Emerging Europe M&A Report

Total Page:16

File Type:pdf, Size:1020Kb

Emerging Europe M&A Report CMS_LawTax_Negative_28-100.eps Emerging Europe M&A Report 2020/21 In cooperation with January 2021 Headline deals in emerging Europe Contents HIDROELECTRICA TIS GROUP ADVENT INTERNATIONAL Advised Hidroelectrica on the Advised TIS Group on the Advised Advent International acquisition of an operational joint venture transaction and its portfolio company 108 MW wind farm located in whereby DP World, one Zentiva on the acquisition of Constanta county, Romania, of the worlds’ largest port the CEE business of Alvogen, 4 Introduction from STEAG group. operators, enters Ukraine which markets over 200 generic 6 2020 dealmaking in emerging Europe directly for the first time. and over-the-counter products. at a glance 8 The global picture: An overview of international M&A investment streams VIVACOM KIWI.COM FREUDENBERG 10 Transaction trends: Covid-19 made for a Advised the sellers on the Advised the shareholders Advised Freudenberg cautious 2020, but there was no lockdown in sale of Vivacom to United in Kiwi.com on the sale Performance Materials M&A Group backed by its major of a stake in the company on the acquisition of Filc, a shareholder, BC Partners. to General Atlantic. Slovenia-based producer of 16 COVID-19 pushes emerging Europe on a needle punch nonwoven textiles journey towards digital transformation and laminated materials. through M&A 20 Zentiva and Alvogen CEE: the creation of a regional pharmaceutical powerhouse OTP LIBERTY GLOBAL NBG 24 Bonds across Europe survive the toughest Advised OTP on its Advised Liberty Global on Advised National Bank test and grow stronger strategic expansion in the CEE aspects of the EUR of Greece on the sale of a CEE by acquiring the local 18.4bn sale of its European portfolio of EUR 174m corporate 27 Digital infrastructure: Towers and fibre banking, financial leasing assets to Vodafone. non-performing and sub- underpin the broadband revolution and insurance subsidiaries performing loan portfolio to of Société Générale across consortium composed of Bain 30 IPOs: Stock exchange listings make a comeback six CEE jurisdictions. Capital Credit Group and as investors prepare to splash their cash APS Consumer Finance. 34 Renewable energy: Drive to go green boosts investment in clean energy PPF AFI EUROPE PORSCHE DIGITAL 38 Fortenova: Saved from disaster, this giant Advised PPF Group on its Advised AFI Europe on the Advised Porsche Digital on a conglomerate can be a catalyst for change acquisition, together with EUR 300m acquisition of a series of industry investments Sabanci, of Turkish vehicle Romanian real estate portfolio in Croatia, including the latest, 40 FDI screening: Striking the balance between producer Temsa Ulasim from NEPI Rockcastle. 2020 investment in Croatian open investment and protecting strategic Araclari Sanayi ve from True software developer Infinum. interests Value Capital Partners. 42 The data bank Country-by-country deal and sector information ENEL GREEN POWER PIB GROUP GREEN GENIUS 78 About CMS Advised Enel Green Power Advised PIB Group, a British Advised Green Genius 80 Footnotes index on the sale of a 42 MW insurance intermediary on the sale of a 40.4 MW wind park in Bulgaria to the group, controlled by Carlyle turnkey portfolio of ground 81 Methodology Switzerland-headquartered on the acquisition of WDB, mounted solar photovoltaic energy company MET Group. a leading independent farms in Poland to Aberdeen insurance broker in Poland. Standard Investments. Image: NASA Emerging Europe M&A Report | 3 Introduction In 2020 we counted 1,705 deals with a total value of EUR 60.80bn in emerging Europe, respective year-on-year decreases of 12.9% and 16%. It will not come as a surprise that this the lowest number of deals for the region in the ten editions of this report that we have published. Then again, after a year characterised by the COVID-19 pandemic, in which deals were protracted, postponed or simply abandoned, it is probably not as bad as many of us may have imagined. While deal numbers in Q4 remained subdued, we experienced the highest deal value for the final quarter of the year South-eastern Europe was quite stable overall with We also take a look at the region’s IPO activity. The fewer acquisitions in emerging Europe. We look at what markets such as Romania, Bulgaria and Croatia all seeing Warsaw-listing of Allegro is a