We advised the owner of the usage rights of a rooftop hosting a well known rooftop restaurant in central Athens on a transaction with its lessors, valued at approximately €1.4 million. The transaction combined the sale of a horizontal property and usage rights over the building’s rooftop with a lease of usage rights over a water pump on the underground floor.
Our Role
We structured contractual provisions defining the scope, exclusivity and permitted use of each usage right.
The building was also the subject of long-running litigation between our client and other residents concerning the restaurant’s operation. Against this background, we negotiated liability carve-outs under which our client bears no liability for any past, ongoing or future disputes with residents about the restaurant.
Why It Matters for Owners and Operators
Rooftops and other common areas can carry significant commercial value. Clear drafting and well-negotiated risk allocation allow these rights to be transferred while protecting the seller from ongoing disputes.
For further information on real estate transactions and condominium law in Greece, please contact our team.
