Leveraging the combined bench strength of offices in 31 major cities across Africa, the Americas, the Asia Pacific region, Europe and the Middle East, the powerhouse real estate team at Clifford Chance remains a market leader, advising major private equity firms and investors, banks and financial institutions and multinational corporates involved in high-value, cross-border real estate transactions. Practice head and real estate law expert Carlos Portocarrero specialises in acquisitions, joint ventures, high-end sales and leasebacks, the acquisition of developer companies and the acquisition of portfolios of non-performing loans (NPLs) and foreclosed properties. Supported by experienced associates María Pradillo, an expert in real estate finance; portfolio transfer specialist Andrés Berral; and asset/share deal advisor Andrés Tirado, the group represents household name clients including Blackstone, Cerberus and Banco Santander. The team’s client base also spans the logistics, retail and hospitality sectors.
Real estate and construction in Spain
Unibail Rodamco Westfield
Onix Capital Partners
Real I.S. AG
- Advised Cerberus on the acquisition of a portfolio of 6,000 assets from Cajamar, the biggest portfolio ever sold by Cajamar.
- Advised Primonial on the incorporation of a joint venture with Grupo Lar to jointly invest up to €400m in a rental residential platform.
- Advised Prologis on the acquisition of a portfolio of 15 logistic assets in Spain (414,000 sq. m.) from Inmobiliaria Colonial.
The real estate practice at Garrigues remains a leader in the market, utilising a global presence that spans four continents and the experience of its team to advise major international funds, companies and financial institutions on high-value, cross-border transactions. The group, led by real estate development expert Héctor Muñoz in Madrid and financing and refinancing specialist Óscar de Santiago in Barcelona, provides a comprehensive service, covering construction and lease transactions, portfolio reorganisations, portfolio disposals, divestments, joint ventures and loan-to-own transactions. Managing partner, transaction expert and of counsel Felipe Yannone brings to the team decades of experience in construction. The team’s clients portfolio includes Morgan Stanley and Blackstone, and spans the hospitality, residential and logistics sectors. The group is supported in Madrid by Jorge García-Pellicer, who advises on corporate restructurings, and senior associate Blanca Jiménez Aparicio.
‘For me their main strengths are availability, proactivity, experience, flexibility to adapt to each transaction’s requirements, generosity to share knowledge, solutions oriented, really committed, very good quality/price ratio.’
‘Great expertise of the team and understanding of the client’s needs, looking for practical solutions to the principles that arise.’
‘Great team, very complete.’
‘A very deep legal knowledge with an ability to be commercial and find solutions to problems.’
Morgan Stanley Real Estate
Alpine Grove Partners LLP
Arcano Real Estate
ASG Iberia Advisors
Mersan Assets Management
Vivenio Residencial Socimi
Aberdeen Standard Investments – Aberdeen European Balanced Property Fund
Kadans Science Partner
GMP Property Socimi
BMB Capital Advisors
- Advised Axa Real Assets on the sale of five office buildings located in Barcelona and leased to the Generalitat de Catalunya (Catalan regional government).
- Advising DWS on a build-to-rent transaction consisting in the purchase from Gestilar of four residential developments with over 1,100 dwellings located in Vallecas and Getafe.
- Advised Dospuntos Asset Management (as seller) in the sale to DWS through a forward purchase agreement of an office building in Barcelona.
The team at Pérez-Llorca continues to be a dominant force in the practice area, providing a one-stop-shop to assist major international investors, developers, banks and non-banks on the entire real estate cycle. Led by real estate financing expert Jesús Varela and planning specialist Alberto Ibort Franch in Madrid, the group’s full service extends to NPL portfolio trades, fund formation, joint ventures, asset deals and share deals. In addition, Fausto Romero-Miura brings to the team over 20 years of fund advising experience; Javier Muñoz provides expertise on the refurbishment of real estate assets; and Alejandro Osma provides commercial transaction expertise. The team’s client portfolio includes Banco Sabadell and CBRE Global Investors, and covers the residential, telecoms, education and hospitality sectors. Adriana Martín was promoted to counsel in January 2022. The department was further strengthened in March 2022 with the hire of Raquel Blanco from Linklaters.
Jesús Varela; Alberto Ibort Franch
CBRE Global Investors
Axa Real Estate Investment Managers
Hispania Activos Inmobiliarios
Distrito Castellana Norte
- Advising Distrito Castellana Norte on the acquisition from various public entities in the railway sector of the plots of land and rights to a total buildable area of approximately 1,500,000 sq. m which comprise the Madrid Nuevo Norte project.
- Advising CPPIB (as buyer) on the agreement for the acquisition of a portfolio of NPLs and certificates and mortgages from Banco Santander.
- Advised Batipart and Covéa on the acquisition from the Adeo Group of a pan-European portfolio of real estate assets.
With a real estate and urban planning department of 40 lawyers operating from Madrid, Barcelona, Valencia and Bilbao, the team at Uría Menéndez continues to lead, employing bench strength and experience to assist major banks, investment funds, SOCIMIs (Spanish real estate investment trusts) and other international corporates involved in high-value and complex cross-border transactions. Headed by real estate finance expert Fernando Azofra and planning specialist Diego Armero in Madrid, the group offers a comprehensive range of services, advising on portfolio transfers, property acquisition and joint ventures, forward-funding agreements, restructuring and divestments, and the incorporation of private equity funds. The team is supported in Barcelona by real estate and M&A advisor Ignacio Albiñana, Rafael Jiménez, who brings a company law background, Javier Ruiz-Cámara and senior associate Iván Abad in Madrid. The group’s client base features key market players Allianz and Banco Santander.
‘For me, one of the best teams in real estate law in Spain. Especially for highly complex transactions’.
‘One of their greatest qualities is that they provide a unique combination of technically meticulous and creative work with exquisite personal treatment. They always face problems and difficulties with legal rigor and business judgment. They are flexible to provide practical solutions based on their extensive experience in complete operations.’
