Dentons > Barcelona, Spain > Firm Profile
Dentons Offices
AVENIDA DIAGONAL 477
10th Floor
08036 Barcelona
Spain
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Dentons > The Legal 500 Rankings
Spain > Banking and finance Tier 3
Dentons‘ ‘highly prepared‘ banking and finance team is highlighted for its international reach, recently acting alongside other offices of the global firm on several major cross-border transactions. Notable areas of expertise include multi-jurisdictional real estate finance matters, structured finance, and debt restructuring, although the team also assists with leveraged and acquisition finance, corporate finance, project finance and financial regulatory matters. Spain managing partner Jabier Badiola leads the team, while Jesús Mardomingo is also a key contact, taking the lead on regulatory matters. Fernando Gutiérrez, who stands out for his advice to credit institutions, investment firms and funds, and counsel Luis Belart, a specialist in asset finance, are other names to note.Practice head(s):
Jabier Badiola
Other key lawyers:
Jesús Mardomingo; Fernando Gutiérrez; Luis Belart; Ignacio Fernández; Lola Noguera
Testimonials
‘A highly prepared and competent team, always up-to-date on new market trends like sustainability and digitisation and their legal impact.’
‘Jesús Mardomingo and Lola Noguera stand out for their client service and focus on finding solutions.’
‘I would like to highlight the work of Fernando Gutiérrez. His availability and his involvement in the issues on which he advises us are comparable to those of an in-house lawyer.’
‘Dentons has top lawyers who understand the needs of the client perfectly and adapt to the requirements that are demanded of them. The availability and collaboration received is admirable. Likewise, its international character means that it is always among the firms to enter the short lists for international advice, thanks to the collaboration and connections of the partners in Spain.’
‘Jesús Mardomingo stands out for his experience, good disposition and involvement in all his projects.’
‘The Dentons finance and banking team in Spain offers a service whose results exceed all of the client’s expectations. Their technical training is impeccable, but what really stands out as a strong point is their knowledge of the non-legal aspects of the business, especially financial and economic matters, which means they can provide a full service. In addition, they are focused on the success of the transaction – they avoid all kinds of incidental and irrelevant issues that can weigh down or harm a deal and tend to favour a satisfactory closing for all parties. Compared to other offices, I notice more dynamism and anticipation of potential issues.’
‘Jabier Badiola is supported by two more experienced associates who lead on deals with him, Luis Belart and Ignacio Fernández. They all transmit the same sense of confidence to the client, which demonstrates that this way of working is a hallmark of the team. Their knowledge of the market and of the business, financial and economic context is without a doubt a mark of quality, and is different from their competitors.’
‘A good team from a well-established international firm with relevant credentials. Jesús Mardomingo for me is a top lawyer in the banking sector in Spain.’
Key clients
KKR
Global Infrastructure Partners
GIC Private Limited
EQT Partners
UST Global, UST Global Private Limited and UST Global España
Unicredit
Banco Santander, S.A.
Pricoa Private Capital
Swiss Life
Singh Capital Partners
Syndicate of lenders led by Erste Group Bank AG
Caixabank S.A.
Easy Payments
Work highlights
- Advised private equity firm KKR and fund manager Global Infrastructure Partners on the financing of the acquisition of data centre operator CyrusOne by a consortium of lenders, led by Goldman Sachs.
- Advised GIC on a €1.5bn loan from AIG and Royal Bank of Canada, provided to finance its acquisition of a €3bn real estate portfolio.
- Advising UST Group on its $525m credit agreement with a consortium of lenders including Citibank, BOFA Securities, JP Morgan Chase Bank and MUFG Union Bank.
Spain > Capital markets: Debt Tier 3
Dentons handles the local and international offerings of a wide range of debt instruments, including convertible bonds, project bonds and covered bonds, as well as advising on the registration and renewal of EMTN, ECP and commercial paper programmes. The team has expertise in matters involving the Spanish regulated and alternative markets, as well as international stock exchanges. Practice head Ignacio Corujo has extensive experience advising issuers and underwriters on debt capital markets transactions.Practice head(s):
Ignacio Corujo del Valle
Other key lawyers:
Ignacio Fernández
Key clients
Cajamar Caja Rural, Sociedad Cooperativa de Crédito
Banca March S.A.
ACS, Actividades de Construcción y Servicios, S.A
Sacyr S.A.
Impress
Work highlights
- Advised Cajamar Cajar Rural, Sociedad Cooperativa de Crédito on the registration with the National Securities Market Commission (CNMV) of its registration document allowing the issuance of debt to institutional investors, and on the issuance of €1bn in covered mortgage bonds listed on AIAF.
