Real estate and construction in Spain
The ‘approachable and available’ Clifford Chance specialises in complex corporate transactions, as well as advising on distressed assets and restructuring matters in the real estate sector. Carlos Portocarrero leads the practice and is known for real estate joint ventures, sales, leaseback transactions, and the acquisition and disposal of portfolios. Also notable in the team are solicitors María Pradillo, whose experience includes real estate joint ventures, corporate acquisitions, financing matters and leaseback transactions, and Angel Vizcaíno, who advises on a range of real estate issues. Blanca Ochoa left in 2019 to co-found investment company WA4STEAM.
‘United team, no differentiation between departments, well-rounded’
‘Expertise in the field, broad knowledge and experience’
‘Analytical skills and results oriented’
Unibail Rodamco Westfield
Orion Capital Managers
Swiss Life REIM (France)
Vía Célere Desarrollos Inmobiliarios, S.A.
- Advising Cerberus on the acquisition from Banco Santander of a stake of 80% in a residential portfolio with approximately 35,000 assets.
- Advising Banco Santander on a complex process for the re-acquisition of its Madrid headquarters, known as Ciudad Financiera.
- Advising Autonomy Spain Real Estate Socimi on the indirect sale of a portfolio of office buildings in Madrid and Barcelona.
The multi-disciplinary team at J&A Garrigues SLP specialises in corporate law, M&A, financial and regulatory work in the real estate area. Acting for international funds and companies, the firm is experienced in restructurings, new investment vehicles, mortgage finance, transfers of distressed assets, non-performing loans (NPL) and real estate owned (REO) portfolios. Felipe Yannone’s expertise includes real estate investment, construction and commercialisation transactions. He co-leads the practice with Óscar de Santiago, who focuses on real estate investment and real estate finance. Also notable is Jorge García-Pellicer, who active in corporate restructurings and shopping centre acquisitions.
Felipe Yannone; Óscar de Santiago
‘Ability to combine the expertise of the real estate, public law and town planning areas together’
‘Great knowledge of the sector and integration with the in-house team’
‘A very complete and professional team’
‘Great execution capabilities’
‘Estefania Iceta is outstanding’
AXA IM – Real Assets
Morgan Stanley Real Estate
Alpine Grove Partners LLP
DWS (formerly Deutsche Asset Management – Deutsche Bank)
Arcano Real Estate
- Advised on the tender offer by Blackstone for Hispania.
- Advised Sareb on the incorporation of a banking assets fund for a face value of €665m.
- Advising Vivenio on a number of complex forward-funding transactions over several plots in Spain.
Pérez-Llorca covers the spectrum of real estate matters, from development, construction and management to acquisitions, restructuring and repossession. The firm has particular expertise in real estate financing, NPLs, REOs and Spanish REITS (socimis). Luis Zurera co-leads the practice with Gerard Serra, who is an expert in real estate and corporate law, particularly M&A, and Vicente Estebaranz, who specialises in land planning. Also notable in the team is Fausto Romero-Miura, who focuses on real estate, projects, banking and M&A. Jordi Farrés and Javier Muñoz Méndez were promoted to partner in 2019.
Luis Zurera; Gerard Serra; Vicente Estebaranz
The Blackstone Group
CBRE Global Investors
AXA Real Estate Investment Managers
LAR España Real Estate Socimi/Grupo LAR
Azora/Hispania Activos Inmobiliarios
Signal Capital/IGAL Mark Scheinberg
Madison International Realty
- Advising Blackstone on all the Spanish legal aspects of the transactions leading to its acquisition of a 99% stake in Testa Residencial Socimi.
- Advised Madison International Realty on the indirect acquisition, through Mirelf Lazora, of 26% of the share capital of Lazora.
- Advised CBRE Global Investors and Sonae Sierra on the divestment of a retail portfolio by means of the sale of 100% of the share capital of Iberian Assets (a joint venture incorporated by Sonae Sierra and CBRE GI), the owner of shopping centres in Santander, Barakaldo and Zaragoza.
The ‘clear-headed, methodical, quick-thinking and solution-driven' Uría Menéndez is regarded as ‘one of the best corporate real estate teams in the legal market, because of its wide knowledge of the law and the commercial aspects of transactions'. The firm specialises in large portfolio transactions, M&A, and advising foreign funds and investors. Fernando Azofra Vegas advises domestic and foreign companies on real estate and banking matters, asset finance and M&A transactions with an underlying real estate component. He co-leads the practice with ‘best in the market’ Diego Armero Montes, who has particular experience in corporate and commercial law. Also notable are asset finance specialist Javier Ruiz-Cámara and Rafael Jiménez, who moved back to Madrid in 2019 from the firm’s office in Santiago de Chile.
Fernando Azofra Vegas; Diego Armero Montes
‘They are able to find the precise solution needed on a case-by-case basis’
‘They are able to see the big picture and be focused on the final objective of the transaction without disregarding the nuances and details’
‘Javier Ruiz-Camara knows the industry and he knows us as a client. He is also key in negotiations with counterparties’
‘They are very professional and their knowledge of the matters is deep and wide. They have never let me down’
‘This law firm is quite close to the best. I appreciate their attention to detail and their consistent efficiency in dealing with the task in hand’
‘The involvement of the Uría team in transactions is absolute. They advise in a global way and take clear leadership of the operations. They are well above the rest of the offices’
‘They are extremely professional but at the same time they understand your needs and concerns and are able to give you confidence in their work’
‘They have provided unimpaired advice irrespective of the size of the deal and always added an incredible knowledge of the market and of all legal aspects’
‘Their negotiation skills and abilities to find the right way to make the transactions viable are outstanding’
‘The quality of the advice is exceptional. In addition, they are extremely practical and able to propose smart solutions to complex situations’
‘Their knowledge of the law and the general overview of all matters makes them unique’
Banco de Sabadell
Neinor Homes Socimi
Foncière des Régions
IBA Capital Partners
Merlin Properties SOCIMI
- Advising Banco de Sabadell on the sale of an 80% interest in servicer Solvia Servicios Inmobiliarios to Lindorff Holding Spain.
- Advised on the acquisition by Lone Star Funds of 80% of the real estate business of CaixaBank.
- Advising Banco Santander on the sale of Banesto’s former headquarters in Madrid to Acciona Inmobiliaria.