‘The Uría team we work with is led by Rafael Jiménez Mateo. He is a partner with a lot of experience, proactivity and strength. A magnificent lawyer in every sense of the word. Technical, meticulous. Creative. He always knows how to find a solution to problems and does not get involved in sterile discussions. He is dynamic and decisive. He knows us as if he were one of us and he also knows the market and its players very well.’
‘Rafael Jimenez brings together an unbeatable technical team with extensive knowledge of the sector and timings in the closing of operations. Unbeatable negotiation skills and understanding of customer needs.’
‘Uría Menéndez’s team is a leading and cutting-edge team. Solidity, technical reliability.’
Testa Residencial SOCIMI, S.A.
Allianz Real Estate, GMBH
Millenium Hotels Real Estate I SOCIMI, S.A.
Sixth Street Capital
Neinor Homes SOCIMI
Tristan Capital Partners
GPF Capital Inversiones Inmobiliarias I
Silicius Real Estate SOCIMI
Témpore Properties SOCIMI, S.A.
Deutsche Finance International (DFI)
Actual Capital Advisors
PGIM Real Estate
- Advising Banco Sabadell on the transfer to Cerberus Capital Management of an 80% interest in a portfolio of approximately 7,500 real estate assets.
- Advising PGIM on the incorporation of a closed-ended joint venture vehicle with Azora Capital.
- Advising Gestilar on the sale of two residential assets in Getafe and Vallecas on a BTR forward-purchase deal for the development of over 1,000 residential units.
The real estate group at Ashurst LLP utilises a global network of offices across 20 countries to provide a full service to major international investors, developers, banks and non-banks on a diverse range of matters. These include fund structuring, real estate finance, joint ventures, disposals, acquisitions, sale of mortgage-secured portfolios and distressed assets. Ismael Fernández Antón, who brings expertise in the whole real estate cycle, from zoning to commercialisation, leads the team, which counts household names such as Bank of America Merrill Lynch among its clients. The group is supported by real estate specialist and department founder Cristina Calvo and fund specialist and counsel Joaquín Macías.
Goldman Sachs International
Invesco Real Estate
Cerberus Iberia Advisors
Cerberus Real Estate Capital Management
Panattoni Spain Developments
Perial Asset Management
Bank of America Merril Lynch
Arrow Capital Partners
- Assisted Invesco in the context of a joint venture with Urbania, as regards the due diligence process and the negotiation of four forward purchase agreements entered in order to acquire four student residences.
- Acting as M&G’s advisors for all transactions regarding the development and structuring of M&G’s build-to-rent platform in Spain.
The real estate group at Baker McKenzie in Spain coordinates with its offices in Madrid and Barcelona to assist international and domestic banks, funds, alternative lenders, real estate lessees and major corporates involved in high-value, cross-border transactions. Led by corporate real estate expert Jorge Adell and regulatory specialist Xavier Junquera in Barcelona and asset acquisition advisor Guillermo Rodrigo in Madrid, the group’s portfolio spans the retail, finance, healthcare and hospitality sectors and includes key clients Radisson, Banco Santander and Marriott. The team is supported in Barcelona by senior associate Irene Siurana, who is active in international acquisitions, and associate Manuel Rodriguez in Madrid. The group’s broad service covers restructurings, management agreements, leasing agreement negotiations, asset acquisitions and due diligence.
‘It is a highly accomplished team with an excellent command of the subject. For me they differ from others in that I know that whatever I ask of them they will look at it impeccably and within a reasonable time.’
CBRE Global Investors
Merlin Properties SOCIMI
Marriott International, Inc..
KKH Property Investors
Tristan Capital Partners
Global Student Accommodation
Growth & Income Value Partners Europe S.L. (GIV Partners)
- Advising Futbol Club Barcelona regarding the entire project “Espai Barça”, a broad construction and development project.
- Advised a global student accommodation company in the acquisition of a student housing in Madrid (through a share deal), from Corestate Capital Advisors.
- Advised Vithas Sanidad in relation to the acquisition of the business of the La Milagrosa Hospital in Madrid.
Drawing on the bench strength of offices in multiple countries, including 14 in Spain (from Alicante to Zaragoza), the real estate team at Cuatrecasas takes a multidisciplinary approach to advising international corporates in the hotel and retail sectors, major funds and investment vehicles involved in high-value, multi-jurisdictional transactions. The experienced group offers a comprehensive service covering commercial real estate purchases, M&A, the sale and purchase of REOs and NPLs, finance agreements and credit facilities, joint ventures and advice on capital markets matters. The team is headed in Madrid by real estate acquisition expert Ramón Gil, and is backed by counsel Silvia Alcoverro, Ricardo Echevarría, who handles construction and real estate litigation, and Joaquín Garaulet, who specialises in condominiums, in Madrid, and by planning advisor Bernat Mullerat in Barcelona.
Culmia (former SDIN Residencial)
Grupo Adeo (Leroy Merlin)
Kronos Investment Group
- Advising Valfondo Inmuebles, together with CBRE, on selling its portfolio of industrial premises and other logistics assets of Montepino Logística to Bankinter Logística.
- Advising Kronos on setting up a joint venture with Nuveen Real Estate, managed by Kronos subsidiary Stay, to develop 5,000 build-to-rent homes in Spain.
- Advising Grupo Adeo (Leroy Merlin) on a sale and leaseback transaction of a portfolio of 42 retail properties in Spain, Portugal, France and Italy.
The real estate and construction practice at DLA Piper utilises its global network of offices in 40 countries to assist national and international investors, financial institutions and major corporates on high-value and multi-jurisdictional deals. Orson Alcocer leads the team and assists clients in navigating a transaction’s entire life cycle, from investments, development and funding, to construction, management and commercialisation. In addition, the group advises on real estate litigation, leases, purchase-sales, condominium structures and project finance. The team is supported by real estate development expert José María Oliva, legal director and restructuring specialist Ignacio Antón, planning law advisor and of counsel Francisco Perales and senior associate Angel Maestro. The group’s client base spans the hospitality, retail and insurance sectors, and includes Rakuten and Allianz.
