Kinstellar has advised FirstFarms A/S on the DKK 104 million sale and divestment of its operations in North-Western Romania.
The first part of July 2021 marks an important step at the level of the EU in its road towards the European Green Deal objectives. On July 14, 2021, the European Commission (EC) announced the rather complex set of reforms under the Fit for 55 package. Only a week before, the EC issued the Renewed Sustainable Finance Strategy setting forth the main steps going forward towards placing ESG-disclosures and sustainability matters at the heart of financing system and economy in the EU.
The global pandemic has impacted all markets, with subsequent ramifications for M&A. Investors are now seeking greater protection against general lock-downs and supply-chain disruptions, while governments aim to protect critical supplies and services by imposing new regulations on foreign investment in crucial or strategic industries.
In this article we tackle two major questions for any real estate investor when taking a decision regarding a future real estate project: to what extent is it permitted to erect buildings on land plots designated as green areas upon their acquisition or upon securing those plots for the future project? And what about when a reconversion of such land plots from green areas into other functions, such as commercial, residential, industrial etc., occurred at some point in the past?
The Health Ministry and the Ministry of Internal Affairs have issued Order no. 1204/99/09.07.2021 to supplement Order no. 874/81/2020, which established an obligation to wear a protective mask, epidemiological triage and mandatory hand disinfection to prevent contamination with the SARS-CoV-2 virus during the state of alert (the “Order”) and have published it in the Official Gazette no. 683 dated 9 July 2021.