The 'very reliable, responsive and knowledgeable’ Ashurst LLP is known for its 'creative solutions and very commercial approach'. The firm advises on a range of property assets matters, as well as financing techniques and cross-border project management, for clients that include investment funds, socimis, leading financial groups and developers. The practice also has expertise in real estate-related restructuring and insolvency, which encompasses real estate litigation and arbitration. Ismael Fernández Antón leads the practice and focuses on advising Spanish and international clients on all stages of the real estate process, with a strong track record in distressed transactions. Notable in his team are the ‘excellent’ Cristina Calvo, who specialises in the property industry and demonstrates ‘dedication, rigour and technical preparation’, and counsel Joaquín Macías, who has experience in advising funds, financial entities and companies on a wide range of real estate issues.
Ismael Fernández Antón
‘Highly specialised and seasoned team. But at the same time friendly and willing to provide practical solutions’
‘When talking to lawyers in Ashurst you feel they really know the law, and not just from the pure legal point of view, but also as it relates to the client’
‘Ashurst do not simply repeat legal words, they adapt the level of complexity of their explanations to the level of understanding of the client’
‘Great attitude, solution focused, client oriented and think outside the box’
‘Ashurst was a pioneer in this practice of law since they were involved in the first asset sales operations in Spain and had the confidence of the main funds and entities’
‘Offer the client a unique approach around all the problems they will have to address and find solutions for every challenge that should come up’
‘The team is incredibly talented, innovative and rigorous’
‘Cristina Calvo is very proactive, trying to find out the client’s needs and finding solutions to avoid unnecessary delays’
Castlelake / Aedas Homes
Bank of America Merrill Lynch
Castellana Properties Socimi
DWS (formerly RREEF Deustche Bank)
Invesco Asset Management
Kronos Investment Group
IGIS Global Real Estate Fund
Tritax Eurobox Plc
- Advised IGIS Asset Management on the €90m acquisition of Nestle’s office headquarters building in Barcelona from Meridia Capital.
- Advised Tritax EuroBox plc on the acquisition of the Mango logistics centre for €150m.
- Advised CaixaBank and Allianz on the zoning aspects and real estate analysis of the development of Torre Caleido on Paseo de la Castellana in Madrid.
The multi-disciplinary Cuatrecasas practice is known for advising on M&A, capital markets and commercial real estate matters, as well as REO and NPL transactions. Ramón Gil leads the team and is particularly experienced in shopping centres and hotels, as well as in REO portfolio transactions. Also notable is Joaquín Garaulet, who focuses on hotels, retail property deals, lease agreements, and sale and leasebacks. The department is advising Deutsche Bank and CarVal Investors on the purchase of a portfolio of NPLs and real estate assets from Banco Sabadell, specifically a credit portfolio for approximate book value of €1.8bn and real estate assets for an approximate gross book value of €290m.
KKH Capital and Property Europe
Marathon Asset Management
Meridia Capital Partners
Tenigla Real Estate
- Advising CaixaBank on different NPL transactions.
- Advising Acciona Inmobiliaria on selling its 20% stake in Testa Residencial to Blackstone.
- Advising Vivenio Residencial Socimi on the listing process on the Spanish alternative stock market (MAB).
The 'technically outstanding' Linklaters covers the spectrum of real estate sector work, with particular experience advising distressed debt and asset investors. The firm has expertise in the key areas of hotels, shopping centres and student housing. Practice head Adolfo Guerrero was promoted to partner in 2019 and advises on general corporate and real estate transactions, as well as participating in M&A, private equity and joint venture transactions. In a recent highlight, the team advised Permira on the acquisition and due diligence of all the real estate assets of Laureate Education in Spain and Portugal.
‘The real estate team at Linklaters has an incomparable commitment to the client’
‘Always have an eye on the transaction to guarantee its success’
‘Wide internal resources to cover all the aspects of a deal’
‘Gabriel Cabello is the kind of lawyer that you can always count on. Excellent from a technical point of view, he can perfectly understand the needs of the client to adapt the strategy at any point’
‘Ana Galindo is a reliable and hardworking lawyer. Great problem solver, always ready for the client’
‘Very strong in terms of areas of expertise’
‘They are very commercial, understand the client’s perspective and needs very well, and help unlock situations’
Bank of America Merrill Lynch
Oak Hill Advisors
- Advising Orion on the sale and transfer of shares representing the entire share capital of Hotel del Tenis and, indirectly, of the Hotel NH Sotogrande and its business.
- Advising Bank of America Merrill Lynch and Oak Hill on the acquisition of a hotel in Ibiza and on the acquisition of two hotels in Almería.
- Advising Davidson Kempner and Bank of America Merrill Lynch on the sale of a hotel in Fuerteventura.
Allen & Overy
Allen & Overy specialises in real estate M&A and finance transactions, as well as the acquisition of distressed loans secured through real estate collateral. Clients include alternative lenders and institutional and fund investors. Santiago de Vicente has particular expertise in corporate real estate, notably joint ventures and restructurings, as well as sale and leaseback arrangements. His team was boosted by the 2019 arrival of senior associate Marta Orce from Gómez-Acebo & Pombo, who has experience advising national and international clients on a range of real estate transactions.
Santiago de Vicente
‘Great ability at associate level’
‘Work capacity, availability, kindness, depth of knowledge’
‘The A&O team is, in my opinion, the most prepared, professional and up-to-date legal team in the real estate and banking areas’
‘The results have been excellent’
‘Santiago de Vicente, Juan Hormaechea and Adolfo Zunzunigui represent the perfect mix for any distress transaction. They are able to combine their knowledge to carry out any deal, and are always focused on closing and looking after the client’s interests’
Signal Capital Partners
Goldman Sachs International
- Advised Bain Capital on the purchase of a portfolio of NPLs and REOs from Sareb under the name “Project Bidasoa”.
- Advised Bankia on the sale of a mixed portfolio of REOs and NPLs to Lone Star under the name “Project Green”.
- Advising Citi in connection with the financing of Blackstone’s acquisition of a portfolio of Spanish multifamily properties under the name of “Project SMF”.
Baker McKenzie is known for transactional work, primarily related to hotels, offices, retail and hospitals. The firm also provides regulatory expertise, as well as advising international funds and banks on real estate financing deals. The practice is co-led by Jorge Adell, who is an expert in corporate real estate, focusing on transactional work; Xavier Junquera, who has expertise in hotels and resorts projects, as well as regulatory matters; and Guillermo Rodrigo, who advises international funds and socimis.