testimony not only to the keeps attracting western European investors to the region. since 2016. only modest drops in deal volumes. From the usual top success of ecommerce in these new times, but also to the performers, Czech Republic was probably the hardest hit increased interest in an exit through the stock exchange. The restrictions on our freedom forced us to live with a 24.7% decrease in transactions; however, these are After seeing only 14 IPOs in 2019, this rebounded to 26 in differently: we work from home, shop online and meet After many years of decline, in recent years the annual still better numbers than the country posted in 2012 in the 2020. Through dual-track sales processes sellers want to friends virtually. Although a vaccine may soon allow us to dealflow in emerging Europe had started to steadily settle slipstream of the financial crisis and as reported in the CMS make the most of the competition between a trade sale return to “normal”, the last year is likely to have a lasting around the 2,000 mark. In last year’s report, we predicted Emerging Europe M&A Report at the time. and IPO, and with new records set on stock exchanges impact on our behaviour. As businesses that benefit from that the region would maintain its attractiveness to throughout the world towards the end of 2020, it will this new economy grow, so does interest from investors. investors and we had great confidence in the deal pipeline. A great deal has been written about winners and losers in likely remain an attractive prospect. On the flip side, those companies that have had to count We felt that uncertainties around China-US trade relations, terms of sectors, rather than focusing on some of these their losses may become interesting targets too. While Brexit and the US presidential elections would have little unforeseen developments, the articles in the report focus One development that we noted in 2019 did reverse last some companies will see the need for a capital injection to impact on the region’s dealflow. As the year showed, on some of the trends that had set in before the pandemic year. While cross-border investment into the region survive, others will be looking for investment to help it global political uncertainties are no competition for a hit. In fact, some of these developments were accelerated decreased by 34.3%, domestic deal activity picked up by capitalise on their success. pandemic when it comes to slowing down M&A activity. by it: the advance of Telecoms & IT in terms of deal 18.4%, reaching a total of 764 and 941 transactions volume—taking the top spot from Real Estate & respectively. Overall, investors based closer to the region However, deals did continue and compared to other global Construction—and continued investment in renewable remained more active than those further away, and in emerging markets, such as Emerging Asia and Latin energy, driven by climate goals, the demand of clean particular investors from the US, China and Japan made America, the region performed quite well. energy by technology giants, and the overall drive for sustainability. The Emerging Europe M&A Report takes a closer look at the trends and data on a country-by-country and on a sector Two articles provide a more detailed look into how specific basis. The impact of the economic slowdown was relatively companies are faring, a close-up on the Croatian evenly spread across the region, but there are always some conglomerate Fortenova and where it stands two years countries that buck the trend. Poland experienced a after its restructuring, and a fireside chat with Tereza Ber, year-on-year increase in deal volume while witnessing the general counsel at Zentiva, about the company’s takeover highest deal value since 2011. Bosnia and Herzegovina and of the CEE business of Alvogen. Horea Popescu Radivoje Petrikić Turkey saw deal values spike compared to 2019. Partner, CMS Romania/CEE Partner, CMS Austria/SEE [email protected] [email protected] Emerging Europe M&A Report | 5 2020 dealmaking in emerging US most active The Netherlands biggest Europe at a glance international dealmaker investor by value 94 deals EUR 5.83bn Telecoms & IT Value Volume EUR 100bn 2500 2,113 2,093 1,985 1,958 Busiest sector by deal number, 333 in total (value: EUR 2000 1,705 12.97bn). Followed by Real Estate & Construction (310 deals, 50bn EUR 9.46bn) and Manufacturing (236 deals, EUR 5.47bn). 