‘Experience in the sector, global vision of operations and technical knowledge to defend those points that are most relevant to the client. Good negotiation skills.’
‘I would highlight José María Oliva and his outstanding experience in accompanying and negotiating operations of this nature within the real estate sector. Technical capacity, availability and agile execution and decision-making of Angel Maestro.’
‘It is a team that works well and is responsive.’
‘The team really do manage our transaction processes well and have got to know what really matters for us.’
‘Orson Alcocer and Angel Maestro are always available and incredibly proactive. They approach matters with good humour which really makes a difference.’
ING Real Estate Finance
Lar España Real Estate SOCIMI
AXA Real Estate
Mandarin Oriental Hotel Group
- Advised Amundi on the forward acquisition of the future L’Oréal headquarters in Madrid.
- Advised HIG Real Estate on the acquisition of a stake in the developer of Madrid Content City, the future Spanish-speaking media hub where Netflix studios will be installed.
- Advised on the acquisition by Allianz of a residential portfolio through the acquisition of the ELIX Vintage Residential SOCIMI.
Hogan Lovells International LLP
The experienced team at Hogan Lovells International LLP is a popular choice for international real estate developers, investment groups, banks and non-bank lenders and corporates on a diverse spectrum of real estate and construction matters. These include financing transactions, acquisition and real estate asset development, commercial leasing, disposals and the sale and purchase of REO and NPL portfolios, and tax issues. Headed by Emilio Gómez Delgado, who specialises in the development of shopping and leisure centres, office buildings, hotels and industrial premises, the group’s client portfolio includes Barclays, Vodafone and Deutsche Bank. The team is supported by senior associate and urban planning specialist Miguel Ferre and associate Carlos Gil.
‘The team is a group but the weight is carried directly by the partner, his presence has been fundamental and his leadership is unique.’
‘The difference lies in the empathy with the client and their business, the ability to reconcile positions that passes through a good knowledge of the legal field in question. Partner that stands out: Emilio Gómez Delgado.’
Vestas Investment Management
Elite Partners Capital
EQT Exeter Property Group
LaSalle Investment Management
M&G Real Estate
Kefren Real Estate
- Advised Aware Super on the €600m investment in Vivenio Residencial SOCIMI.
- Advised LaSalle on the sale and leaseback of the five star NH Collection Gran Hotel Calderón in Barcelona for €125m.
- Advised LaSalle in the setting-up of a REIT structure in Spain (SOCIMI) to invest in residential properties for rent and in its first acquisition of a six-storey residential property in the AZCA financial district of Madrid.
With numerous offices and relationship firms worldwide, the real estate team at Allen & Overy combines its global strength with the local expertise of its team to assist international investors, corporates and financial institutions involved in high-value, cross-border real estate transactions. Led by corporate real estate expert Santiago De Vicente and backed by experienced senior associates Marta Orce and Andrés Candela and the newly promoted Javier González (May 2021), the group’s comprehensive service covers joint ventures, purchase options, due diligence, leases, sales and acquisitions of REO portfolios, forward purchase agreements, leaseback arrangements and construction. The team’s portfolio includes Banco Santander and Deutsche Finance International, and, in addition to finance and real estate, spans the energy and chemical sectors.
‘It is a highly practical and proactive team. Technical and legal excellence is guaranteed.’
‘Marta Orce stands out for her continuous availability, kindness in treatment and good work.’
Deutsche Finance International
- Advised Davidson Kempner on the acquisition of an 80% stake in a joint venture company with Unicaja in connection with a portfolio of real estate assets.
- Advised BBVA on the sale to KKR of two portfolios, one of real estate owned assets and the other of non-performing loans.
- Advised Banco de Sabadell on the sale to Oaktree of the real estate development company Solvia Desarrollos Inmobiliarios jointly with a massive residential asset portfolio.
The team at Eversheds Sutherland brings ‘a high level of expertise in real estate’ to advising major international investment groups and corporations on high-value, multi-jurisdictional transactions. The group provides a comprehensive range of services, from portfolio acquisitions and sale and leaseback transactions to joint ventures, sales and purchases and structured finance arrangements. Headed by Javier Ibañez, who specialises in investment design and implementation, and experienced institutional investment advisor Rafael Arráez, the team’s client base spans the pharmaceuticals, technology and hospitality sectors, among others.
‘The team is very responsive and has a high level of expertise in real estate, urban planning, related transactions and securities. Combined with a very courteous approach, they are a pleasure to work with.’
‘Rafael Arráez is outstanding in his knowledge and expertise of real estate, urban planning and related transaction and securities processes.’
‘Always on top of the project. Proactive, not reactive.’
Edged Energy LLC – Endeavour Group
Room Mate Hotels
- Advised Edged on a joint venture between Endeavour Group and Merlin Properties for the construction, maintenance and operation of data centres in Spain.
- Advised DMI Computer on the sale and leaseback of an industrial logistics warehouse in San Fernando de Henares.
With a team of 16 professionals across offices in Madrid, Barcelona, Valencia and Lisbon, the real estate group at Gómez-Acebo & Pombo provides a one-stop-shop to assist international investors and financiers, developers, contractors and public authorities on the full life cycle of real estate projects. Led by property transaction expert Enrique Isla and asset divestment expert Jaime Díaz de Bustamante, the group handles a range of deals, covering tax structuring, fund formation and the creation of vehicles and joint ventures, all the way to acquisition development, leasing and final exit. Supported by associate and commercial real estate specialist Natalia Callejo and of counsel José Ángel Cano, the department's client portfolio includes Carrefour and Société Générale and spans such sectors as hospitality and telecoms.
‘In my experience, they achieve adequate precision in the short time normally available, always with a practical approach and trying to solve the legal problems that arise.’