Jorge Adell; Xavier Junquera; Guillermo Rodrigo
‘Very accessible team, well co-ordinated, dedicated and focused’
‘Great knowledge of Spanish law, great global experience’
‘Guillermo Rodrigo is involved and engaged in all transactions, gives personal attention, direct and fluent contact, always looking after the client’s interests’
‘Extreme high level of knowledge, proactive, solution driven’
‘The team managed by Jorge Adell is very reliable’
Distribuidora Internacional de Alimentación, S.A.
CBRE Global Investors
Merlin Properties SOCIMI
KKH Property Investors
- Advised Colony Capital and Neinver on the sale of a portfolio of 37 logistics assets located in several municipalities of Spain.
- Advising a private equity fund on the sale of a portfolio of seven luxury hotels in Austria, France, Belgium, Germany, Italy and Spain within the framework of a competitive bidding process arranged by Alantra.
- Advised AEW on the acquisition of four office buildings located in Madrid and Barcelona.
Dentons is regarded as ‘one of the best Spanish law firms for real estate'. The firm specialises in distressed assets, investment, lending and NPL portfolios, as well as providing notable expertise in litigation. Jesús Varela ‘has a wealth of experience and is really commercial’. He co-leads the practice with counsel Itxaso López, who has experience in advising Spanish and international clients on real estate agreements, condominium matters and asset management.
Jesús Varela; Itxaso López
‘Very good hands-on attitude’
‘Their range of experience in real estate and debt transactions creates a lot of valuable insight into best practice to avoid problems years after the deal is closed’
‘Jesus Varela really makes a difference. His soft skills really contribute to reaching a reasonable compromise between conflicting views and getting the deal across the line’
‘Excellent service and extensive experience, which allows it to offer comprehensive and proactive advice’
‘They understand the needs of the client, identify possible contingencies that are not always evident to the client, and provide practical and efficient solutions’
‘Jesus Varela is a benchmark in the sector. He confronts difficult matters constructively, instead of using an aggressive and destructive style that characterises many other lawyers’
‘Jesús Varela is always willing to collaborate on whatever is necessary for the good of the client and the project’
Oaktree Capital Management
Starwood Capital Group
Deutsche Bank AG London Branch (CRE Special Situations)
Barings Real Estate
UBS Real Estate
JP Morgan Special Situations
Cain International UK Services Limited
Sächsische Ärzteversorgung (SAEV)
Axis Retail Partners
- Advising Oaktree Capital Management on the acquisition of Solvia Desarrollos, the residential developer affiliate of Banco Sabadell.
- Advising CPPIB on the acquisition (through a securitisation) of a portfolio of retail mortgages from BBVA.
- Advised Starwood on the acquisition from Oaktree and Freo of a portfolio of office buildings located in Madrid and Barcelona.
DLA Piper advises investment funds, institutional investors and socimis on real estate transactions, real estate finance and distressed portfolio deals, as well as providing experienced practices in hospitality and logistics. The firm also has expertise in alternative assets, including student residences and senior housing. Orson Alcocer leads the practice and has a particular focus on logistics, hospitality and portfolio sales.
CBRE Global Investors
ING Real Estate Finance
Lar España Real Estate SOCIMI
Talus Real Estate
- Advised on the sale and leaseback of the head offices of ING Bank in Las Rozas, Madrid.
- Advising Renta Gestión Fuencarral, as owner of an office building in Madrid, on the transfer of the property to an SPV owned by IBA Capital Partners and Angelo Gordon Realty Acquisitions Cooperatieve.
- Advising Redevco on the refinancing of the acquisition of the renowned gourmet retail market Mercado de San Miguel in Madrid.
Specialising in multi-jurisdictional deals, Eversheds Sutherland Nicea advises a range of clients, including financial entities, private investors, real estate companies, hotel operators and industrial companies with property portfolios. Javier Ibáñez Gabernet focuses on property acquisitions, hospitality and retail. He co-leads the practice with Rafael Arráez Amselem, who is an expert in sale and leaseback transactions, as well as property investment.
Javier Ibañez; Rafael Arráez
‘Very good service in M&A’
‘Rafael Arraez gives a fantastic personalised service’
Harbert Management Corporation
Credit Suisse Private Banking
Sociedad de Gestión de Activos Procedentes de la Restructuración Bancaria, S.A. (Sareb)
Room Mate Hotels
Intermediate Capital Group (ICG-Longbow)
Temprano Capital Partners
Thor Equities Investment
Data 4 Infrastructure
Puerta América, S.A.
- Advising Savills Investment Management on the acquisition and financing of Decathlon’s logistics warehouse in Zaragoza for €40m.
Known for its ‘efficiency, flexibility, communication skills, loyalty and honesty', Gómez-Acebo & Pombo has the capacity to ‘find practical solutions to complex legal matters’. The firm specialises in planning matters, as well as real estate finance, transactions and joint ventures. Enrique Isla leads the team and ‘shows an exceptional combination of a sound business approach and solid legal expertise in his practice’. His expertise includes property transactions, joint ventures, financing, restructuring, corporate real estate and construction.
‘It is a strong, resourceful and well-balanced team led by an extremely competent partner’
‘Their work with us has proven very efficient and valuable without getting caught up in unnecessary legal discussions’
‘The service we receive from the real estate team is superb’
‘The team provides very practical and honest advice, always putting the client first’
‘Personally they are very approachable and it is a pleasure to work with them’
‘Enrique Isla is a very experienced real estate partner with deep knowledge and understanding of the real estate market. He stands out for his capacity to solve complex legal matters easily, his negotiation skills, and his honesty with the client and with the other parties’
‘Natalia Lastres is a very experienced real estate lawyer. She has excellent technical skills and is very efficient and hardworking’
‘Natalia Callejo is an associate who combines excellent technical skills with a very practical approach. She is also a very charismatic and nice person with excellent leadership skills’
‘Enrique Isla and his team provide advice across the whole of the Spanish real estate market, from urban planning to pure transactional services, and are always trying to do a bit more for their clients’
‘Enrique Isla always tries to build close relationships with his clients and team and has good people management skills’
‘Deep knowledge of the Spanish real estate cycle and market’
‘Client-oriented and transaction-driven team’
‘Gomez-Acebo & Pombo Abogados’ team can offer technical solutions that will cover any legal requirements or expectations a client may have in Spain’
‘Their urban planning team is top-notch and excels within the Spanish market’
Strategic Value Partners
Excem Real Estate
China Triumph International Engineering
Fiteni Grupo Inmobiliario
AMRO Real Estate Partners
- Advised Metrovacesa on its joint venture with Tishman Speyer to develop a €255m office complex in Madrid.
