
Penkov, Markov & Partners' real estate real estate and project development practice takes on a broad spectrum of transactional and development mandates, encompassing complex due diligence reviews, residential development projects and PV projects. The team has maintained and built a strong client roster of investors, architecture and construction companies and hotel operators. The department is led by Milena Gaidarska and Atanas Valov who are singled out by clients as ‘great real estate lawyers with many years of experience and many big projects serviced by them’.
Testimonials
Collated independently by Legal 500 research team.
‘Milena Gaidarska is among the most experienced lawyers in Sofia on the real estate market, really hard-working, focused and a leader in the negotiations. Atanas Valov is also very talented real estate lawyer and is proficient in construction law. Anelia Licheva is smart, prudent and with deep knowledge of ownership and zoning law. Boris Strijlev is also one of the bright young lawyers in their team that has developed significant expertise in restitution law and zoning law.’
‘This is perhaps the area in which the team at their firm is best and most recognisable. They have worked on some of the largest projects in Bulgaria in all areas of property law. The fact that their team consists of people who have worked together very successfully for decades confirms this assessment.’
‘Milena Gaidarska is well known in Bulgaria as one of the exceptional legal practitioners in the real estate. In this regard, she is constantly in demand for new major projects, yet has always been responsive and found time to assist us. Atanas Valov has established himself as a much respected expert and is a big name in our jurisdiction as a real estate legal practitioner. Both Milena and Atanas worked as a team in many projects for our company basically covering all areas of legal support necessity. We could not have done so well without their support.’
‘The team consist of highly educated and very engaged people. What is most important to us is communication which is more than exceptional with Penkov, Markov & Partners. During different cases we have been working through the years we have always been aware about the status and we have been provided with additional information in time which is very crucial to us. Not even once have we been disappointed with the workflow or the people in the team.’
‘Their real estate practice is among the strongest areas of work of their law firm. Both Milena Gaidarska and Atanas Valov are great real estate lawyers with many years of experience and many big projects serviced by them. They work in every sphere of real estate (development of green field projects, construction, structuring of real estate deals and projects, regulatory regimes, real estate disputes, sale and re-sale of projects) and have serviced some of the biggest deals with commercial real estate assets.’
‘Atanas Valov is very experienced and faced many intricate property issues in his career and gives us reassurance even in the most complex and problematic deals. Milena Gaidarska is their practice lead, very approachable, easy-going and clearly able to explain even the most complex of concepts. Boris Strijlev and Anelia Licheva are both very active and responsive to our needs. We are very satisfied with the level of services and expertise they have shown in our relations.’
‘The team is very efficient, no matter what issue or question we have they always deliver solutions within the hour of initial requests. What makes the practice unique is that not only you get the feeling that they have deep knowledge of the work we do, but they actually spend the time in order to be up-to-date with everything going on in the sector.’
‘Extremely coherent team of top-notch professionals able to defend the best interests of the client; highly knowledgeable and always available to discuss the case.'
Key clients
- BSPF (Property 2) LIMITED
- Arteks Engineering AD
- BA Glass Bulgaria EAD
- Eurowind Energy A/S
- Global Biomet EOOD
- Eurostar OOD
- Grund I.G. Immobilien GmbH
- Infinity Capital AD
- Primo Plus EOOD
- Kamsar Inc OOD
- Mach More OOD
- GD Capital Management AD
- Enikom-Sofia-Sever EOOD
- BLB Properties EOOD
- Luxury Real Estate Company EOOD
- Gurmazovo House EOOD
- PSS Stroitelstvo AD (former Pipe System)
- 4Smart OOD
- BT Development Services
- Dana Bulgaria OOD
- Pegas MK OOD
- Hotel International AD
- ITS 2005 EAD
Work highlights
- Advised BSPF (Property 2) LIMITED on a EUR 27m acquisition of Grand Hotel Varna and the adjacent plots of land and smaller seaside hotels in the portfolio of the previous owner.
- Advised Eurostar OOD on the acquisition and development of a 75 MW photovoltaic power plant in Elhovo with a market value of circa EUR 100m.
- Advised Pegas MK OOD on the EUR 9m acquisition of the National Hipodrum in Bankya, consisting of more than 500,000 sq m. of land and adjacent infrastructure.
Lawyers

Practice head
The lawyer(s) leading their teams.
Milena Gaidarska, Atanas Valov