‘The Gomez-Acebo y Pombo Real Estate team led by Jaime Díaz de Bustamante has great availability and dedication to matters. High involvement of the department partner and a great degree of analysis of the situations to offer alternatives that make the operation viable.’
‘Jaime Díaz de Bustamante has worked in different areas and is one of the partners in Spain currently with the greatest knowledge of real estate law.’
AMRO Real Estate Partners
Hotel Investment Partners
Invesco Real Estate
Domo Activos Socimi
Strategic Value Partners
Hotel Investment Partners
- Advised Mazabi on the sale of 100% of the shares of the company Santa Eulalia Hotelera to Iberostar; SEHSA is the owner of Hotel Iberostar Santa Eulalia in Ibiza.
- Advised Ares Management on the acquisition from Metrovacesa of 80 dwellings, 160 parking spaces and 80 storage rooms within the residential complex Balcón de Europa in Arganda del Rey (Madrid).
Herbert Smith Freehills LLP
With 26 offices spanning the Americas, Asia Pacific and EMEA regions, the experienced real estate group at Herbert Smith Freehills LLP utilises its global reach to advise international investment firms and managers, and high-profile financial institutions and corporate clients involved in large-scale and multi-jurisdictional transactions. The team’s full service covers portfolio acquisitions, joint ventures, insolvency and restructuring, urban planning, commercial leases, loan-to-own transactions and mortgage and loan refinancing. Real estate M&A expert Tomás Díaz leads the team, which is supported by portfolio acquisition specialist and of counsel Álvaro Gross and senior associate Alejandra Romero. The group’s client roster includes Banco Santander and Primark, and covers the retail, financial services and energy industries.
‘Our relationship with the lawyers we work with at HSF is characterized by their genuine interest in what we do and the goals we are trying to achieve and the prompt, thoughtful and focused advice they provide. They are also delightful people to work with which is very important to our organization.’
‘Tomas Diaz is our relationship partner. Tomas is an integral part of our Spanish team. He has an excellent understanding of our business, and an excellent understanding of Spanish real estate law.’
LCN Capital Partners
Nuveen Real Estate Management
Warburg HIH Invest Real Estate
Blantyre Capital Limited
P3 Logistics Parks
Corestate Capital Advisors
Magnum Industrial Partners
- Advised LCN Capital Partners on the acquisition and subsequent lease back of a portfolio of 27 free-standing buildings used as supermarkets by Mercadona.
- Advised Clarion Partners Europe on the acquisition and financing of a portfolio of three logistic warehouses located in Madrid and Zaragoza from Merlin Properties.
The real estate practice at the Madrid office of Jones Day employs the resources of its worldwide network and the multidisciplinary approach of its team to advise international developers, investors, lenders, sponsors, operators and contractors. With considerable experience in high-value and cross-border deals, the department’s comprehensive service extends to cover asset deals, share deals, leases and sales, lease back transactions, restructuring and acquisition strategies, finance and secondary capitalisations. In addition, the team assists with planning matters, from administrative approvals and construction to property conversion and refurbishment. Led by acquisitions expert Víctor Casarrubios and planning procedure specialist Luis Jiménez-Diaz, the group’s work includes real estate matters as a part of energy, mining and infrastructure projects. The team is supported by associates Cristina de Andrés Blanco, who advises on public administration matters, and Marta Escartin, who is experienced in urban planning.
‘The experience that I have had with them has been exceptionally good. They have managed to solve things that other firms were not able to solve before them.’
‘Dedication, customer orientation, availability.’
CBRE Global Investors
CBRE Global Investment Partners
Greystar Real Estate Partners
Hines Interests Limited Partnership
With ‘absolute availability, vast experience and excellent technical knowledge’, the corporate real estate team at Latham & Watkins LLP assists domestic and foreign investors, investment banks and financial institutions on high-end, multi-jurisdictional transactions. Led by Rafael Molina, experienced in construction and lease negotiations, the group’s services also cover portfolio acquisitions, refinancing, mortgage financing, asset management strategies and bid processes. Backed by Veronika Miskovichova, who specialises in REO and NPL portfolio deals, the team’s client base extends to the hospitality and consumer products sectors, and features Cerberus and Goldman Sachs.
Other key lawyers:
‘The team led by Rafael Molina is a 10. Rafael is an excellent lawyer, he identifies elements that other lawyers overlook and is very skilled in defending his arguments, so the contracts we have signed advised by him are robust and favorable to our interests. On the other hand, he is a very commercial and imaginative lawyer, so he is always able to find solutions for cases in which it seems that there is no progress. His team is always available, has a lot of work capacity and is up to date on everything.’
‘Ability to work, persuasion, ability to seek solutions.’
‘Latham & Watkins always go above and beyond to make the experience for the client as easy as possible. The team is very proactive in terms of client contact / discussions on live issues.’
‘Rafa Molina is one of the most experienced and commerical adept lawyers we work with. Always pragmatic and looking for solutions in getting deals over the line.’
‘Their involvement and the degree of detail is the most remarkable as well as their full availability. I would also like to highlight its focus on facilitating deals and closings.’
‘Remarkable without a doubt: Rafael Molina.’
‘The team stands out for its absolute availability, vast experience and excellent technical knowledge.’
‘Rafael Molina is an exceptional attorney. Imaginative to propose solutions.’
Cerberus Capital Management
Apollo Management International
Bank of America Merrill Lynch
Tristan Capital Partners
Round Hill Capital
Fortress Investment Group
- Advised Activum SG Capital Management on the acquisition of Hotel Nobu, located in Barcelona’s emblematic Torre Catalunya, from Selenta Group.
- Advised Pradera on acquisition of a portfolio of six hypermarkets and retail galleries from Invesco.
The experienced real estate group at Linklaters advises national and international real estate developers, investment banks, financial institutions, alternative investment funds, private equity firms and corporates involved in large, cross-border transactions. The team’s broad service extends to restructuring, leases and work contracts, M&A, joint ventures, sales and leasebacks, as well as urban planning and asset management. Headed by real estate transaction expert Adolfo Guerrero and supported by Gabriel Cabello, who made partner effective May 2022, and who specialises in administrative concessions, the group’s portfolio covers the retail, hospitality and education sectors, among others.