1500 86.65 80.46 71.53 72.34 1000 60.80 25bn Private Equity 500 2016 2017 2018 2019 2020 Deal value (€m) No. of deals Continued increasing its share in overall dealmaking in the region, with involvement in 319 deals (18.7% of total volume). Capital Markets Activity in the region’s largest markets 526 282 184 136 119 Capital markets bounced back: 26 companies from the region listed for the first time in 2020, nearly double that of 2019 (14) and the highest number since EUR 30.02bn EUR 11.65bn EUR 7.86bn EUR 2.62 bn EUR 2.74bn 2015. The value of IPOs reached EUR 4.79bn. Russia Poland Turkey Romania Czech Republic Emerging Europe M&A Report | 7 The global picture: An overview of international M&A The Netherlands investment streams 37 deals EUR 5.83bn Value up 1870% United Kingdom 72 deals Austria
Recommended publications
  • Annual Financial Report Company Profile
    2016 annual financial report Company profile Our business Europe is a leading real estate development and investment company, operating throughout Central reportannual financial 2016 and Eastern Europe, and focusing on the development of large- scale commercial and residential projects. 2 Our diversified assets portfolio currently consists of: • shopping malls and retail properties • business parks and office complexes • large-scale residential and mixed-use projects • Income-yielding residential properties • land-bank designated for future projects At the end of 2016, we own, develop and manage properties and projects in Bulgaria, Czech Republic, Germany, Hungary, Latvia, Poland, Romania and Serbia, with on-the-ground teams comprising nearly 200 professionals. Our company’s head-office is based in the Netherlands. AFI Europe is part of the AFI Group, an international holdings and investments conglomerate. Total asset value Competitive advantage €1.393m Proven track-record in the development and management of successful large-scale projects and properties Residential Ability to attract and retain high caliber tenants including projects reputable retailers and multinational corporations Commercial 4% properties (€51m) On-the-ground presence by in-house multidisciplinary 78% teams of highly skilled professionals with local knowledge (€1,086m) and connections, as well as international networks Land bank 18% Good relationships with banks and (€256m) ability to raise debt financing As at 31 December 2016 based on CBRE valuation as of 30 September
    [Show full text]
  • A Project by AFI Europe PARK AA Classclass Modernmodern Projectproject Dedicateddedicated Toto IT&CIT&C Multinationalmultinational Companiescompanies About Romania
    PARK A project by AFI Europe PARK AA classclass modernmodern projectproject dedicateddedicated toto IT&CIT&C multinationalmultinational companiescompanies About Romania Romania – Stable Political Environment Occupying a prime geographical location in South Eastern Europe (SEE), Romania is an attractive center of commerce for international companies seeking a foothold between the flourishing economies of the European Union and exciting developments taking place to the east. Romania joined the EU on January 1, 2007, securing its position as an upper-middle income country with a strong record of economic reform. The country’s economic potential growth has generally been among the highest in Europe, and unemployment rates are still low. Whether drawn by extraordinary biodiversity or immense economic potential, Romania is a highly sought-after market for global brands and businesses. Romania is a unitary semi-presidential republic, since the fall of the communist era in 1989 Legislative power: The Parliament with the Upper House (Senate) and Lower House (Chamber of Deputies) Executive power: Government & the President. Romania’s Legacy in Bird’s Eye View Romania, the 2nd largest country in CEE and the 7th largest country in European Union in terms of population and the 9th largest in terms of area The most important country in the SEE, which comprises the Western Balkans and Bulgaria Romania’s GDP in absolute terms has surpassed that of Hungary and is now only exceeded in CEE by that of the Czech Republic and Poland The country has the potential to become the 2nd most important market in the CEE if the current trend, of economic growth above CEE level, will continue Romania is a member of NATO since 2004 Strategic location on the crossroads connecting Western Europe with Central Asia and the Middle East bypassing Russia.