- Advised Aquila Capital, as seller and developer, on a forward-funding transaction for ten residential projects to be developed by the client and acquired by Vivenio Residencial Socimi upon completion for a purchase price of €244.5m.
- Advised Strategic Value Partners on the acquisition of a residential development in Málaga.
Herbert Smith Freehills LLP
The ‘very responsive and good value for money’ Herbert Smith Freehills LLP provides ‘knowledge and legal competence’ in a range of real estate and investment matters. The firm’s specialities include real estate joint ventures, the acquisition of portfolios, leisure and hospitality transactions, and urban planning. ‘Great transactional partner’ Tomás Díaz was promoted to partner in 2019 and leads the practice. He focuses on corporate real estate transactions, as well as advising on the implementation and expansion of large retail corporates. Also notable are senior associates Charo de los Mozos, who arrived in 2018 from Ashurst LLP, and Álvaro Gross, who joined from an in-house position at Intu in 2019.
‘They are a well-integrated team, always ready for action, with a very good commercial sense of the deal’
‘They are very well co-ordinated and have complementary skills’
‘Tomás Díaz has availability, tenacity and a high level of legal knowledge’
‘Ãlvaro Gross has incredible technical knowledge, with a lot of commercial sense’
‘Charo de los Mozos is persistent, with very good knowledge’
‘The team is always available to clarify any question or issue, providing valuable advice for our investors and fund managers’
‘I value the personal component of the relationship, especially from Charo de los Mozos and Tomás Díaz’
‘Extremely good retail and real estate practices’
‘Charo De Los Mozos is an exceptional senior associate. She is extremely thorough, precise, available and knowledgeable about real estate, contracts, commercial issues and retail’
Sierra Blanca Group
JV formed by Valeo Management, Bankinter and Plenium Partners
Nuveen Real Estate
Tullett Prebon Group
- Advised Clarion Gramercy on its first investments in the Iberian market, consisting of the acquisition of three logistic warehouses located in La Bisbal del Penedès and Constantí in the province of Tarragona.
- Advised Sierra Blanca Estates on the real estate financing from RoundShield Partners for the construction of three luxury residential developments (Project Seaside), consisting of three residential buildings in Málaga and two residential developments in Marbella.
- Advised a joint venture between Valeo Management, Bankinter and Plenium Partners on the acquisition of two land plots in Granada for the purposes of building student accommodation.
Hogan Lovells International LLP advises real estate investment funds worldwide, as well as hotel and leisure companies, banking entities and retailers. In addition, the firm has expertise in the logistics sector, assisting with the disposal, acquisition and financing of logistics assets. Practice head Emilio Gómez focuses on real estate developments and transactions, particularly in shopping and leisure, as well as specialising in REITs and socimis. Also notable in the team is senior associate Miguel Ferre, who joined from Ashurst LLP in 2019 and brings expertise in acquiring commercial, industrial and residential assets.
‘Highly skilled with solid knowledge of the environment, instilling genuine confidence’
‘Easy to establish a close and fluent relationship’
‘Well connected with peers and authorities’
‘Emilio Gómez is quick, approachable, always has the right solution and is ready to provide the best possible advice’
LaSalle Investment Management
M&G Real Estate
Fattal Hotels/Leonardo Hotels
Catella Investment Managers
- Advised LaSalle Investment Management on the purchase of a historic building in Madrid from Royal Metropolitan to host the new Repsol headquarters after a full refurbishment.
- Advised M&G Investments on its acquisition of two logistic platforms from Invesco.
- Advised Leonardo Hotels on the construction of its first hotel in Barcelona since the 2015 moratorium on hotel building.
Jones Day specialises in transactional and planning work, as well as providing experience in the full life cycle of real estate matters, including due diligence, acquisition, financing, asset management and disposition. Víctor Casarrubios advises funds, socimis and investors from Spain and overseas. He co-leads the team with Luis Jiménez-Díaz Egoscozábal, who focuses on real estate, planning, construction and administrative procedures.
Víctor Casarrubios; Luis Jiménez-Díaz Egoscozábal
CBRE Global Investors
CBRE Global Investment Partners
Greystar Real Estate Partners
LaSalle Investment Management
- Advised CBRE Global Investment Partners on its acquisition of Lazora’s 6,458-unit portfolio of Spanish residential properties valued at €870m.
- Advised CBRE Global Investment Partners regarding its alliance with Azora and Tamerlane to acquire two plots of real estate in the Green Corridor of Madrid Rio.
- Advised LaSalle on its acquisition of six Makro stores in Spain valued at €73m.
Ramón y Cajal Abogados specialises in advising real estate developers on acquisition, development, construction, sale, leasing and financing. The firm also has experience in due diligence reviews and contract negotiation. Roberto Tojo leads the team and focuses on advising on and co-ordinating real estate transactions related to sale, leaseback, construction and servicing agreements.
‘Roberto Tojo shows commitment and has very deep knowledge of urban planning, as well as very extensive experience in negotiating SPAs, legal due diligence, term sheets, and so on’
‘Roberto Tojo has very prominent knowledge of the Spanish market’
Lar España Real Estate Socimi
Ares Management Limited
Benson Elliot Capital Management
UK Investment Management
- Advising Inmobiliaria Colonial Socimi on the sale of a logistic portfolio to Prologis.
- Advising Lar España Real Estate Socimi on the sale of an office building in Madrid to a fund managed by Swiss Life Asset Managers.
- Advising Blackstone on the acquisition of a company which owns a logistics warehouse complex in Vitoria from Kefren.
The ‘quick, strategic and innovative’ Andersen Tax & Legal specialises in commercial advice, with experience in drafting contracts, urban planning and providing advice to property developers and local authorities. The firm’s expertise also includes the acquisition of portfolios of real estate assets, joint ventures, commercial leasing and acquisition finance for socimis. José Vicente Morote focuses on infrastructure, construction and urbanism. He co-leads the practice with Maite Hernandez, who is an expert in real estate and construction law.