Other key lawyers:
Bank of America
Mubadala Investment Company
Part of a wider global network, the Spanish real estate team at Andersen utilises the firm’s branches in Madrid, Barcelona, Valencia and Seville to provide a comprehensive service for financial institutions, developers and landowners, individuals and public administrations. The team covers sale and leasebacks, joint ventures, acquisitions out of insolvencies and restructuring, hospitality transactions, commercial leases, acquisition finance, and urban planning and construction law. Headed by planning specialist José Vicente Morote and public administration expert Antonio Ñudi, the group is backed by Carlos Peña, who specialises in urban development, and Maite Hernández, who brings extensive experience in construction law. Eduardo González Yebra and Cesar Morales Romero-Requejo are also names to note.
Other key lawyers:
‘The plus that makes it different is based on two main ideas: 1. Knowledge of the entire process, not only from a legal point of view. 2. The ability to offer the advantages of a large firm with the quality of a boutique firm.’
‘Punctual attention to each of the requirements. Quick response always and very friendly.’
‘In addition to their professionalism, they stand out for their kindness and attention to all the agents involved in the project regardless of their hierarchy. In my opinion this is the main quality that sets them apart from their competitors.’
‘The Andersen real estate department, for me, has the differential fact of contributing urban development, crossing the line that divides writing a legal text, to make it possible.’
Junta de compensación de Desarrollo del Este – Los Cerros
Atletico De Madrid
Santé Realty Investments
Owner of Affected Land – Madrid Nuevo Norte
Admentum Gestion Global
Culmia Desarrollos Inmobiliarios
- Advising land owners on all aspects of the planning, management and implementation of the urban planning ‘Desarrollo del Este-Los Cerros’.
- Advising Mahou and Atletico de Madrid on all aspects of the planning, management and implementation of a real estate project until its completion.
- Advising owners affected by Operación Chamartín, a large urban development project in Madrid.
The real estate team at Bird & Bird specialises in advising national and international funds, private investors, financial institutions, landowners, developers, construction clients and corporates operating in the sports, media and entertainment, hospitality, technology, energy, retail, and food and beverages sectors. With a client base that includes hotel chains such as Iberostar and private equity and investment management funds like Aquila Capital, the group’s full service covers M&A transactions, lease agreements, joint ventures, share and asset deals, lease-back operations and due diligence matters. Commercial and corporate real estate expert Isidro del Moral leads the team, with support from of counsel Santiago Lardies and urban planning specialist and senior associate Patricia Pérez.
‘Strong and integrated team. Oriented to personalized attention. Full availability.’
Hermandad Nacional de Arquitectos Superiores y Químicos (HNA)
Spin Mobility (Ford Group)
Hoteles Amistad, S.A. (Grupo Mucor)
Jollibee Food Corporation
Gavari Properties Socimi, S.A.
Mazabi Gestión, S.L.
GMP Property Socimi, S.A.
High Yield Capital
Baksun 2015, S.L.
Sidercom Inmobiliaria, S.L.
AE Maderas, S.L.
Martinez Nieto (Marnys)
With ‘a vision that goes beyond the pure legal point’, the real estate and construction group at CMS Albiñana y Suárez de Lezo assists investment firms, insurance companies, real estate developers and corporates at the national and international levels. The team is led by sale and leaseback expert Álvaro Otero and Javier Colino, who joined in June 2021 and specialises in real estate M&A. Key support is provided by senior associate Jorge Peño, who brings expertise in lease agreement drafting and negotiation. The group’s client base includes Ocado and Allianz, and spans the e-commerce, insurance, financial services, consumer goods and retail sectors.
Other key lawyers:
‘CMS real estate is our reference team. We work with them day by day. They have always been up to the task and far above the circumstances. Extensive knowledge in real estate/construction, they know the real estate sector very well and have a vision that goes beyond the pure legal point (commercial, business), which, without a doubt, helps a lot in complex transactions.’
‘The real estate team in this practice is of a high quality, in this sense I would highlight Jorge Peño, a lawyer with a great knowledge of the sector, an excellent knowledge of the regulations and who adds to all this great care for the matters that he processes.’
‘Alvaro Otero is a person who is involved with the client, who always looks for alternatives and also favours communication.’
‘It has been very easy to get on with the members of the firm with whom we have worked.’
APG Asset Management
Allianz Real Estate
CBRE Global Investors
Seguros Santa Lucía
Franklin Templeton Social Infrastructure Fund (FTSIF)
- Advising Ocado on its agreement with Auchan Retail for the construction of automated warehouses which will incorporate Ocado’s software Ocado Smart Platform to be used for online retailing of foodstuffs.
- Advising Cofininmo on its acquisition of a portfolio of four nursing homes located in several locations in Spain, as well as other assets to be converted into nursing homes.
- Advising Catella on multiple real estate investment transactions involving student residences, as well as residential and office buildings in Spain.
Backed by the bench strength of a global network covering over 200 locations, the real estate team at Dentons takes a multidisciplinary approach to advising domestic and international investors, institutional clients and alternative lenders across the office, retail, residential and logistics sectors. In a major development in early 2022, Roberto Tojo Thomas de Carranza and a team including senior associate Francisco Jiménez Alarcón joined the firm from Ramón y Cajal Abogados. Itxaso López is another name to note. Bárbara Hernández Mora left the firm in March 2022.
Roberto Tojo Thomas de Carranza
Other key lawyers:
Francisco Jiménez Alarcón; Itxaso López
‘Knowledge and intervention in the client’s business, advising with a comprehensive vision of the business. Response time management combined with pro-deal solutions.’
‘Itxaso López did an exceptional job in preparing a complex contract. He answers quickly, responds to calls, and has a deep understanding of the subject. Very satisfied with their work.’
