that Greece is a country where home ownership rates are among the highest in Europe. Also, real estate was traditionally considered by most Greeks as a rather safe investment. Thus, real estate is favorably affected by tourism, which is another huge sector of the Greek economy. All of these factors led to the sector’s remarkable growth, which peaked in 2007.

Norton Rose Fulbright has advised PPC Renewables S.A. and its Iliaka Parka Dytikis Makedonias 1 S.A. subsidiary on financing for a EUR 8.7 million project for the construction of a 15MW photovoltaic park in Ptolemaida, Greece, from National Bank of Greece and Eurobank. The European Investment Bank has also been provided with the right to participate in the financings.

Bernitsas Law has advised CVC Capital Partners on the acquisition by Venetiko Holdings SMSA, a Greek company that is 100% owned by funds managed or advised by CVC, of an approximately 99.47% stake in Vivartia Holdings from the Marfin Investment Group and Piraeus Bank, as well as on the financial restructuring of Vivartia’s group bank debt.

For our Checking In feature, we reach out to partners and heads of practice across CEE to learn how specific practice areas are faring in their jurisdictions. This time around we asked Data Protection experts: Overall, how compliant would you say economic agents are with relevant local regulations on data protection, and what are the main gaps that have yet to be addressed?

The KLC Law Firm has advised National Energy on its acquisition of a 70 megawatt portfolio of wind and solar parks in Greece from the IBG Hellenic Fund III and minority shareholders. The Piraeus Bank provided financing for the acquisition. Seissoglou & Nicolaidis advised the sellers and the Lambadarios Law Firm advised the bank.

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