- Advised Banca March S.A., in its capacity as sole lead arranger, on the renewal of the €350m commercial paper programme of Sacyr S.A. registered with MARF.
- Advising the dealers (Credit Agricole Corporate and Investment Bank, BNP Paribas, ING Bank, N.V., BRED Banque Populaire and Natixis) on the renewal of ACS, Actividades de Construcción y Servicios’ negotiable European commercial paper programme, registered with Banque de France.
Spain > Real estate and construction Tier 3
With a global presence, the one-stop shop real estate department at Dentons advises on a breadth of investments, financing, M&A transactions, as well as development projects. The team's expertise covers land, residential, retail, office and logistics deals. Roberto Tojo joined the practice from Ramón y Cajal Abogados in 2022 and leads the team. He assists investors, developers and funds on a range of real estate transactions, including leases and construction contracts, acquisitions and divestments, and leaseback transactions. Recently promoted partner Itxaso López also advises national and international investors and lenders in the domestic market.Practice head(s):
Roberto Tojo
Other key lawyers:
Testimonials
‘The team has excellent knowledge in real estate financing and understands the needs of German pension funds in lending.’
‘Itxaso López is very experienced in real estate financing. She is always available and always has very good and practical solutions. She can explain the Spanish legal issues in an understandable way.’
‘The Dentons team is very complete and covers all the necessary knowledge in a Real Estate practice. They have especially outstanding knowledge in urban planning. In addition to the very high levels of knowledge, the Dentons team offers solutions to different problems.’
‘Roberto Tojo stands out especially for his truly outstanding knowledge, he is very business-oriented, and has a great negotiating capacity, which allows operations to be closed satisfactorily.’
‘Roberto Tojo and his team have great professionalism, experience and knowledge of law and the real estate sector. The team that surrounds him is excellent also.’
‘We highly value the availability of the Dentons team to answer questions and answer or organize calls. They deal with issues professionally and very clearly, in such a way that they do not generate doubts regarding a procedure.’
‘Itxaso López is very attentive and treats everything with professionalism; she has been very aware of some complex matters, informing the client and managers of every detail, she has put pressure on when necessary. She has shown proactivity and involvement in an outstanding way.’
‘The Dentons team has a large presence in Spain and knows the market perfectly. They quickly understand our needs as clients and adapt to them.’
Key clients
KKR
GIC
Swiss Life
Blackstone
Macquarie Group
Bermejo & Williamson Real Estate
Axel Group
UBS Real Estate
Sächsische Ärzteversorgung
Work highlights
- Advised Swiss Life on the acquisition of a pan-European logistics portfolio of 10 assets totalling nearly 188,000 sq.m. from Barings.
- Advised KKR and Global Infrastructure Partners on the $15bn acquisition of data centre operator CyrusOne, Inc., as well as the financing by a consortium of lenders led by Goldman Sachs.
- Advised Blackstone on the sale of shares of Tailor Propco (Spain), the company which owns an office building currently intended for courts and leased to the Community of Madrid.
Spain > Transport: Other transport Tier 3
With a strong financing background, the team at Dentons is often involved in high-profile transactions surrounding the aircraft and engine, shipment and vessel, and rail markets. Jabier Badiola, acting as managing partner, leads the practice with experience advising on acquisition, structured and project finance as well as corporate lending and debt structuring. Associate Ignacio Fernandez is another standout practitioner, drawing from his experience in cross-border aircraft financing transactions to support the team’s representation of asset holders and aircraft financers.Practice head(s):
Other key lawyers:
Key clients
Pricoa Private Capital
Goal Aviation
Eliance Holding
Carlyle Aviation Partners
Banco Santander
Munich Ergo Asset Management
China Minsheng Bank
Bain Capital
Jackson Square Aviation
MUFG Bank
Castelake
Norddeutsche Landesbank
Avolon Aerospace Leasing Limited
Wamos Air
Rolls-Royce
Novobanco
Bank of China Aviation
Natixis Singapore Branch
Goshawk Aviation
Abanca Corporación Bancaria
Banco Cooperativo Español
Caixabank
Evelop Aviation
Work highlights
- Advised Pricoa Private Capital in relation to the €180m long-term loan agreement granted to Autopistas del Atlántico Concesionaria Española.
- Advised GOAL Aviation on the acquisition and lease of three airbus A320 aircraft to be bought from Air Asia to then be leased to Volotea.
- Advising Finance Copter on the acquisition of two EC135T3 airbus helicopters, and the lease with a purchase option of another two EC135T3 airbus helicopters.