‘It is our office of reference for its impeccable work. The team is close and knowledgeable about our work philosophy. Its strengths are knowledge of the market and our portfolio. Its international profile is of great help to us.’
‘Itxaso Lopez is also an outstanding lawyer with exceptional in depth legal knowledge, being at the same time highly business oriented and pragmatic.’
‘It is a very young team and therefore very eager and very involved in the projects. They also have excellent technical quality with proven experience.’
UBS Real Estate GmbH
RS Lender III, S. àr.L
Oaktree Capital Management
Starwood Capital Group
- Advised Oaktree Capital Management on the acquisition of the real estate development arm of Banco Sabadell.
- Advised UBS Real Estate on the sale of an office building in Madrid.
- Advised Sächsische Ärzteversorgung, German professional pension fund, on the financing for the acquisition by Wellsville, S.L.U. of the office building located in Virgen del Puerto nº55 (Madrid).
Appointed the global head of corporate in May 2021, Adolf Rousaud leads the real estate team at DWF-RCD, which advises national and international corporates, investment management companies and financial institutions on a diverse range of real estate matters. Iñigo Montesino-Espartero brings experience to the team in the negotiation and preparation of real estate contracts and financing structures. Carlos Nogareda specialises in financing assets and portfolios. Leire Elorza, who was promoted to partner in July 2021, advises on urban planning. Additional support is provided by senior associates Iratxe Lezamiz and Jaime Fernández-Prida.
Other key lawyers:
‘In terms of skills, they are proactive and have a knowledge of Barcelona and Catalonia which, in my opinion, greatly facilitate companies outside of said region.’
The real estate and urban planning team at EY Abogados assists international real estate and investment management companies involved in high-end transactions. The group’s service extends to acquisitions, portfolio and single-asset transactions, sales and leaseback deals, construction and development, due diligence and engineering agreements. The team is led by urban planning head Ana López Muiña, refinancing expert Iván Azinovic Gamo and construction specialist Ignacio Saenz de Santamaría. The team is supported by senior manager Natalia Tova Cobo, who advises on matters in the renewable, hospitality and logistics sectors, and manager Susana Orgillés Mañas, who brings experience in administrative proceedings.
‘Ana López Muiña – a lot of availability, initiative and client orientation.’
Arima Real Estate Socimi, S.A.
Engel & Völkers
Knowmad Real Estate
Kronos Investment Group
Grosvenor Group Limited
Zambal Spain Socimi
IBA Capital Partners
Atom Hoteles Socimi
Único Hotels & Real Estate
Engel & Völkers
AIG Asset Management (Europe) Limited
- Provided Grosvenor Group with legal advice, drafting a legal and urban planning due diligence report in relation to the acquisition of buildings located in Madrid.
- Provides legal advice to Via Celere, which holds the Presidency of the Junta de Compensación Huerta Grande, a non-profit organisation created by landlords with the aim of carrying out the urban planning development.
- Advised the Presidency of the Comisión Gestora Las Marías (on behalf of Kronos Investment Group), a non-profit organisation created by landlords with the aim of carrying out the urban planning development of land in Torrelodones, Madrid.
King & Wood Mallesons
With 'extensive experience in the sector and unbeatable technical level’, the real estate group at King & Wood Mallesons specialises in the retail and logistics sectors, counseling national and international real estate companies and corporates, financial institutions, investment funds and family offices, on the entire property life cycle, from tax structuring to leasing and final exit. Headed by real estate sale and acquisition expert José Antonio Calleja, the team handles a range of sale and leaseback deals and construction contracts. Backed by senior associate Candela Escribano, who specialises in commercial leases, the group’s client base includes household names Amazon and McDonald’s.
Other key lawyers:
‘Consolidated real estate team, with extensive experience in the sector and unbeatable technical level.’
‘Jose Antonio Calleja stands out for being a proactive lawyer, with extraordinary technical knowledge and extensive experience, who always seeks practical solutions to problems that may exist, without delaying or complicating transactions.’
‘Jose Antonio Calleja and Candela Escribano form a perfect duet in which technical management, negotiation skills in complicated operations, closeness to the client and defense of interests with sense converge.’
Kronos Investment Group
Leroy Merlin (Grupo Adeo)
Silicius Real Estate
Generali Real Estate
Excem Real Estate
Valencia Club de Fútbol
- Provided advice to Amazon on several lease agreements related to logistics and Amazon’s business for long term, including plots of land, building, warehouse and turn-key.
- Provided legal advice to the French company Heracles Desarrollo on the sale process of La Vega Shopping Centre (Alcobendas, Madrid).
- Provided legal advice to Mazabi on the acquisition of two hotels in Andalucía and Baleares through a sale and leaseback transaction.
Pinsent Masons LLP
Employing the bench strength of multiple offices across four continents and the local experience of its team, the real estate and construction group at Pinsent Masons LLP assists national and international corporates, investment groups, and construction companies across the retail, energy, logistics, infrastructure and healthcare sectors. Commercial transaction expert José Luis García-Manso heads the real estate team, with the construction and advisory side of the department being led by energy and infrastructure project specialist Sofía Parra Martínez and Ricardo García Uzcudun, who brings his previous experience as an in-house construction company counsel. Areas of strength for the team include forward-funding agreements, acquisitions and disposals, letting, restructuring, sale and leasebacks, construction contracts and joint venture agreements.
BMO Real Estate Partners
- Advised Aquila on the acquisition of circa 500,000m2 of land to develop a logistic hub in Illescas (Toledo).
- Advised KKH Property Investors on the acquisition of a complex to develop a luxury hotel in a premium spot in Seville.
- Advising construction contractor OHL on all legal issues relating to the construction of the Haramain High Speed Railway Project in the Kingdom of Saudi Arabia linking Mecca to Medina.