Jose Vicente Morote; Maite Hernandez
‘They are a great team for urban planning’
‘It’s easy to talk to them about complex issues, and they always have a comprehensible answer’
‘They make difficult issues seem easy’
‘Their experience and background is very solid due to years of practice in different areas of the real estate market’
‘Carlos Peña is clearly business oriented whilst legally very solid’
‘The most remarkable thing about Andersen is its continuous availability and very short response time’
‘Adaptability and rigorous legal assessment’
Mahou and Atlético de Madrid
Santé Realty Investments
Owners of affected land in Madrid Nuevo Norte
Admentum Gestión Global
Stahler Real Estates
- Advising Mahou and Atlético de Madrid on all aspects of the planning, management and implementation of the Mahou-Calderón project.
- Advising Santé Realty Investments on all aspects of the planning, management and implementation of an urbanisation project.
- Advising Grupo Ibosa on the planning, management and execution of a project to build housing and green spaces in the centre of Madrid.
Bird & Bird has experience in acquisition and disinvestment transactions, specialising in acting for private clients and family offices. The firm is particularly active in real estate matters related to M&A and development. Isidro Del Moral has expertise in commercial and corporate real estate, urban planning, public law, tax and litigation. He co-leads the team with counsel Jacobo Sánchez-Andrade, who advises local and international clients on the negotiation and drafting of international distribution and agency contracts.
Isidro del Moral; Jacobo Sánchez-Andrade
‘The work of the team is very thorough and is complemented by the constant assistance of the partners’
‘The working relationship with the client is very professional and accessible’
‘Their knowledge is very good, which makes the process flow easily’
‘Their availability, accessibility and ability to handle cases is particularly good’
Hermandad Nacional De Arquitectos (HNA)
Joma Sports, S.A.
Royal Capital, S.L.
Sociedad De Gestión De Activos Procedentes De La Reestructuración Bancaria, S.A. (Sareb)
- Advised Sareb on the sale and assignment of a portfolio of NPLs (with plot of lands as collateral).
- Advised HNA on the acquisition of an office building in Madrid from Blackstone.
- Advised HNA on the sale of four nursing homes located across Spain to Intercentros Ballesol.
CMS Albiñana y Suárez de Lezo is known for providing transactional advice, particularly in cross-border matters. The firm is also experienced in leasing, asset management, construction and design agreements, notably in the hospitality and leisure sectors. Álvaro Otero specialises in the sale and purchase of real estate companies and real estate assets, as well as sale and leaseback operations.
‘The team is very thorough and includes lawyers who have amazing skills from both a legal and a commercial perspective’
‘Ãlvaro Otero is one of the best known real estate partners in Spain. His deep knowledge of real estate practice makes clients feel really comfortable and tranquil when it comes to specific transactions and day-to-day matters’
‘Alvaro Otero has the commercial skill to deal with difficult situations’
Global Student Accommodation (GSA)
CBRE Global Investors
Catella Asset Management Iberia
Soverino / Inversiones Hoteleras Ebza
Arcano (Arcano Value Added Real Estate II)
Allianz Real Estate and VGP
- Advised GSA, the owner of student accommodation brand Nexo Residencias, on the entry of Harrison Street as a new investor and the subsequent restructuring of the group in Spain.
- Advised CBRE Global Investors on the acquisition of a plot of land and the subsequent development of a logistics warehouse.
- Advised Blackrock on the acquisition of the portfolio of Amistat Hostels, including hostels in Ibiza, Barcelona, Madrid and Rome, through a €100m joint venture.
EY Abogados has expertise in advising socimis, owners of real estate assets and companies on finance and due diligence, as well as being increasingly active in the hotel and leisure sector. Iván Azinovic Gamo handles single-asset transactions, financing and corporate real estate matters. He co-leads the practice with Ignacio Sáenz de Santa María, who focuses on transactional real estate matters. The team was strengthened in 2019 by the arrival of Ana Lopez Muiña from Gómez-Acebo & Pombo, who specialises in planning, as well as being experienced in providing environmental legal advice to public and private entities.
Iván Azinovic Gamo; Ignacio Sáenz de Santa María
‘The real estate team at EY really adapts to the client’s needs’
‘Every deal is made to measure’
‘They have a very commercial approach and are always looking towards the success of the transaction’
‘Ivan Azinovic is the kind of lawyer that you always want to have on your side. He simplifies transactions, always looking for a clear upside for his client’
‘Elsa Puentes and Natalia Tova are reliable and quick-thinking lawyers who are always ready for the client’
Árima Real Estate SOCIMI
IBA Capital Partners
Zambal Spain SOCIMI
Silvercode Investments SOCIMI
Atom Hoteles SOCIMI
Global Myner Advisors
Único Hotels & Real Estate
- Advised Zambal Spain Socimi on the due diligence process and subsequent acquisition of an office building in Alcobendas, through the acquisition of the owner company.
- Advised Árima Real Estate on the due diligence process and subsequent sale and leaseback of a building in Madrid.
- Advised Atom Hoteles Socimi on the due diligence process and subsequent acquisition of the four-star hotel Meliá Valencia Palacio de Congresos, as well as on the novation of the lease agreement with Meliá Hotels International regarding the hotel.
Freshfields Bruckhaus Deringer
King & Wood Mallesons
The 'excellent’ King & Wood Mallesons is well regarded for its ‘insight into the real estate industry'. The firm’s experience includes fund formation, joint ventures, acquisitions, financing, leasing and property litigation. The practice is also increasingly active in assisting with investments in real estate residential assets, shopping centres and retail premises, as well as advising socimis. The ‘very pragmatic’ José Antonio Calleja leads the team and is known for his ‘problem-solving approach to transactions’.
José Antonio Calleja
‘From a commercial point of view, the team makes a huge difference’
‘They understand how to solve problems when they arise and find intelligent solutions to make the deal possible’
‘Enrique Isla is the kind of person that you can trust without any doubt’
‘Focused on solving issues and very practical’
‘KWM’s team is really professional and well managed. They are involved in the deal, help the client to resolve any difficult aspects of the transaction, and always offer good and simple solutions that make the deal easier and more successful’
‘José Antonio Calleja has huge knowledge of the real estate sector and of the business itself, and is always trying to find straightforward solutions for any issue. He is available during the project and involved in every aspect of the deal’
Testa Residencial Socimi
Leroy Merlin (Grupo Adeo)
Silicius Inmuebles en Rentabilidad Socimi
Generali Real Estate
Excem Real Estate
Valencia Club de Fútbol
- Advised Testa Residencial Socimi on the acquisition from Grupo Ejido of 564 residential units in the Madrid area.
