REFF SI ASOCIATII

  |  2013-09-25

Reff & Associates sees 24% revenue growth in first half of 2013

Now counting over 40 lawyers, the team assisted in projects worth over EUR 800 million so far this year

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Alexandru Reff

Reff & Associates has expanded its practice to include over 40 lawyers, with new graduates and experienced lateral hires in the Real Estate, Energy and Corporate & Commercial teams, with a current focus to develop the Environment & Climate Change practice.  The added talent is serving an expanding client portfolio, which contributed to strong revenue growth in the first half of 2013 against the same period of 2012.

 

“I am very proud of our progress in a market which remains difficult, with declining foreign investments and relatively modest M&A activity maintaining the pressure on the legal business. Our flagship practice areas have again placed our firm at the top of the business law league, where seven-digit transactions challenge lawyers to address complex legal and commercial matters, often under significant time pressure,” Partner Alexandru Reff noted. “We have a solid pipeline of projects and a stronger-than-ever team, which makes me confident that we will exceed our EUR 3.5 million revenue plan for our reporting period (ending June 2014).”

 

Highlights:

 

Real Estate / M&A: After Ziarul Financiar awarded the firm at the beginning of the year for assisting in the most important real estate transaction of 2012 (the award was received for the third time in the last five years), the team continued to beinvolved in buy or sell side mandates in deals worth over EUR 270 million so far during 2013.  Notably, the team assisted NEPI with its most recent transactions in Romania, including the acquisition of the class A - office building Lakeview from AIG/Lincoln Lakeview (the largest property M&A deal in Romania in the first months of 2013), the acquisition of a 70% stake in the development of the Mega Mall shopping centre in Bucharest (together with the Austrian group Real4You), the acquisition from Bel Rom of the Severin Shopping Center in Drobeta Turnu Severin as well as a commercial centre in Deva. All of these transactions (with individual value in the tens of millions of euros range) were complex, included arrangements with the financing banks and were executed under a tight schedule. In addition, the team assisted NEPI in the buyout of the co-investor in the development of the Vulcan site in Bucharest and has been involved in several other transactions which are still in progress. The portfolio of the real estate practice includes other clients such as IKEA Romania, H&M, Hercesa, Moritz Group, Decathlon, First Property, AEW Europe.

 

Banking: For the banking team of Reff & Associates, the most recent activityrevolves around distressed transactions, with significant transaction work related to large distressed real estate exposures. The banking mandates of the team relate to matters worth over EUR 300 million so far this year. In the area of banking M&A, in one of this year’s landmark deals, Reff & Associates acted as exclusive Romanian legal advisor to Bank of Cyprus in the structuring, drafting and negotiating transaction documentation for the sale of part of Bank of Cyprus’ business in Romania to Marfin Bank Romania. Bank of Cyprus transferred gross assets of EUR 82 million (including certain loan agreements, related collateral and cash and other liquid assets) and liabilities of EUR 77 million (most of the customer deposits) as well as all staff related to servicing the transferred business.

 

“This transaction has been a premiere for the Romanian market from several perspectives: it was the first time that the Romanian banking system has seen measures applied under the EU Directive on the reorganization and winding up of credit institutions (i.e., the temporary suspension of the activity of a branch of an EU bank) and in the context of first time application of the bail – in legislation,” said Andrei Burz Pinzaru, Partner, Head of the Banking, Finance and Capital Markets practice of Reff & Associates and the leader of the Deloitte multidisciplinary team assigned to the project.  “The completion of such a complex transaction under an extremely tight schedule was possible due to the dedication of our team which worked around the clock together with the legal departments of Bank of Cyprus and Marfin Bank and the M&A Division of Bank of Cyprus, and in close consultation with National Bank of Romania and Central Bank of Cyprus.”

 

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