The experienced real estate team at Ramón y Cajal Abogados coordinates its offices in Madrid and Barcelona to assist a range of national and international listed and non-listed companies, investment funds, developers and individuals on high-end, multi-jurisdictional deals. The department’s broad practice sees it advising on sales and leasebacks, construction agreements, service provision agreements, bridge financing and due diligence reports, among other areas. Key support is provided by urban planning expert Francisco Bengoetxea. In a significant move, former practice head Roberto Tojo Thomas de Carranza and a team of associates left the firm in February 2022.
Other key lawyers:
‘It is a very business-oriented practice with a very high degree of legal knowledge. Team always available and with a very fast response capacity.’
‘Dedication, knowledge and communication.’
‘The Ramón y Cajal team is very close and always accessible to clients; anytime, any day, when the need arises. Francisco Bengoetxea, as well as the rest of his team, are dedicated to meeting our needs. His advice, his rigor and thoroughness in the due diligence gives us a lot of confidence when closing operations.’
Sofila Investements 2018 (Subsidiary of Blackstone’s residential assets)
Tamu Investements 2018 (Subsidiary of Blackstone’s offices assets)
Logicor (Subsidiary of Blackstone’s logistic assets)
Benson Elliot Capital Management
Inmobiliaria Colonial SOCIMI
Hadley (TPG fund in Spain)
P3 Logistics Parks
Lar España Real Estate SOCIMI
Ares Management Limited
El Corte Inglés
Testa Residencial SOCIMI
Real Estate Venture Capital Management LLP (REVCAP)
UK & European Investments Limited
NTT Data Centers
Altamira Santander Real Estate
Pestana Hotel Group
- Advised on the acquisition by Bankinter and Bankinter’s private banking and institutional clients of 100% of the share capital of Montepino Logística, a company that owns several “Propcos” owning eighteen logistics assets in Spain.
- Provided legal advice on the sale to a vehicle company managed by IBA Capital of three office buildings located in Barcelona, as well as advice on the release of the existing financing with respect to such properties.
- Provided advice to Inmobiliaria Colonial Socimi on the sale to different companies of the Prologis Group of a logistic portfolio in Spain made up of twelve logistic premises.
Founded in 1994, Madrid firm Araoz & Rueda advises major fashion labels, energy providers, multinational property investment and asset management companies, among others. The group is led by Jesus Conde, who specialises in transaction negotiation and execution, restructuring, sale and leaseback transactions, retail leases and due diligence processes. In addition, the team also assists providers of student housing.
‘Knowledgeable team of professionals. Available on short notice.’
‘Professional, friendly, competent, well-informed.’
Europi Property Group
Rothschild Family Office
Kefren Capital Real Estate
Mid Med Hispania
With offices in Andorra, Barcelona, Madrid and Miami, the team at Cases&Lacambra assists venture capital and wealth funds, international investors, hedge funds and family offices in the infrastructure, engineering, hospitality, energy and consumer goods sectors. Headed by real estate investment expert Daniel Tienda in Madrid, and backed by urban planning specialist and managing associate Juan Moncada, the team’s service extends to cover lease agreements, environmental matters, asset portfolio acquisitions, sale and leaseback transactions, real estate M&A, due diligence and compliance.
Other key lawyers:
The experienced real estate group at Madrid-based firm GTA Villamagna Abogados takes a multidisciplinary approach, utilising public law and planning knowledge to advise national and international real estate developers, construction companies, private equity firms, corporates and public authorities across such sectors as infrastructure, consulting, hospitality and legal services. Planning expert Ernesto García-Trevijano heads the team, which is supported by public law specialist Marta Plaza, and planning advisors Ana Martín and Alberto Alcoba.
‘In-depth knowledge of public law, ability to seek alternative solutions, full availability and speed of response, excellent negotiating qualities with all parties, robust credibility and reputation.’
‘Reliable team, with great disposition. Strengths, knowledge in their area and their ability to dialogue with the different participants.’
‘Great knowledge and great practical experience.’
‘Marta Plaza – availability, speed in the confirmation, great legal and practical knowledge.’
Retamar de la Huerta Board of Compensation
Aedas Homes, S.A.U.
Valdecarros Board of Compensation
Divarian Propiedad, S.A.U.
Ute Grupo Rayet, S.A.U.
Sector PP-7 Board of Compensation
Sunny Resorts, S.L.
Enjoy Wellness, S.L.
Divarian Propiedad, S.A.
Soto de Azkorri, S.L.
- Providing continuous legal advice to Retamar de la Huerta Board of Compensation, which is an entity specifically formed to promote the development of the area known as Retamar de la Huerta.
- Advising Aedas Homes in its participation in the tender for the “Concession of public domain on land comprising supramunicipal networks of the Community of Madrid”.
- Providing continuous legal advice to the Valdecarros Board of Compensation, which is an entity specifically formed to promote the development of the urban area of Valdecarros.
PwC Tax & Legal Services
The real estate group at global firm PwC Tax & Legal Services coordinates offices in Madrid, Barcelona, Seville, Oviedo and Vigo to assist its client base of domestic and international corporations, SOCIMIs, real estate developers and investors. Antonio Sanchez, who specialises in real estate tax structuring, heads the team, along with Paula Hernández Lemes, whose work includes advising developers on construction matters and REITs on acquisitions of shopping centres. Representing a portfolio of clients in the retail, transport and food sectors, among others, the team is supported by senior manager Gerardo García-Boente Dávila.
Other key lawyers:
‘PWC has been with us for years on the topics of M&A, real estate, urban planning and tax. We are frankly satisfied with the work of the partner who leads them, Paula Hernández Lemes, who in turn has a professional, efficient and cordial relationship with the company’s internal legal team.’
‘ Paula Hernández Lemes is a person with a lot of technical knowledge and a great capacity to understand the client’s needs and to take a practical and solving approach. The quality of the work is very high. She has a couple of people under her care who do not have many years of professional experience but who work very well and with a lot of creditworthiness.’
‘They are a team with a clear client orientation, always being at the disposal of the customer’s needs, and with an impeccable attitude. In addition to a great knowledge and mastery of the subject, which ensures excellent service.’
