Real estate in Mexico

One of the undisputed heavyweights of the real estate arena, Creel, García-Cuéllar, Aiza y Enríquez, S.C. houses a ‘hard-working, skilled, and thorough’ practice, 24-strong, which remains the go-to firm for many multinational and domestic developers, promoters, tourism and leisure companies and investors; including international real estate funds, Mexican CKDs, CERPIs and FIBRAs. In recent highlighted work, the team advised Telesites and its wholly owned subsidiary, Operadora de Sites Mexicanos regarding the first ever Mexican real estate investment trust designed to invest in telecom towers. The matter was led by Monterrey-based partner Badir Treviño-Mohamed, who according to a client is an ‘exceptional real estate attorney’. The renowned practice includes other outstanding practitioners such as Monterrey-based Francisco Montalvo, who co-heads the department together with Carlos de Icaza in Mexico City, whose solid real estate practice is strengthened by considerable expertise in environmental law; additional key figures include Carlos del Río (also in Mexico City), who specialises in acquisitions and divestitures, investments and joint ventures in Mexico across multiple industries and sectors; and ‘brilliant’ senior associate Alfonso Pulido.

International firm Greenberg Traurig, S.C., garners praise for its ‘extensive knowledge of everything related to the legal framework of the real estate sector’, thanks to its sturdy 11-strong practice, which has the capacity to serve a healthy range of market-segments in the sector, such as residential, industrial, commercial, mixed-use, and hotels – where the team has gained a particularly strong client roster. Department head Antonio Diez de Bonilla is a fully-fledged real estate specialist, who is particularly active in M&A, joint ventures, real estate financings and development transactions across various industries (including hospitality and retail); while fellow partner Gerardo Carrillo provides wide-ranging knowledge of residential, commercial, industrial, and hospitality projects. Senior associates Roberto Guerrero and Julio Sardina are other highlighted members of the Mexico City office team, which is backed by the firm’s international network. The department’s strong client base also includes property developers, lenders, investment managers, private equity funds, REITs, operators, sovereign wealth funds, international developers, and private owners.

Stand-out practitioner Lorenza Langarica, who regularly advises on local and cross-border procurement and joint venture activities, co-heads the 16-strong practice at Mijares, Angoitia, Cortés y Fuentes S.C., together with Eugenio Macouzet, who handles the legal and regulatory aspects of real estate investment in the commercial, residential, hospitality and industrial segments. The ‘excellent practice’ includes two specialised sub-groups; one focused on tax and the structuring of real estate deals, while the other undertakes the contracting of rights of way, rights of use and similar structures necessary for infrastructure projects such as roads, gas ducts, energy plants and wind farms. The experienced Manuel Echave, who is a popular choice for developers and promoters to manage financings for the purchase or construction of real estate projects; and senior associate Carlos Jiménez, who has growing knowledge of portfolio acquisitions and has represented several FIBRAs in financing transactions, are other key figures in the department.

Real estate is one of Nader, Hayaux y Goebel, SC‘s core practice areas, so it’ s no surprise that the firm has a powerful, 22-strong team dedicated to the sector, in which it is well-known for its robust capabilities in a wide range of matters; it particularly excels in real estate financing, but also demonstrates solid expertise in real estate fund formation, having previously developed work on REITs and CKDs. The department has proven experience in the tourism and leisure industry, and is composed of skilful and experienced partners with additional expertise in finance, capital markets and M&A, such as: the renowned Michell Nader, who has enormous expertise in real estate finance; Vanessa Franyutti, who stands out for her market-leading expertise in the hospitality segment, as well as her focus on financial aspects across the retail, residential and industrial markets; Eduardo Villanueva, who is well-versed in handling acquisitions and fund formation; and Alejandro Rojas, who has a broad corporate and finance practice and a particular focus on the hospitality sector. Fellow partners Javier Arreola and Julián Garza (who provides key support, particularly as regards fund formation), are other noted members of the team.

‘Accustomed to handling large transactions without being affected by the pressure associated with them’, the 21-strong practice at Ritch, Mueller y Nicolau, S.C., also garners recognition for being ‘able to find the solution when paths are not obvious’. Practice-head Rodrigo Conesa is a seasoned market player with a sturdy track record in real estate financings, acquisitions and developments – on behalf of both lenders and developers; while fellow partner Javier Domínguez Torrado has a focus on real estate operations and financing (involving debt and equity placements in Mexico and abroad, secured and unsecured financing, and mergers and acquisitions). Ricardo Calderón, in turn, advises on real estate as part of a broader practice (taking in banking and finance, M&A and compliance), and has been particularly active working with a consortium in relation to the establishment of joint ventures for the development of residential projects. Key support is provided by senior associates Héctor Cárdenas (M&A, real estate and capital markets), and Santiago Carrillo, who is actively involved in financings, acquisitions and developments across real estate asset classes and has a particular focus on industrial and hotel assets. Recent work highlights include advising Walton Street Capital on the $127m acquisition of an industrial portfolio of 15 real estate properties from Terrafina Fibra. Since publication, both Cárdenas and Carrillo have been raised to the partnership, while Conesa has moved to an of counsel position at that firm –all moves being effective as of January 2022.