Spain > Commercial, corporate and M&A Tier 4
Dentons, one of the largest firms globally, is present in both Madrid and Barcelona where it supports on M&A, divestments, joint ventures and corporate governance mandates. The practice, which often works in close tandem with the firm’s 20 offices throughout Latin America, is especially well-regarded for its work within the energy, life sciences, technology and fintech industries. Practice head Jesús Durán is also distinctly knowledgeable of transactional insurance.Practice head(s):
Jesús Durán
Other key lawyers:
Israel de Diego; Nieves Briz; Diego Pol
Testimonials
‘The team led by Diego Pol stands out for its professionalism and customer service. Not only do they have the expected technical competence, but they also have initiative, are creative and lead the negotiations and the closing. On the other hand, there is always a very good follow-up of the subject and a high capacity to adapt to the circumstances and idiosyncrasies of the client. As for the firm, it is a pioneer in many initiatives regarding diversity, strategy and leadership and offering free training to clients in small (virtual) groups.’
‘Without a doubt, the plus is Diego Pol. His involvement, honesty, ability to coordinate teams in offices in multiple jurisdictions, flexibility in negotiating fees is excellent. We have worked on issues in Spain, USA, Colombia, Asia. In all of them, the result has been optimal and largely thanks to their work.’
‘Unbeatable! Workers, adding ideas and alternatives, the truth is that I have no complaints!’
‘Versatility in the type of operations (sector, size, product) in which they can advise. True accompaniment, regardless of the size of fees they may receive.’
‘Attention to detail (not only legal), good knowledge of the transaction as a whole (big picture) and above all, of what is truly important to the client. Teamwork. Ease of having the opinion of several partners from different teams. Especially relevant is the professionalism of Israel de Diego.’
‘Israel de Diego has stood out for his experience, professionalism and attention to detail. In a tough negotiation, you have achieved excellent conditions for your client. I would like to highlight, compared to other firms, the direct involvement of the partner, investing many hours, something that other firms do not do, as well as his excellent coordination with the team of financial advisors who also advised the client with the aim of knowing all the details of the operation in search for the best contract for the client’
‘The team I worked with was highly competent and devoted to the task and the objectives. Time pressure was extreme but the team delivered on time, or before time.’
Key clients
Sareb
Vitrolife
AIG
FCC Aqualia
Grupo Probelte
Applus Servicios Tecnológicos
Serino Inversiones
EPAM Systems
Lesaffre
New Stratus Energy
Parques Reunidos (EQT)
Applus+
Work highlights
- Advised Vitrolife AB on the acquisition of 100% of the share capital in Igenomix for €1,25 billion from EQT Fund, Charme Capital Partners and other shareholders.
- Advising Sareb on the competitive auction process for the appointment of one or more service providers to manage, market and maintain its €30 billion portfolio of more than 100,000 financial and real estate assets.
- Advised global insurance giant AIG on a hard staple warranty and indemnity (W&I) insurance policy in connection with Ferrovial International’s sale of Cespa to PreZero.
Spain > Private equity Tier 4
One of the globe’s largest firms, Dentons’s team in Spain is home to a combination of fund formation and transactional capabilities. Jesús Durán and Fernando Gutierrez co-lead the practice which runs a workload spanning secondary sales, acquisition structuring and exit strategies, in addition to transactional insurance (W&I) affairs, and is particularly accomplished in deals within the infrastructure, energy and real estate fields.Practice head(s):
Jesús Durán; Fernando Gutiérrez
Testimonials
‘I worked with a team of lawyers with a lot of experience and technical knowledge in the matter. The treatment has always been very close and in constant contact, which allowed a better flow of information. Close contact with the regulators, perfectly understanding what they ask for in each part of the process. Open to dialogue in billing negotiations and facilitating face-to-face spaces for joint collaboration, streamlining processes.’
‘Fernando Gutiérrez is the responsible partner with whom I have worked. He has always been very accessible, clarifying any doubts about the process and thus reducing delivery times.’
‘The PE team led by Jesús Durán stands out from others in its deep knowledge of PE investment structures and the quality of service, very personal with high involvement of partners.’
‘Jesús Duran stands out for having technical qualities and a perfect understanding of the needs of clients (both PE funds and companies) that allow him to provide 360º advice. He is one of the best lawyers in operations with PE funds in Spain. I would highlight their availability and ability to provide innovative solutions in complex operations.’
Key clients
Sociedad de Gestión de Activos Procedentes de la Reestructuracion Bancaria (Sareb)
KKR
Selenta Hospitality Group
FFC Aqualia
BeAble Capital SGEIC
Cartera Sercoma, S.L. (Eysa)
Affidea Group
Work highlights
- Advised Sociedad de Gestión de Activos Procedentes de la Reestructuracion Bancaria (as an exclusive legal advisor) in the tender process for the asset managers of Sareb’s €30 billion portfolio of non-performing loans (NPLs) and real estate owned (REOs) and in the negotiation of final, binding contracts with Hipoges (a KKR portfolio company) and a consortium of Anticipa and Aliseda (both portfolio companies of Blackstone).