- Advised McDonald’s on more than 20 projects for the acquisition, construction and/or lease of new sites for restaurants across Spain.
- Advised Excem Real Estate on the acquisition of several land plots in Málaga for the construction of residential buildings.
DWF-RCD is experienced in the financing and structuring of real estate projects and investments, advising developers, builders and other agents. The firm provides expertise in due diligence and acquisitions, as well as contractual and urban planning matters. Adolf Rousaud specialises in advising on real estate M&A operations, corporate restructuring and project finance. He co-leads the team with real estate law expert Iñigo Montesino-Espartero, who focuses on financial operations.
Adolf Rousaud; Iñigo Montesino-Espartero
‘Fast responses, knowledge of the area and quick solutions to cases’
‘The team in this area is very well qualified and they keep track of the issues’
‘They answer very quickly and efficiently’
‘They inspire a lot of confidence’
‘Ros, Eva Gimenez and Leire Elorza are outstanding’
‘Excellent and fast advice on a lot of issues in real estate law, tax law and commercial law’
‘Leire Elorza is a magnificent lawyer who has great empathy and understanding’
Araoz & Rueda specialises in matters with an urban planning component, particularly in the acquisition and sale of REOs and asset portfolios. The firm has experience advising investors, developers and financiers on a range of real estate matters in Spain and abroad. Practice head Jesús Conde is known for his expertise in the restructuring, negotiation and execution of international real estate transactions, as well as planning and administrative issues.
‘Jesus Conde is always available and always delivers on time despite tight schedules, with a very practical and useful approach that takes into account the other party’s potential point of view’
‘Strong expertise in real estate and administrative law in both the senior and junior ranks’
‘The analytical approach, availability, and long-lasting engagement of the Araoz team is superb’
‘A detailed, analytical approach and a powerful strategic vision’
‘They have raised topics in a timely manner and driven conversations and SPA drafts to limit our liability as the seller’
‘They have done an excellent job’
Fundación Ariane de Rothschild
Diagonal BCN Business
Edmond de Rothschild
Casa Bella Developments
SCI Titan/ L’Etoile Properties
Kefren Capital Real Estate
Aberdeen Standard Investment
- Advised Avanza Spain on the sale of a portfolio of commercial real estate assets to La Oscense.
- Advised Kefren Capital Real Estate on the sale of five industrial and logistics properties to multinational real estate investment trust Prologis and Blackstone Group.
- Advised Orpea Group on the real estate matters related to the acquisition of Ecoplar Group.
Cases&Lacambra is known for its 'market knowledge, efficiency and solution-driven approach’, as well as its ‘complete alignment with clients'. The firm focuses on transactional matters, advising foreign investors on acquisitions, sales and urban planning matters. The practice also has expertise in licensing and planning. Daniel Tienda leads the team and specialises in advising institutional investors on real estate transactions in Spain.
‘The team at Cases & Lacambra excels in legal professionalism, strong product knowledge and understanding of the market’
‘Their proactive thinking alongside their clients makes C & L our go-to legal partner in Spain’
‘A thorough and in-depth knowledge of both real estate and the legal solutions available’
‘Special mention to Daniel Tienda Gonzalez, who is a trusted and much appreciated long-term partner’
‘Direct involvement of the partners from beginning to end’
‘Detailed analysis of the red flags and potential solutions, which facilitates the operation’
‘Commitment of the junior team’
‘Professionalism and commitment to the client and the operation’
Merced Capital, Ltd
Cordillera Wealth Management
Fp Capital Luxembourg, S.A.R.L.
Inversiones Financieras Inpoint, S.L.
Urbania International Investments, S.L.
Arcano Wealth Advisors
- Advising Fp Capital Luxembourg on the due diligence reports and acquisition process of four plots in Girona and two buildings in Barcelona.
- Advising Volcap on the acquisition of two office buildings leased to a class A tenant in Seville and Madrid.
- Advising Futureal Group on the acquisition of several plots in Marbella, Barcelona and Madrid.
Specialising in planning matters, GTA Villamagna Abogados has particular expertise in disputes, urban development and issues related to public law. Ernesto García-Trevijano leads the practice and has experience in construction and real estate planning matters. Notable in his team is Marta Plaza, who advises public authorities and private companies on planning.
‘The level of quality and satisfaction is maximum’
‘Ernesto Garcia Trevijano and Marta Plaza are recommended’
‘Exceptional knowledge, assertiveness, diligence and client service’
Espiga Equity Partners S.G.E.I.C., S.A.
Oaktree Capital Management, L.P.
Grupo Rayet, S.A.
Quabit Inmobiliaria, S.A.
Programas De Actuación De Baleares, S.L.
Cementos Portland Valderrivas, S.A.
Oca Construcciones Y Proyectos, S.A.
Ithaka Partners, S.A.
- Advising Enjoy Wellness (a subsidiary of Espiga Equity Partners) on the urban planning and real estate aspects of the construction, operation and management of gyms and sports facilities across Spain.
- Advising Oaktree Capital Management on planning due diligence regarding the acquisition of an extended portfolio of properties across Spain.
- Advising Grupo Rayet on the construction of the largest artificial beach in Europe.
ONTIER covers the spectrum of real estate work, particularly real estate finance and transactions. The firm advises socimis, foreign investors and multinational corporations on real estate investment. The ‘very reliable’ Jaime Diaz de Bustamante is an ‘expert in the real estate sector’.
Jaime Diaz de Bustamante
‘Ontier is a reputable and well-known law firm in Spain’
‘Jaime Diaz de Bustamante is an experienced and knowledgable real estate lawyer, with a great pragmatic approach in all commercial lease negotiations’
‘Jaime Diaz de Bustamante is prompt and very focused on the matter’
‘They are always available even if you call them at the very last moment’
‘Deep knowledge of real estate practice in the Spanish market’
‘Jaime Diez de Bustamante is a well-known real estate partner with a lot of prestige’
Sociedad De Gestión De Activos Procedentes De La Reestructuración Bancaria (Sareb)
Hotel Investment Partners (Banco Sabadell Group)
Carso Group / Soinmob (Carlos Slim Group)
Neinor Homes (Lone Star Group)
Logicor (Blackstone Group)
Invesco Real Estate
Merlin Properties Socimi
Haya Real Estate (Cerberus Group)
Aedas Homes (Castlelake Group)
CBRE Global Investors
El Corte Ingles
- Advising Therus Investment and Dhamma Energy on the development and construction of a €103m commercial real estate project consisting of office buildings and parking spaces in Madrid.