Hailed as an ‘excellent firm’, González Calvillo, SC houses an accomplished nine-strong practice, which enjoys a good reputation in the real estate arena. The team is a popular choice for developers, lenders, investment banks and funds, as well as for large corporations, particularly for the lawyer’s dexterity handling real estate project development and related corporate and financing matters, as well as acquisitions, sales and joint ventures. All this while also taking care of pro bono work; as stated by a client, the firm is ‘committed to social causes‘. Heading the group are dedicated practitioners Alfredo Chávez Goyeneche, who represents clients from wide variety of industries on primarily transactional and investment matters; and Gonzalo Vargas Ateca, who is also particularly active in the acquisition and sale of real estate assets. Key support comes from senior associate Paulina Sellerier.

Praised for its lawyers ‘attention to detail and mastery of the real estate industry', Ibarra, del Paso y Gallego houses a 12-strong practice which stands out for its capabilities in hospitality and transactional real estate, which are reinforced with additional expertise in environment, corporate/M&A, and energy and infrastructure. Co-led by founding partners Gerardo Gallego and Carlos Ibarra, as well as fellow partner Rodrigo de los Ríos, the department primarily handles the development and operation of timeshare regimes, acquisitions, financing, leasing and real estate sales, along with rights of way and easements and property regularisation. Senior associate Sandra Jiménez and counsel Alejandra Gutiérrez are also noted.

Practice head Vicente Grau is an active figure in the transactional real estate arena, as part of a broader practice that also takes in economic competition, antitrust and estate planning; he leads Santamarina y Steta's 11-strong practice group, which covers a broad range  of matters, from the acquisition, leasing, development, construction and sale of real estate, to related financing structures and securitisation, including the contribution of properties to FIBRAS, CKDs, and guarantee trusts. Grau works closely with fellow Mexico City-based partner Aarón Levet, who has broad experience in M&A, joint ventures and financing for the hospitality and industrial real estate segments. Key support comes from Claudia Rodríguez, who focuses primarily on the industrial, retail and residential segments; and senior associate Isaac Zatarain (real estate, natural resources, renewable energy and environmental law).

A spin off from Galicia Abogados S.C. established in August 2020, specialist boutique Trujillo Abogados houses an ‘experienced and cohesive team that has full knowledge of the real estate market’. Operating from offices in Monterrey and Mexico City, the nine-strong team advises on a wide range of matters, including investment vehicles, joint ventures, and the acquisition, development and sale of all types of real estate assets in Mexico. In addition, the practice is highly specialised in real estate financing. Name partner and practice head Alejandro Trujillo is highly regarded in the industry as well as the legal market as a result of his lengthy background as a general counsel in the sector, making him an ideal client choice due to his ‘sensitiv[ity] to the business-side of the business’; he has profound expertise in real estate transactions and financing. Additional expertise and capacity is provided by younger partners Alejandra Boj (in Monterrey), whose background includes in-house experience at both GE Capital Real Estate and MMREIT; and Miguel López, whose broad experience takes in transactional matters, the structuring and implementation of real estate projects and, in particular, mandates involving real estate trusts; both are highly regarded. Marian Garcia is also noted.

With over 20 years covering all aspects of the structuring and financing of real estate developments in industrial, residential, hospitality, office and mixed-use projects, CMS Woodhouse Lorente Ludlow's real estate practice has a strong track record in the sector and is praised for its ‘availability and personalised treatment’. Partner César Lechuga heads the team, specialising in transactional real estate with a primary focus on the industrial, logistics, commercial, office space and retail segments, as well as on the real estate requirements for wind and solar projects. Real estate and infrastructure expert, Enrique Lorente Ludlow is a long-standing market presence who provides key input advising on developments and investments for domestic and international organizations. María José Estrada provides key associate support on real estate, project finance and corporate matters.

