CMS has advised a syndicate of banks comprising Erste Group Bank AG, Banca Comercială Română S.A., Raiffeisen Bank International AG and Raiffeisen Bank S.A. on the refinancing of the Palas Iasi mixed-use portfolio. The 305 million euros refinancing has consolidated several Iulius Group companies that form part of the Palas complex’s retail and office assets.

The CMS team has provided comprehensive legal assistance across all stages of the transaction, from conducting the due diligence process to structuring the transaction, drafting and negotiating the financing documentation and fulfilling the conditions precedent for drawdown.

Alina Tihan, Finance Partner at CMS Romania, said: “It was a privilege to have advised the financing banks and to work together with Palas’ team on this landmark financing in the Romanian market. The successful completion of this complex and time-sensitive transaction once again highlights the legal expertise and the efficiency of the CMS team.”

Roxana Frățilă, Partner and Head of Real Estate & Construction at CMS Romania, added: “The Palas Iași portfolio is a flagship real estate project, bringing together both retail and office spaces within a cohesive structure, built on a highly complex legal framework. We are pleased to have played an important role in completing this financing for Palas Iasi that supports Iulius’ process of refurbishment and modernisation of their project.”

The CMS team advising the banking syndicate was led by partner Alina Tihan (Finance) with support from partner Roxana Frățilă (Real Estate), and included senior associate Diana Dona, and associates Dan Pătrașcu and Radu Drăgan (Finance) and Alexandru Trandafir and Aura Georgiana Marina (Real Estate).