Christophe Nègre


Chris is a French national in Serbia since 2016.
After being a private practice lawyer in France, Spain and the US, Chris spent 30 years in the banking and equity investment operations. Chris has now successfully shifted to become an entrepreneur. He is an investor in and the founder of multiple companies: Kovidor International, DND Real Estate Development, Welcome Home, CNZ Real Estate & Advisory, Western Balkans Private Equity Fund.

Zeljka Velickovic


Zeljka graduated from the University of Belgrade, Faculty of Economics (Foreign & Domestic Trade). Zeljka is a Licensed Real Estate Agent registered in Serbia.
Experienced manager and leader in international companies (US Steel Corporation, Gazprom - NIS GazpromNeft, Zepter), she worked in the US and EU, built her career from finance to sales to the top managerial positions in Internal Controls, Procurement and Sales. Zeljka is outstanding and hardworking professional always focused on achieving excellent business results in accordance with the highest corporate values and ethics.

Gabriela Tegeltija-Reyes

Project Finance Manager

Gabriela is a Mexican national in Serbia since 2005. She graduated from the University Iberoamericana (Law) and from the Deusto University (International Law). Gabriela has extensive experience in real estate financing in Serbia. She covered many of the most iconic real estate development in Belgrade for the past 16 years working for a renowned leading bank in real estate and project financing. She advises in retail, residential, industrial and logistic projects. Gabriela offers solid financial and legal solutions for CNZ’s clients and partners.

Whether you are an Developer in need of a dedicated support to develop a project or an Investor willing to purchase real estate assets, CNZ RE&A offers a robust Team of independent seasoned professionals covering most aspects of a transaction. From technical to administrative and financial aspects, we help you defining a strategy, negotiate advantageous financial packages and collaterals in order to optimize revenues on your investments.

We can support you in particular regarding the following aspects of a deal:

  • Analyzing the project’s feasibility study from a financial point of view (Financial Institutions’ feasibility)
  • Analyzing the project’s valuation from a financial point of view (Financial Institutions’ feasibility)
  • Meeting with the Developer/Investor in order to understand the needs of the project and their expectations (residential, office, retail, logistics and hotel sectors)
  • Presentation of the generally applied Banks’ position based on the feasibility study/valuation and further analysis including assumed DSCR calculations for Banks’ purposes (including the Developer’s/Investor’s feasibility based in generally applied Banks’ assumptions)
  • Close cooperation with the client in order to propose a financing structure for the project and detailed DSCR calculations, including the possibility of syndication / club deal with local and/or foreign creditors (residential, office, retail and hotel sectors)
  • Advising Developers/Investors for the purchase, construction and leasing of industrial facilities in Serbia to foreign companies. Financial engineering and revenue optimization
  • Analysis of Banks’ portfolio for office, retail, residential and logistic projects as well as hotels and the financing possibilities of the project
  • Consulting and support regarding the presentation of the project to Banks including preparation of PowerPoint presentations
  • Consulting and support after the receipt of the Indicative Term Sheet from a Bank
  • Support regarding the selection and the possible engagement of a law firm for the negotiation of the loan documentation (including the scope of work)
  • Support regarding the proposed Developer’s/Investor’s financial and day-to-day obligations under the draft loan documentation
  • Support regarding the fulfillment of Conditions Precedent for the disbursement of the loan and Conditions Subsequent
  • Following the obligations of the Developer’s/Investor’s financial and time related clauses under the final loan documentation throughout the construction and/or investment loan
  • Following DSCR calculations based on actual information provided by the client throughout the construction and/or investment loan
  • Support in negotiating an increase of the loan once the project has been completed
  • Support regarding the approach to Banks regarding a breach of covenant under the loan documentation
  • Support in negotiating the restructuring or refinancing of the loan with the original Bank(s)
  • Involvement in all aspects of project creation, financing (if any), development and their insurance, rent and sale
  • Consulting regarding the financing or refinancing of hotels operated by international firms