ODI has advised Tus Nepremicnine, the real estate company of the largest Slovene retailer Tus, in the sale of its shopping center Planet Tus Koper to the South African real estate fund Greenbay, which was advised by Jadek & Pensa.
Greenbay as the best bidder and Tus have entered into the asset purchase agreement and into a partnership agreement, in accordance with which Tus will remain in the shopping center as its largest tenant. HETA Asset Resolution as the lessor of the Planet Tus Koper (which was advised by its in-house lawyers) is also participating in the transaction. Closing remains subject to normal contractual conditions.
Within the past year, the Tus Group has been undergoing preventive restructuring proceedings, providing a framework for operative and financial restructuring of Group companies in Slovenia and abroad (as reported by CEE Legal Matters on February 5, 2016).
According to Tus, the agreement achieved the best possible conditions for all stakeholders and allows Tus to remain a major player in the Slovene coastal area on the long term. As this is the first investment of Greenbay in Slovenia, Tus is also “excited about working together with South African partners and proud that Planet Tus Koper is their first investment in Slovenia.”
The ODI team advising Tus was co-led by Managing Partner Uros Ilic and Senior Associate Katarina Skrbec, and the Jadek & Pensa team advising Greenbay was led by Partner Ozbej Merc.
Image Source: koper.planet-tus.si
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