After several months of court battle between Glorient Investment BG Ltd. and Technomarket Bulgaria AD for the ownership of 13 retail stores and an office building, our team’s efforts have yielded its first results in favour of the represented by DGKV Glorient. By Decision of 6 December 2016 decided the home appliances chain to transfer the commercial storage complexes in the cities of Pazardzhik and Sevlievo. Earlier on 21 November 2016 SCC decided the same for the real estate in the city of Kardzhali. Besides being obliged to return the ownership of the complexes, Technomarket shall have to pay and the costs of the cases. The company may appeal before Sofia Court of Appeal.
This is another chapter in the saga of 27 cases which started in early 2016 and turned out to be one of the biggest disputes in the real estate sector in Bulgaria. Until February, Glorient Investment Bulgaria, a local affiliate of East Balkan Properties, a UK-based company that specialises in building retail premises, was receiving rent regularly from 22 outlets of Technomarket, a Bulgarian electrical goods retailer from whom it bought the properties 10 years ago. But now Glorient says NSN Investment, a company that acquired Technomarket early this year, is suing Glorient claiming its deals with the retailer are invalid and the properties still belong to Technomarket. Rents on the outlets have not been paid since the dispute began.
DKGV’s team engaged on this project is led by partner Angel Ganev and includes Senior Associates Elena Ivanova and Mariya Hristova and Associates Vlada Tsenova, Nikola Minchev and Tsvetelina Bayraktarova.