Levante UD, SAD
FS Capital Fund – Izilend
Aedas Homes, S.A.
Proeduca Altus, S.A.
Plenium Partners Asset Management, SGEIC, S.A. (Plenium Partners)
Realia Business, S.A.
Aquila Capital (AQ Acentor)
- Assisted with the drafting, negotiation and execution of a turnkey sale and purchase agreement of a new 4-star Ilunion hotel.
- Advising Levante on a real estate financing transaction entered into by Levante UD with the investment fund Benjamin de Rothschild Infrastructure Debt Generation (BRIDGE).
- Advising Izilend on the execution of all its secured lending deals, including due diligence and structuring.
With ‘technical competence, practicality and availability’, the real estate team at RocaJunyent Spain assists national and international insurers, real estate developers, investment firms and well-known corporates in such sectors as retail, hospitality, fashion, financial services and IT. Headed in Barcelona by project acquisition expert Xavier Serramalera Cercós, the broad practice covers financing and debt refinancing, due diligence processes, insolvency procedures, asset recovery, leasing agreements and construction procurement. The group is backed by counsel and property agreement specialist María Dolors Roca Solergibert and experienced contract negotiator Roger Pla Madrid in Barcelona, and Silvia López, who specialises on investments and divestments, in Madrid.
‘High flexibility and speed of service.’
‘Roger Pla Madrid – availability, confidence, efficiency. Results oriented.’
‘Roca Junyent is very close to the client and generates a lot of trust in the relationship.’
‘Technical competence, practicality and availability.’
Fundació Bancària “La Caixa”
Delta Fly Investments
Sabadell Real Estate Development
- Advised Servihabitat in relation to almost 100 sale and purchase deals regarding real estate assets from Spanish savings bank La Caixa valued at over €200m.
- Advised Rex Spain, a subsidiary of Zurich Seguros, in relation to the acquisition of a building in a premium location in Madrid from Grupo Rosales, a Spanish real estate company valued at €120m.
- Provided legal advice to Five Guys in the renegotiation of the leasing contracts for 10 of its Spanish premises.
Simmons & Simmons
‘Capable of offering tailor-made solutions for each situation’, the real estate team at the Madrid office of global firm Simmons & Simmons advises investors, property funds, borrowers, lenders, developers and occupiers involved in high-value transactions across the retail, financial services, TMT, healthcare, energy and infrastructure sectors. The group is led by corporate and commercial practice group head Alfonso Fernández-Puebla and supported by supervising associate David Gomez and associate Sara Moreno, who specialises in construction law. Areas of expertise for the team include real estate asset acquisitions and disposals, lease negotiations, sale and leasebacks and financing.
‘The team made up of Alfonso Fernández-Puebla, David Gómez and Sara Moreno acts in a tremendously efficient way and is capable of offering tailor-made solutions for each situation. Its response is quick and effective.’
‘Great team with Alfonso Fernández-Puebla in the lead.’
Invesco Real Estate European Fund
Deutsche Pfandbriefbank AG
Makro Autoservicio Mayorista
Lasalle Investment Management
M7 Real Estate
Global Net Lease
Klepierre Management España
- Advising Invesco Real Estate European Fund on the sale of six hypermarkets located in the Basque Country and Navarre and operated by Eroski and other third parties to a German investment fund managed.
- Advising Deutsche Pfandbriefbank on the financing of the acquisition of a portfolio of logistics assets located in Madrid, Zaragoza, Gerona and Valencia.
The Madrid real estate group at Squire Patton Boggs draws on the strength of its global network and the expertise of its local team to assist real estate funds, investment companies, family offices and corporates in such sectors as music and entertainment, chemicals, and energy and renewables. Ramon Castilla, who specialises in the purchase and sale of real estate assets, leads the team, and is backed by corporate and project finance expert Alfonso Lopez and senior associates Sandra Paolett, who handles due diligence processes and corporate restructuring, and Antonio Fernandez Rodriguez.
Kronos Investments Group
Mineral Technologies Inc
Lar España Real Estate Socimi
The Royal Bank of Scotland (RBS)
Live Nation and Ticketmaster
Pan American Energy
Coolmobile Family Office
- Advising Mitiska Reim on the purchase of the plot, construction agreements, planning and licences, leasing agreements, financing of the construction and refinancing of retail park “Los Patios de Azahara” (Córdoba).
- Advising London & Regional on the purchase of well-known hotel “Los Monteros” located in Marbella.
- Assisted UK real estate fund Kennedy Wilson on the drafting and negotiation of the construction and refurbishment agreement of the asset located in “Puerta del Sol”, where the client is developing a new retail and office area.
From financing and funding to dispute resolution and insolvency, the team at the Madrid branch of international firm Watson Farley & Williams LLP assists local and overseas investment funds, financial entities and lenders on matters throughout a property’s life cycle. Led by Pablo San Gil, whose specialisms include structured finance and asset-based lending, and backed by leveraged acquisition expert and senior associate Ignacio Cacho, the group’s client base includes CaixaBank and Banco Santander.
Other key lawyers:
‘Very qualified and professional team that involves everything necessary to carry out operations.’
‘Great involvement and management by the partners.’
Credit Agricole Corporate & Investment Bank
Banco Bilbao Vizcaya Argentaria, S.A
Banco Pichincha de España
- Advised a banking syndicate formed by Banco Santander, BBVA, Bankinter and Banco Pichincha de España for the sale and leaseback transaction to be executed by the borrowers, over 27 supermarkets to be purchased from Mercadona, as seller and tenant.
- Advised Banco Santander in connection with a financing granted in favour of Vivenio Promoción, wholly owned by Vivenio Residencial Socimi, for the development and construction of a residential project.
- Advising CaixaBank on a financing to a special purpose vehicle fully owned by Vita Group for the development and construction of two assets located in Barcelona with 8000 and 13.000 sqm.