    [Show full text]
  • Document Has Been Formatted By
    Africa Israel Investments Ltd. Consolidated Financial Statements At December 31, 2015 Africa Israel Investments Ltd. Consolidated Financial Statements At December 31, 2015 Contents Page Auditors‟ Reports 2 – 3 Consolidated Statements of Financial Position 4 – 5 Consolidated Statements of Income 6 Consolidated Statements of Comprehensive Income 7 Consolidated Statements of Changes in Shareholders‟ Equity 8 – 10 Consolidated Statements of Cash Flows 11 – 12 Notes to the Financial Statements 13 – 270 Appendix – List of Group Companies 271 – 280 Report of the Auditors to the Shareholders of Africa Israel Investments Ltd. regarding Audit of Internal Control Components over Financial Reporting In accordance with Section 9B(c) of the Securities Regulations (Periodic and Immediate Reports), 1970 We have audited internal control components over financial reporting of Africa Israel Investments Ltd. and its subsidiaries (hereinafter – “the Company”) as at December 31, 2015. These internal control components were determined as explained in the following paragraph. The Company‟s Board of Directors and Management are responsible for maintenance of effective internal control over financial reporting and for their evaluation of the effectiveness of internal control components over financial reporting attached to the Periodic Report for the above-mentioned date. Our responsibility is to express an opinion on internal control components over the Company‟s financial reporting based on our audit. Internal control components over financial reporting audited
    [Show full text]
  • Periodic Report for the Year 2016 Chapter D Additional Details on the Corporation
    Periodic Report for the Year 2016 Chapter D Additional Details on the Corporation Africa Israel Investments Ltd. Regulation 9D Report on liabilities by repayment date For details on the Company’s liabilities by repayment date, see the Immediate Report published by the Company on March 30, 2017 (Ref No. 2017-01-027652). The information contained in the said report is hereby included by way of reference. Regulation 10A Condensed Quarterly Statements of Comprehensive Income Attached as Appendix A to this Chapter are the condensed statements of comprehensive income, including quarterly statements. Regulation 11 List of investments in subsidiaries and related companies as at the date of the Statement of Financial Position Attached hereto as Appendix B to this Chapter is a list of investments in subsidiaries and related companies as at the date of the Statement of Financial Position. Regulation 12 Changes in investments in subsidiaries and related companies Attached hereto as Appendix C to this Chapter are details of the changes in investments in subsidiaries and related companies in 2016. Regulation 13 Income of subsidiaries and related companies and income of the Company deriving from them, as at the date of the statement of financial position Attached hereto as Appendix D to this Chapter are details of the income of subsidiaries and related companies, and the Company’s income therefrom, as at the date of the Statement of Financial Position. Regulation 21 Remuneration of Interested Parties and Senior Officers Set forth below are details of
    [Show full text]
  • Emerging Europe M&A Report
    CMS_LawTax_Negative_28-100.eps Emerging Europe M&A Report 2020/21 In cooperation with January 2021 Headline deals in emerging Europe Contents HIDROELECTRICA TIS GROUP ADVENT INTERNATIONAL Advised Hidroelectrica on the Advised TIS Group on the Advised Advent International acquisition of an operational joint venture transaction and its portfolio company 108 MW wind farm located in whereby DP World, one Zentiva on the acquisition of Constanta county, Romania, of the worlds’ largest port the CEE business of Alvogen, 4 Introduction from STEAG group. operators, enters Ukraine which markets over 200 generic 6 2020 dealmaking in emerging Europe directly for the first time. and over-the-counter products. at a glance 8 The global picture: An overview of international M&A investment streams VIVACOM KIWI.COM FREUDENBERG 10 Transaction trends: Covid-19 made for a Advised the sellers on the Advised the shareholders Advised Freudenberg cautious 2020, but there was no lockdown in sale of Vivacom to United in Kiwi.com on the sale Performance Materials M&A Group backed by its major of a stake in the company on the acquisition of Filc, a shareholder, BC Partners. to General Atlantic. Slovenia-based producer of 16 COVID-19 pushes emerging Europe on a needle punch nonwoven textiles journey towards digital transformation and laminated materials. through M&A 20 Zentiva and Alvogen CEE: the creation of a regional pharmaceutical powerhouse OTP LIBERTY GLOBAL NBG 24 Bonds across Europe survive the toughest Advised OTP on its Advised Liberty Global on Advised National Bank test and grow stronger strategic expansion in the CEE aspects of the EUR of Greece on the sale of a CEE by acquiring the local 18.4bn sale of its European portfolio of EUR 174m corporate 27 Digital infrastructure: Towers and fibre banking, financial leasing assets to Vodafone.
