PLK Advokati, together with ZSP and Dentons, advised Crnogorska komercijalna banka A.D. Podgorica, OTP Group member, on granting a loan of up to EUR 25 million to “PM 4.1” d.o.o. Tivat, member of Porto Montenegro Group, for financing the continuation of the project construction named Boka Place (“Project”).

The financing will be used for construction of the urban mix-use development, located in Tivat, consisting of inter alia: (i) 5-star hotel with 96-keys, (ii) 213 residential units for sale (out of which some are part of mixed-use hotel and some are private residential units), as well as the (iii) cinema, (iv) playroom for children, (v) sports facilities that include about 2,000 m2 of “wellbeing” club with a 25m swimming pool that can be used both in summer and winter.

For facilitating this transaction, our services included conducting a legal due diligence, assistance in preparation of facility agreement and security documents, as well as general transaction support.

The Project is of a great importance for the development of Montenegrin tourism and catering and represents another project that will enrich the Montenegrin touristic offer and encourage further economic development of Boka region. Also, subject Project was included in the “List of priority projects in the area of tourism” by the Government of Montenegro, enabling the foreign investors the possibility to obtain Montenegrin citizenship on the basis of purchasing the Project’s respective units. Once completed and fully operational, the Project is expected to provide approximately 425 direct and up to 475 indirect permanent job positions.

The information contained in this document is given for general purposes only and should not be interpreted as legal advice on any particular matter.