Operating from Monterrey and Mexico City (and backed by the firm’s global network), international full-service firm Hogan Lovells fields a nine-strong Mexican real estate practice, which is lauded for going ‘above and beyond to help its clients’. The team, which has vast experience in complex real estate transactions – including those related to public offerings, financing matters, collateral and co-investments for real estate projects – is co-led by Mexico City-based partners Ángel Domínguez de Pedro and Juan Francisco Torres Landa1, in conjunction with Guillermo González Frankenberger in Monterrey. All three are civil, corporate and commercial experts with a focus on real estate, project finance, M&A and shareholders disputes. Counsel Fernando Medina Luna, who goes ‘above and beyond to assist‘ with work ‘under tight deadlines’, and senior associate Luis Lauro González, are additional key figures in the practice group.

Holland & Knight's Mexico office -recently notably expanded following the firm's combination with the form Thompson & Knight- houses a 11-strong real estate team, which stands out for its impressive cross-border capabilities as well as for its particular expertise in placing Mexican real estate investment trusts ("FIBRAS") and capital development certificates ("CKDs"). This has allowed the practice to secure notable clients such as Fibra Uno, the first and largest Mexican Reit, which has relied on the firm since its initial public offering in 2011. The team is led by recognised practitioners Guillermo Uribe, who has a focus on real estate finance matters related to banking and securities law, international capital markets, structured finance and syndicated loans. Additional partner-level expertise is provided by Adrián Gay Lasa, who is particularly known for his work on REIT-related work. Key support comes from experience senior Jorge González Carlini, who primarily handles real estate finance matters. The energy, finance and transaction-focused Alejandro Landa also participates in real estate matters on an ongoing basis.

‘A first-class team of lawyers who are leaders in their field’, Kuri Breña, Sánchez Ugarte y Aznar‘s seven-strong real estate practice is perhaps best known for handling leasing and real estate development matters. Nevertheless, it is also active on financing and the securitisation of cash flows originating from real estate properties; joint ventures; and cross-border transactions including acquisition, divestitures, leasing; and the development of industrial, hospitality and commercial properties. Heading the team are seasoned partners Luis Octavio Núñez (‘just the legal advisor a company should have’), and Guillermo Garay, both of whom have a solid track record participating in a wide variety of deals involving real estate. Key support comes from senior associate Elizabeth Tovar.

The five-strong practice at Pérez Correa González houses ‘deep knowledge of the real estate sector’ and gains clients praise for ‘always anticipating possible risks and complications’. Name partner Luis Gonzalez, whose ‘excellent technical quality and knowledge of the market make him the best choice’, heads the department. He specialises in corporate and transactional work, including M&A, joint ventures, and cross-border financings. He is closely backed by fellow partner Omar Aguilar, a June-2020 hire from Bowker who is located in Vancouver, Canada, and who concentrates on financial and commercial transactions and the structuring and negotiation of joint ventures and M&A. Key associate support is provided by experienced senior Juan Carlos Izaza (corporate, M&A, real estate and private equity law).

SMPS Legal's ‘incredibly dedicated’ eight-strong practice has an extensive track record advising on all types of real estate and asset transactions, including sales and purchases, leasing, financing, development and construction, and liens on real estate assets, as well as handling audits, and regulatory, tax and environmental matters. The team, praised for its capacity to ‘think out of the box’, is jointly led by María Teresa Paillés, who holds a strong focus on transactions in the hospitality industry; María Esther Rey, who has over 20 years' experience in real estate and corporate transactions (both arrived from the former Romo Paillés in April 2020); and the ‘very knowledgeable’ Andrés Pizarro, who is especially skilled at handling complex trusts, trust operations and FIBRAs. Key support comes from Eduardo Pizarro, who has particular expertise in the financial and energy sectors.

Operating from Monterrey and Mexico City, Sánchez Devanny boasts a ‘highly qualified’, nine-strong practice that is able to ‘provide solutions to complex issues’. The team, which is a popular choice among national and international developers, investors and retailers, is co-led by Monterrey-based partner Rafael Villamar-Ramos, who has substantial experience in industrial, commercial and residential real estate acquisition and leasing transactions; and Diego Gómez Haro, who focuses primarily on real estate transactions, including structuring investment vehicles, the acquisition and sale of assets, leasing, project development and construction, due diligence and financing. Further partner-level expertise is provided by Alfredo Villarreal Hansmann, who is experienced at handling lease agreements, acquisitions, the construction of industrial facilities, and commercial, hospitality and residential projects. Intermediate associate Alonso Sandoval (M&A, corporate law, real estate, and lending & secured finance), is also noted.

Four corporate partners lead the real estate practice at full-service Mexican firm Basham, Ringe y Correa, S.C., which has niche strength in sectors such as retail and hospitality. Noted practitioners include: senior partner and head of corporate Daniel Del Rio, who has deep experience of M&A transactions and a specific focus on real estate; Amilcar Garcia specializes in retail for luxury brands as well as on industrial and health sector real estate matters; managing partner Juan Jose Lopez de Silanes is particularly strong in the areas of planning and execution of national and international transactions; and Jesus Colunga is a hospitality expert. At associate level, seniors Gerson Vaca (corporate and transactional matters) and Ricardo Evangelista (with regard to environmental aspects) both lean in to the practice.