    [Show full text]
  • March 31, 2017 VIA ELECTRONIC TRANSMISSION the Honorable
    March 31, 2017 VIA ELECTRONIC TRANSMISSION The Honorable Dana Boente Acting Deputy Attorney General U.S. Department of Justice 950 Pennsylvania Avenue, N.W. Washington, DC 20530 Dear Mr. Boente: Over the past few years, the Committee has repeatedly contacted the Department of Justice to raise concerns about the Department’s lack of enforcement of the Foreign Agents Registration Act (“FARA”). I write regarding the Department’s response to the alleged failure of pro-Russia lobbyists to register under FARA. In July of 2016, Mr. William Browder filed a formal FARA complaint with the Justice Department regarding Fusion GPS, Rinat Akhmetshin, and their associates.1 His complaint alleged that lobbyists working for Russian interests in a campaign to oppose the pending Global Magnitsky Act failed to register under FARA and the Lobbying Disclosure Act of 1995. The Committee needs to understand what actions the Justice Department has taken in response to the information in Mr. Browder’s complaint. The issue is of particular concern to the Committee given that when Fusion GPS reportedly was acting as an unregistered agent of Russian interests, it appears to have been simultaneously overseeing the creation of the unsubstantiated dossier of allegations of a conspiracy between the Trump campaign and the Russians. Mr. Browder is the CEO of Hermitage Capital Management (“Hermitage”), an investment firm that at one time was the largest foreign portfolio investor in Russia. According to the Justice Department, in 2007, Russian government officials and members of organized crime engaged in corporate identity theft, stealing the corporate identities of three Hermitage companies and using them to fraudulently obtain $230 million.2 The $230 million was then extensively laundered into accounts outside of Russia.
    [Show full text]
  • Catalog-AFI-Brasov2 Preview
    A PROJECT BY AFI EUROPE ABOUT ROMANIA AND BRAȘOV ROMANIA – THE LINK BETWEEN WESTERN AND EASTERN EUROPE Situated in a prime geographical location in South Eastern Europe (SEE), Romania is one of the fastest growing economies in the EU. Establishing itself as an attractive center of commerce for international companies, Romania had a 4.2% annual economic growth in 03/2018* ranking 1st among all European countries. The country’s economy potential growth has generally been around the highest in Europe, and unemployment rates are still low. Whether drawn by extraordinary biodiversity or immense economic potential, Romania is a highly sought – after market for global brands and businesses. BRAȘOV is the main touristic city in Romania located in the mountains area. Part of Transylvania region and surrounded by the Southern Carpathians, Brașov attracts 1.5 million tourists yearly (both Romanian and international), due to its skiing facilities, but also all year round due to the historical city and the natural attractions in its proximity. The city is located 166 km north of Bucharest, being easily reachable from Henri Coandă airport in Bucharest. In the near future, the Brașov International Airport and the A3 highway will add direct connectivity to the city. Brașov is the 7th most populated city in Romania, being inhabited by over 250,000 people and reaching a total of 400,000 people, including the metropolitan area. 4.2% 3.45% 6% GDP Growth Unemployment rate Retail Sales 02 2018 y-0-y Sep. 2018 Jan. - Sep. 2018 y-o-y 5.03% 578 euro 12.90% Inflation Net average wage Industrial production Sep.