- Advised KKR in connection with certain matters related to the closing of the US$15 billion acquisition of data center operator CyrusOne, Inc., as well as the financing by a consortium of lenders led by Goldman Sachs.
- Advised Selenta Hospitality Group on its management incentive plan (MIP) in connection with the transfer of 13 hotels to Brookfield Asset Management.
Spain > Projects and energy Tier 4
Dentons‘ energy offering is rooted in its extensive knowledge of cross-border transactions and projects in renewable energy, where it demonstrates ‘solid knowledge and experience‘. FermÃn Garbayo, who shows an ‘outstanding ability to manage the issues that arise‘ in the space, heads the practice since his arrival from Gómez-Acebo & Pombo in April 2021, which sees companies in the utilities, oil, LNG exploration and production, infrastructure and renewable energy sectors as key clients. Backing these efforts are senior counsel Luis Gil, who joined in June 2022, and associate Almudena Gurpegui.Practice head(s):
Other key lawyers:
Testimonials
‘Technically they are very good. They are always available. If you have any issue or doubt, they always help.’
‘Experience in authorisation processes and legal due diligence are just the starting point. They have the ability to support commercial negotiations and also banking and financial aspects of complex transactions.’
They show expertise in tax aspects relevant to the negotiations for the purchase of rights of corporate projects. They also have more than fair technical knowledge of the main renewable technologies.’
‘Solid knowledge and experience in relation to the energy sector. Totally dedicated team and seeking to achieve the imposed results efficiently and creatively.’
‘FermÃn Garbayo shows great professionalism and closeness in dealings as well as an outstanding ability to manage the issues that arise as a result of negotiations. Predisposition and proactivity when defending the interests of the client.’
‘Excellent availability. High work capacity, outstanding level of quality. Excellence.’
‘Documentation quality. Proximity to the business, greatly facilitating communication with the principals of the transaction.’
Key clients
FCC Aqualia
Pricoa Private Capital
Aquila Capital
Nextracker
EDP Renewables Europe
Work highlights
- Advised Aquila Capital on the acquisition of two solar photovoltaic projects of circa 100MWp.
- Advised EDP España on the acquisition of two solar photovoltaic projects with an estimated capacity of 50 MWp to ES Planta Solar 1 and ES Planta Solar 2.
- Advised EDP España on the purchase of a project with a total estimated installed capacity of more than 164 MWp to (i) Sal Solito 2018 and (ii) Grufium EnergÃas Renovables.
Spain > Public law Tier 4
Spain > Tax Tier 5
Dentons has a strong transactional tax practice, which advises on the structuring of M&A, corporate reorganisations, real estate investments and financial transactions, and often works in tandem with the firm’s international offices to handle cross-border matters. In addition, the group has significant expertise in advising insurance companies on tax risk insurance in M&A and other commercial transactions, and is expanding its practice to assist high-net-worth individuals with Spanish tax planning. MarÃa Cortizas leads the team and has a strong track record in tax litigation and advising on the tax aspects of corporate and financial matters.Practice head(s):
MarÃa Cortizas
Other key lawyers:
Diego Carrera
Testimonials
‘Technically very good, knows the product, very responsive and always available on short notice.’
‘The team demonstrates technical knowledge of M&A policies and tax contingencies, as well as specific and up-to-date knowledge of the tax risks in renewable energy projects.’
‘Due to her extensive experience in top-level offices and access to operations, Maria Cortizas demonstrates that she has extensive knowledge of the Spanish market, which is very useful on a day-to-day basis. We appreciate that she is very well connected with other professionals in the sector.’
‘Maria Cortizas is very commercial tax lawyer and her skills are highly valuable.’
Key clients
AIG Europe S.A. Sucursal en España
UniCredit
Lighthouse Netherlands B.V.
Swiss Life Real Estate Funds (Lux) S.A. SICAV-SIF
Aquila Capital
UBS Fund Management (Switzerland) AG
New Stratus Energy
Work highlights
- Advised AIG on the tax aspects of a hard-staple warranty and indemnity insurance policy in connection with Ferrovial International’s sale of Cespa.
- Assisted UniCredit with the tax aspects of a structuring and closing of a securitisation program entered into by entities of Helm Group as sellers.
- Advised Lighthouse Netherlands B.V. as buyer on the tax aspects of its acquisition of shares in a Spanish company which owns a major shopping centre in AlmerÃa.
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