Regarded by some clients as the ‘ideal partners’ for real estate matters, boutique firm Chávez Vargas Minutti Abogados, handles a healthy range of real estate finance and transactional mandates across the residential, commercial, office-space, hospitality, education, industrial and agricultural segments. The practice is co-led by name partners José Antonio Chávez and Brian Minutti, who are closely backed by Alejandro Carreño, who made partner in September 2021. Recent work highlights include advising Banco Santander Mexico on the $50m financing of a project in Los Cabos (BCS, Mexico), including a St. Regis Hotel, vacation villas, and other amenities.

Benefitting from a well-established practice that has built experience over more than 40 years, the real estate practice at Creel Abogados, SC is today led by partners Jorge Torres and Gustavo Struck. The pair regularly lead advice to Mexican and foreign clients -including investment banks, financial institutions, corporations, real estate funds, real estate developers, and hospitality and retail companies- in matters ranging from title analysis to more complex transactions (including hospitality project development, agrarian law, retail, residential, industrial and office-space matters). Of late, the practice has primarily been focused on assisting clients with restructuring lease agreements, selling assets and refinancing real estate-backed loans.

Clients regard Berenice Soto, head of the real estate practice at medium-sized, full-service firm Cuesta Campos y Asociados S.C., as a ‘trusted colleague’ as well as a ‘fundamental part of our real estate operations’. The department has been active advising both domestic and foreign entities in real estate transactions for over 40 years; today Soto is a well-known market figure who regularly advises leading developers and transnational corporations on a range of transactional matters for clients from industries including automotive, IT, manufacturing, retail and food & beverages. The practice operates from office in Mexico City, Guadalajara and, notably, the El Bajío region.

Backed by the firm’s global real estate practice capabilities, DLA Piper Mexico's local, six-strong practice offers a broad array of services, including financing, fund formation, acquisitions and divestments, planning, development, construction and leasing. Department head Gabriela Alaña is praised by clients for being a ‘formidable lawyer’ and has particular expertise in ‘build-to-suit’ developments, while her broader practice frequently involves mandates concerning industrial, office, retail and multi-family and resorts projects.

The real state practice at Galicia Abogados S.C., ‘strikes a very good balance between knowledge of the commercial and industrial real estate industry, and transactional experience and skills’. Following the departure of former department-head Alejandro Trujillo in mid-2020, leadership of the department has been assumed by Ramiro Sandoval (a ‘brilliant negotiator’), who brings extensive experience handling acquisitions and divestitures, public and private joint ventures, structuring and the formation of private equity funds and REITs to the practice primarily, which has a certain focus on mixed-use projects and the hospitality industry. He works closely with fellow partner Rodrigo Rivera, who adds extensive know-how on the financing side.

Partner Manuel Romano heads the five-strong real estate department at Jones Day's Mexico City office, which covers transactions ranging from simple due diligence processes for the purchase or development of land, houses, buildings, plants, hotels and factories, to more complex real estate operations with a significant financing and tax planning component, or assisting with all aspects of environmental considerations. Partner Mauricio Llamas, who has a focus on administrative and regulatory matters, with particular expertise in environmental, health and safety laws and standardisation, is another key figure in the practice, which can also draw on the resources of the firm’s global real estate team of over 100 lawyers.

‘Extremely creative and pro-business’, Daniel Saltzberg heads the seven-strong real estate department at Sainz Abogados, which practically maintained the entirety of the team and clients after the dissolution of the former Cervantes Sainz in November 2020. The department covers all areas of real estate with a particular focus on the industrial sector, and regularly advises a broad range of property developers, lenders, investment managers, opportunity funds, FIBRAS and REITs, as well as private owners, on -primarily- sales, acquisitions, joint ventures and the financing of assets. Key support comes from senior associate Ximena Hernández, who specialises in transactions, finance, trusts and corporate and securities matters.

Von Wobeser y Sierra, SC's real estate practice has maintained steady growth during the past few years and now houses a very competitive 10-strong department led by partner Pablo Saez. Drawing from the firm's strengths in corporate and M&A, finance, regulatory, litigation, tax and environmental law, the department handles property acquisition and investment, regularisation, conversion of public and social property (ejidos) into private property, development, management and leasing, financing, restructuring, and the sale of all asset classes of real estate. Fellow partner Alejandro Orellana is another name to note.