    [Show full text]
  • SPH Newsletter
    No. 24 | December 2013 SPH newsletter news DEAR READERS! News about CEE/SEE countries and companies page 2 special To the end of year we have asked real estate experts form different business areas for a “tennis match’: By serve and return a multi-faceted mosaic of real estate industry’s present and future challenges is formed. page 8 background The 1. German-Turkish Economic Forum in Frankfurt on Main demonstrated how manifold the economic relations between Welcome to the last issue of SPH Newsletters in 2013. Like in previous years there is Germany and Turkey are. again a review on last year and a look ahead into 2014. And again this is not con- page 13 tributed by the editorial staff but it is written from the property industry for the property industry. We were very pleased that despite the end of year rush seven high-ranking experts took the time to tell us the way they are seeing trends and challenges. The feedback has been much better than expected and it was a real pleasure to edit the answers for you, dear readers. The first SPH Newsletter in 2014 will be published in February. For the new year we plan some changes. But no worries: There will be no relaunch because the feedback we receive confirms that most of you agree with format, design and content. But we want to enlarge our offer to you and make it more directed as well. Be curious—and Within Euro Finance Week in remain well-disposed to us! Fankfurt on Main a Congress on Central and Eastern Europe took All our readers the SPH Newsletter team wishes a Merry and Blessed Christmas and place.
    [Show full text]
  • Pdf Version Is Available Here
    PRELIMINARY MATTERS MAY 2021 Year 8, Issue 4 CEE May 2021 Legal Matters CEELM Index In-Depth Analysis of the News and Newsmakers That Shape CEE LEGAL MATTERS Europe’s Emerging Legal Markets 1 DEALER’S CHOICE LAW FIRM SUMMIT AND 2021 CEE DEALS OF THE YEAR AWARDS DEALER’S CHOICE CO-HOSTED BY: SPONSORED BY: REGIONAL SPONSOR BULGARIA SPONSOR CROATIA SPONSOR HUNGARY SPONSOR POLAND SPONSOR ROMANIA SPONSOR TURKEY SPONSOR UKRAINE SPONSOR doty.ceelegalmatters.com PRELIMINARY MATTERS MAY 2021 EDITORIAL: THE PERFECT TIME FOR THE CEELM INDEX By Radu Cotarcea The eagerly-awaited Deals of the Year awards announce- that the table is already available there as well (at ment is just around the corner, set to go live on June 3. ceelegalmatters.com/deal-list-2020) in a digital version that allows for searching and sorting, with In the meantime, as we’re holding our breath and allowing each entry linking to the relevant coverage on the a drum roll to build up the suspense, this special CEELM CEELM website, where it exists. Index issue of the CEE Legal Matters magazine is a perfect opportunity to look back at 2020 as a whole. But that is not all in this CEELM Index special issue! In this print edition you’ll also find summa- The centerpiece of the issue is our annual CEE Legal Mat- ries of the firms and partners whose names have appeared ters Table of Deals, listing 1,923 client matters throughout the most in our coverage of client work throughout 2020, the region. It was compiled using both the deals reported both overall and broken down by country and practice area.
    [Show full text]
  • AFI Park AFI Park Is an Award Winning Office Project Located Between 2 Main Boulevards: Vasile Milea Blvd
    About Romania Romania – Stable Political Environment Occupying a prime geographical location in South Eastern Europe (SEE), Romania is an attractive center of commerce for international companies seeking a foothold between the flourishing economies of the European Union and exciting developments taking place to the east. Romania joined the EU on January 1, 2007, securing its position as an upper-middle income country with a strong record of economic reform. The country’s economic potential growth has generally been among the highest in Europe, and unemployment rates are still low. Whether drawn by extraordinary biodiversity or immense economic potential, Romania is a highly sought-after market for global brands and businesses. =Romania is a unitary semi-presidential republic, since the fall of the communist era in 1989 =Legislative power: The Parliament with the Upper House (Senate) and Lower House (Chamber of Deputies) =Executive power: Government & the President. Romania’s Legacy in Bird’s Eye View =Romania, the 2nd largest country in CEE and the 7th largest country in European Union in terms of population and the 9th largest in terms of area =The most important country in the SEE, which comprises the Western Balkans and Bulgaria =Romania’s GDP in absolute terms has surpassed that of Hungary and is now only exceeded in CEE by that of the Czech Republic and Poland =The country has the potential to become the 2nd most important market in the CEE if the current trend, of economic growth above CEE level, will continue =Romania is a member of NATO since 2004 =Strategic location on the crossroads connecting Western Europe with Central Asia and the Middle East bypassing Russia.