- Advising Iberdrola Inmobiliaria on the sale of Torre Auditori in Barcelona.
- Advised on the due diligence, acquisition and financing of Hotel Eurostars Gran Valencia, Hotel Eurostars Gran Madrid and Hotel Eurostars Convento Capuchinos.
Roca Junyent covers a range of matters related to construction, promotion and investment. The firm’s experience includes handling legal and tax structures for the purchase, sale, investment and management of real estate projects, as well as due diligence, litigation and planning issues. Practice head Xavier Serramalera Cercós is known for advising national and international clients on the development and acquisition of real estate projects.
Xavier Serramalera Cercós
‘It is a very professional office’
‘Xavier Serramalera is an outstanding professional’
Lindorff Holding Spain
- Advised Zurich Seguros on the acquisition of five office buildings in Madrid from Hispania Real Socimi, controlled by Blackstone.
- Advised Lindorff Holding Spain on the acquisition of 80% of real estate company Solvia from Banco Sabadell.
- Advised Rex Spain ZDHL on the acquisition of an office building in Barcelona city centre from Sum Capital Spain.
Simmons & Simmons advises a broad range of clients on real estate matters, including property funds, lenders, borrowers, developers, landlords and occupiers. The practice is experienced in project managing real estate transactions, dealing with acquisitions, disposals and general asset management. Alfonso Fernández-Puebla leads the team and focuses on real estate acquisitions and disposals, sale and leasebacks, real estate development and financing.
‘Very professional team – always up-to-date and informed about all details’
‘Always available, they are solution finders’
‘Able to find a solution to any problem that may occur’
‘Friendly but firm in disputes’
‘Skilled and clever in contract negotiations’
Lar España Real Estate SOCIMI, S.A.
Invesco Real Estate
Makro Autoservicio Mayorista S.A.
Ares Management Real Estate Group
Citygrove Developments España S. A
Squire Patton Boggs advises on the financing, purchase, sale, construction, development and letting of real estate projects in Spain. The firm also has experience in due diligence, shareholders' agreements and joint ventures. Ramon Castilla leads the practice and has particular expertise in the transactional aspects of the real estate sector, including in industrial areas, shopping centres and retail parks.
‘The lawyers know our company’s strategy and act accordingly’
‘Ramon Castilla and Jesus Carrasco are great professionals, always available and always looking to minimise risk in the daily life of the company’
‘Very good performance’
‘Knowledge of the Spanish retail market’
‘A high-quality legal service with full commitment from their team’
‘They have deep experience and knowledge of the law, both national and international’
‘They work as a team, with the support of other specialised members of the firm when required’
‘They are a hardworking team, with not only deep legal knowledge but also a business-oriented mentality’
Pan American Energy
Inversiones Gasolgest, Maydon Inversiones and Hotel Palacio de Luchana
Westmont Hospitality Group
Kronos Investments Group
Lar España Real Estate Socimi
Royal Bank of Scotland (RBS)
Garcia de la Cruz
Arborea Interbird, SL
Innology Ventures, SL
- Advising Pan American Energy on its redomiciliation to Spain.
- Acting as secretary of the board of directors of Solaria.
- Advised Live Nation on the acquisition of a majority stake in Planet Events, formerly part of the Prisa Group.
Ventura Garcés & López-Ibor
Specialising in hotels, office buildings, retail and leisure centres, Ventura Garcés & López-Ibor has experience advising on the acquisition, sale, financing and leasing of a range of developments. In terms of construction expertise, the firm advises on building contracts and subcontracting. Practice head Carlos Trénor has a particular focus on M&A, corporate finance and contractual law. Since publication, the firm has split with the Madrid and Valencia offices now operating as López-Ibor Abogados and the Barcelona office as Ventura Garcés.
Heady Creek Capital
NIS New Investment Solutions
Las Colinas De Marbella
Hotel Kempinski Estepona
Gran Roque Capital
- Advising Las Colinas de Marbella on the project to build a Mandarin Oriental Hotel in Marbella.
- Represented S’illeta De Camp De Mar, Pelaires and Fasillar in several contentious administrative proceedings against the government of the Balearic Islands.
- Advising Budget Hotels on the development of a new five-star luxury hotel in Madrid.
Watson Farley & Williams LLP
The 'committed' Watson Farley & Williams LLP’s experience ranges from the financing, sale and purchase of real estate to planning, development and sale. The firm also provides expertise in the key related areas of construction, dispute resolution and insolvency. Pablo San Gil leads the practice and specialises in structured finance and asset-based lendings for senior and mezzanine debt.
Pablo San Gil
‘Watson Farley & Williams demonstrated knowledge of construction loans’
‘If in the future we have a new construction loan financing project, we would work again with Watson Farley & Williams’
‘Pablo San Gil did exceptional work leading the deal personally, which was crucial to meet the tight deadlines of the project’
‘They act for a large number of lenders in the Spanish market and have an overview of current trends in real estate financing’
‘Pablo San Gil is always finding common ground between lenders and borrowers to close a deal’
‘Ignacio Cacho is very organised, which is key in complex deals’
‘They do not leave a call or email unanswered’
‘The people who make up the team are great professionals in the sector, with a broad knowledge of the discipline, which allows them to always look for suitable solutions’
Credit Agricole Corporate & Investment Bank
- Advised Frux Capital Investments on the acquisition financing granted to House By Sanz for a residential building in Palma de Mallorca.
- Advised CaixaBank on the sale and subsequent financing granted to Marathon Asset Management for a Madrid office building.
- Advised Banco Santander on the debt refinancing of Aloft Hotels, part of the Marriott brand.
DA Lawyers has 'great experience in the real estate sector and particularly in the residential area'. The firm is active in the sale and purchase of real estate assets, as well as litigation and providing advice to socimis. The practice also has a particular specialism in the hotel sector. Cesar Morales Romero-Requejo advises multinationals and large and medium-sized Spanish companies on a range of real estate matters. He co-leads the team with Eduardo González Yebra, whose expertise includes contracts, due diligence, arbitration and the management of real estate assets.
