ZSP Advises Erste on EUR 71.2 Million AFI Skyline Refinancing

We have advised Erste Group Bank AG and Erste Bank ad Novi Sad as Serbian law counsel on a EUR 71.24 million financing extended to AFI Europe N.V. and Orchid Group doo Beograd in relation to the refinancing of the AFI Skyline, a landmark real estate project in Belgrade.

The transaction involved a sophisticated financing structure combining domestic and international financing elements, involving cross-border security arrangements and multiple jurisdictions. The multi-jurisdictional nature of the transaction required close cooperation between our team and Dentons team, who advised on the English and Dutch law aspects, to coordinate the financing and security arrangements and ensure a smooth financial close.

The financing brought together multiple roles across the lending group, with Erste Group Bank AG and Erste Bank ad Novi Sad acting as the mandated lead arrangers, original lenders and hedge providers, and Erste Bank ad Novi Sad additionally taking on roles of facility agent, security agent, and the account bank.

The (re)financing represents another notable transaction in Serbia’s commercial real estate financing market and demonstrates the continued activity in financing high-quality real estate assets.

The ZSP Advokati team advising the lenders was led by Partner Jelisaveta Stanišić, supported by Senior Associate Tijana Trivunović.

We appreciate the trust placed in our team and the excellent cooperation with all parties involved in bringing the transaction to a success.

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