    [Show full text]
  • CEE 2015 Corporate Counsel Summit
    Year I, Year-End Issue CEE January 2015 Legal Matters In-Depth Analysis of the News and Newsmakers That Shape Europe’s Emerging Legal Markets Contents November 2013 December 2013 The idea of CEELM is born Corporate Subscriber (24 hours after the website launch) February 2014 Preliminary Matters 2 - 5 Issue 1 of the CEE Legal Matters Magazine is published December 2013 www.ceelegalmatters.com is launched April 2014 First CEE Legal Matters Round Table is held in London 3 Editorial: Something Good April 2014 The CEELM website reaches September 2014 4 A Snapshot of Our First Year First CEELM story scopped by Chambers & Partners July 2014 July 2014 Corporete Counsel Handbook First CEELM story scopped is published by IFLR1000 May 2014 September 2014 The 1,000th story is published 1K on the CEELM website September 2014 November 2014 “@CEELegalMatters just a quick The CEELM website crashes due to CEE Summit Expert Essays 6 - 31 note to say your feed is useful and appreciated. Good job, folks!” “A good problem to have but a problem PreliminaryMike Nash, Editor of The Legal 500 Mattersnevertheless.” January 2015 Europe, Middle East & Africa First Year-End special issue and 2014-2015 deal list are published December 2014 A Snapshot of Our First Yeartakes place in Vienna 6 Looking Forward to 2015: A Changing Landscape (Page 4) 8 “English Law on the Ground”: An Ingredient for Success 10 Why Things are Different This Time (Or Not) 12 Stirring Times: 2014 a Challenging Year in the Hungarian Legal Market 14 CEE Recovers, Greece Plays Leading Role in
    [Show full text]
  • Israelis Invest the Most in Belgrade of Real Estate Adir El Al – TGI Conference on the Development
    AIRPORT CITY BELGRADE “ Awarded as THE BEST OFFICE DEVELOPMENT PROJECT of the year IN SOUTHEAST EUROPE “ Airport City Belgrade newsletter April / 2016 n ° 19 City within a city Liberation through dance Somehow over time Avenue has become a hallmark of our Avenija je nekako vremenom postala zaštitni znak našeg City within the city: as place for our events, but also as an grada u gradu: kao mesto događanja ali i kao inspiracija inspiration for the camera lens, as a place of inexhaustible za oko kamere, kao mesto pozitivne energije za sve one positive energy for all those who spend rare moments of koji provedu retke trenutke opuštanja u toku radnog relaxation during their workday in our gardens. dana u našim baštama. Rami Wimmer ACB architect, speaks in his interview about Rami Wimmmer, arhitekta ACB-a, u svom intervjuu the importance of Avenue as a communicational backbone u ovom broju govori o njenoj važnosti kao okosnice, of the complex, and how the architecture supports the kičme, kompleksa i o tome na koji način arhitektura entity of ACB city, which in this fourth phase is also seri- podržava celinu ACB grada koji u ovoj četvrtoj fazi ously conquering the heights. And he also talks about the ozbiljno osvaja i visinu. I o sledećoj fazi u kojoj ćemo next phase, in which we will grow more… rasti još... 02 Airport City Belgrade newsletter Airport City Belgrade newsletter 03 > Interview Guy Weizman Israel - Mecca of contemporary dance Contemporary dance has been mainly associ- ated with Israel in recent years. Tel Aviv has become a Mecca for contemporary dance and dancers.
    [Show full text]