Cesar Morales Romero-Requejo; Eduardo González Yebra
‘They focus on the resolution of problems and conflicts but always put the present and future legal interests and security of the client first’
‘Management of complex situations and continuous customer support’
‘They compare favourably with other offices’
‘Experience in complex real estate and residential matters’
‘Commitment to customer objectives’
‘Cesar Morales and Eduardo Gonzalez are recommended’
‘Maximum empathy with the client’
‘They are skilful in negotiations and follow up on legal matters until their resolution’
‘It is a team with great cross-sectoral knowledge of real estate, which is accustomed to carrying out very complex transactions’
‘A lot of interaction from the partners, especially Cesar Morales’
‘A lot of attention to detail from the whole team’
Unica Real Estate Socimi
- Advised Asocimi (the Spanish association of REITs) on launching of the association and adding the first members from the residential, logistics, retail and office sectors.
- Advised Unica Real Estate Socimi in relation to the takeover bid launched over the client by Vitruvio Real Estate Socimi.
- Advised Breogán Park in relation to the acquisition of four real estate assets on which the construction of an area of medium-sized stores is planned.
As well as advising on traditional real estate matters, Latham & Watkins LLP is known for its expertise in multi-disciplinary work, particularly real estate capital markets deals, REO and NPL portfolios, M&A, financing and restructurings. Practice head Rafael Molina joined from Linklaters in 2018 and has experience advising domestic and international investors, investment banks and financial institutions on a range of corporate and real estate investments. His team includes real estate specialist Javier Colino, who joined as an associate from Uría Menéndez in 2018.
‘Rafael Molina’s team is the market-leading reference’
‘Super-smart, experienced, hardworking and responsive’
‘Rafael Molina is probably the most talented adviser in his sector. He is the definitive go-to person for us’
‘The engagement and the dedication they have are the main strengths’
‘Rafa Molina is very pro-deal, always looking to help us and give us his own view of how to protect ourselves’
‘Javier Colino finds the route to reach the agreement and simplify discussions’
Bank of America Merrill Lynch
Oak Hill Advisors
Odyssey Infrastructure Partners
Pictet Alternative Advisors
Round Hill Capital
- Advising Cerberus on the acquisition of 100% of the shares in Optimum RE Spain Socimi, the owner of 16 residential real estate assets located in Barcelona and Madrid.
- Advised Goldman Sachs on the auction process to acquire a portfolio of performing and sub-performing consumer and SME loans secured by real estate assets from Unicaja Banco.
- Advised Odyssey Infrastructure on the potential acquisition of 100% of the shares of Solvia Servicios Inmobiliarios from Banco Sabadell.
Osborne Clarke has a particular focus on residential, student accommodation and retail assets. The practice also has experience working with international clients investing in the Spanish real estate market. Julian Matos leads the team and specialises in the residential sector, notably residential developments and accommodation.
‘Osborne Clarke’s real estate team has great expertise with assets related to the accommodation sector, such as hotels and housing’
‘One of the key strengths of their team is that they take the lead in order to find and provide creative solutions, which are tailored to the particularities of each project and the type of asset involved’
‘They work well with other teams from the same firm and therefore it is extremely easy to cover all our requirements for this practice’
‘Their lawyers are well connected within the Barcelona market and the Barcelona area’
‘Julian Matos has wide experience in the real estate sector beyond pure legal expertise’
‘Julian Matos and Carlos Casacuberta are goal-driven, available and efficient’
Europe Hotels Private Collection
Global Student Accommodation
- Advised Scranton Enterprises on its joint venture with Corpedificacions for the construction of 2,500 rental apartments in Barcelona.
- Advised Xior Student Housing on the acquisition of a student accommodation facility on the campus of the Polytechnic University of Catalonia.
- Advised Scranton Enterprises on the acquisition of a luxury building in Madrid.
Pinsent Masons LLP
Pinsent Masons LLP covers a broad range of real estate and construction matters, notably transactional work, finance, litigation, land planning and asset management. The firm also has expertise in the niche area of proptech, including developing real estate blockchain projects. The team is co-led by José Luis García-Manso, who joined in 2019 from Pérez-Llorca and brings experience in commercial real estate transactions; Sofía Parra, who focuses on energy and infrastructure projects; and construction and disputes specialist Ricardo García Uzcudun.
José Luis García-Manso; Sofía Parra; Ricardo García Uzcudun
‘Good quality of service’
‘Quick to respond and provide tailored-made advice’
‘Ricardo García Uzcudun is a standout partner’
Aquila Capital Investmentgesellschaft mbH
Azora Capital, S.L.
AC Hoteles, S.A.
MDSR Investments, Ltd.
BMO Real Estate Partners
La Finca Real Estate Management, S.L.
- Advised Aquila Capital on the sale and purchase agreement for a property in the country’s first green industrial park, close to Madrid.
- Advised Obrascón Huarte Lain on commercial transactional work, contract management and day-to-day legal matters during a construction project.
- Advised MDSR Investments on the Spanish legal aspects of the acquisition of three Spanish companies which own 21 commercial properties leased to Eroski,
PwC Tax & Legal Services
Specialising in multi-jurisdictional and multi-disciplinary advice, PwC Tax & Legal Services has experience in corporate, labour, litigation and tax matters related to the real estate sector. The firm’s expertise includes real estate transactions, financing, M&A, contracts and project development. Real estate taxation expert Antonio Sánchez co-leads the practice with Paula Hernández Lemes, who focuses on advising national, multinational and corporate groups in relation to the real estate, construction, retail and consumer sectors.
Antonio Sánchez Recio; Paula Hernández Lemes
‘Their knowledge of the real estate industry is very extensive’
‘They had a practical approach differentiating what was relevant from what were minor/secondary issues that could be mitigated’
‘I appreciated their flexibility and quick response time when it was needed’
‘High level of co-ordination between the different teams at PwC’
‘Technical excellence is required and they are in line with other Big 4 offices’
‘Good customer service, perhaps above other offices of the same level’
General De Galerias Comerciales
Tristan Capital Partners
Oaktree / Sabal
Inmobiliaria Park Rose Iberoamericana
Distrito Castellana Norte, S.A.
Realia Business, S.A
- Advising General de Galerías Comerciales on a number of transactions, mainly involving the purchase of real estate assets such as shopping centres and plots of land.
- Advised McDonald’s on real estate matters in Spain.
- Advised Espacio Caleido on the structuring of the design, construction and renting of an iconic building project in Madrid.