Real estate and construction in Spain

Clifford Chance

With ‘high professionalism and extensive knowledge of the market’, Clifford Chance advises on corporate acquisitions, joint ventures, portfolio acquisitions, disposals and development projects. The firm’s international network enables the practice to advise on cross-border transactions for a range of clients, including international funds, fund managers, SOCIMIs, banks, private equity houses, property companies, developers and hotel operators. Other areas of expertise include project management and regulation in the real estate sector. Carlos Portocarrero leads the team and specialises in real estate joint ventures, large sale and leaseback deals, acquisitions and disposals of REO and NPL portfolios, and acquisitions of developer companies and real estate companies. Key names in the team are real estate expert María Pradillo and Angel Vizcaíno, who advises on the sale, purchase, development and leasing of hotels and commercial, logistics and office premises.

Practice head(s):

Carlos Portocarrero

Other key lawyers:

María Pradillo; Angel Vizcaino; Andrés Berral; Paula Navarro


‘High professionalism. Extensive knowledge of the market. Resolution of problems in advance.’

‘Paula Navarro demonstrates high excellence in work, technical knowledge and total availability to the client.’

‘The Real Estate and construction team is very coordinated and the workload is well distributed between the partners/associates.’

Key clients

Banco Santander




Unibail Rodamco Westfield

Bentall GreenOak

Autonomy Capital

Orion Capital Managers


ECE Group

Hellenic Bank

Swiss Life


Tilden Park Capital

Kennedy Wilson


Work highlights

  • Advised ECE Group on the indirect acquisition of the Intu Asturias shopping centre for a value of approximately €290m.
  • Advised Primonial on the incorporation of a joint venture with Grupo Lar to jointly invest up to €400m in a rental residential platform (build to rent).
  • Advised Tilden Park Capital on the acquisition of a REO portfolio of approximately 2,700 assets from Bankia.


The multi-disciplinary real estate practice at Garrigues brings together expertise in the areas of tax, planning, zoning, antitrust, restructuring and distressed transactions to advise on major deals in the Spanish and European real estate markets. It specialises in advising major foreign funds and financial institutions in a range of matters, including restructurings, new investment vehicles, mortgage finance, transfers of distressed assets, and NPL and REO portfolios. The team is co-led by Barcelona-based Oscar de Santiago, who advises on traditional real estate work and finance, and Héctor Muñoz, who represents domestic and international investors, developers and financial institutions. Also notable are Felipe Yannone, who has experience in real estate investment, development, financing, construction and commercialisation, and Jorge García-Pellicer, who focuses on real estate and restructuring.

Practice head(s):

Héctor Muñoz; Óscar de Santiago

Other key lawyers:

Felipe Yannone; Jorge García-Pellicer; Juan José Berdullas

Key clients

































Work highlights

  • Advised Axa on the largest build-to-rent transaction in Spain in 2020, consisting of the turn-key acquisition from Tectum and Locare of seven residential developments in the Community of Madrid, with almost 1000 public housing units for rent.
  • Advised Brookfield in a transaction with W.P Carey consisting in triple-net leases for 19 student housing assets and the granting of purchase options for each asset.
  • Advised DWS Grundbesitz GmbH Sucursal en España on buying two plots of land in Sector 22@ in Barcelona for the construction and exploitation of a hotel and an office building.


The extensive real estate practice at Pérez-Llorca covers the full property production cycle, including development, construction, acquisitions, disposals, letting, restructuring, repossession, NPL acquisitions and special situations. The firm advises institutional investors and lenders in relation to a range of assets, notably offices, shopping centres, high street, logistics, hospitality, residential, social housing and alternative investments. Jesús Varela joined in 2020 and brings expertise in advising international investors on real estate deals. He co-leads the team with Luis Zurera, who has a broad practice in the area; real estate and corporate law expert Gerard Serra; and Vicente Estebaranz, who is known for land planning work. Other key names in the team include expert in real estate, banking and finance Fausto Romero-Miura; Javier Muñoz Méndez, who specialises in transactions related to real estate assets; and Alejandro Osma, who focuses on commercial real estate.

Practice head(s):

Jesús Varela; Luis Zurera; Gerard Serra; Vicente Estebaranz

Other key lawyers:

Fausto Romero-Miura; Alberto Ibort; Alejandro Osma; Jordi Farrés; Javier Muñoz Méndez

Key clients

CBRE Global Investors

Banco Sabadell

RLH Properties

Megaworld Corporation

Axa Real Estate Investment Managers


Hispania Activos Inmobiliarios

Signal Capital

Madison International Realty

Kennedy Wilson


Work highlights

  • Advised Palladium Hotel Group on the constitution of the joint venture known as Palatinus Mare between Fiesta Hotels & Resorts, Palatinus Tenencia De Participaciones and Azora Capital.
  • Advised Tectum Real Estate Investments and Locare Real Estate on a build-to-rent transaction consisting of the sale of seven real estate projects comprising a portfolio of 919 social housing units for rent.
  • Advised Axa RE’s subsidiaries on the sale to Kanam Investment Fund of a real estate portfolio comprised of eight office buildings in Barcelona which are let to the Generalitat de Catalunya.

Uría Menéndez

Providing ‘technical excellence and absolute availability’, Uría Menéndez has particular expertise in acquisition and financing transactions in the real estate sector. The firm has advised on matters involving offices, hotels and plots of land for development, as well as participating in real estate-related M&A and the transfer of iconic properties. The practice is also known for its substantial urban planning experience, based across its offices in Madrid, Barcelona, Valencia and Bilbao. Fernando Azofra Vegas advises domestic and foreign companies on real estate, banking, asset finance and M&A transactions. He co-leads the team with corporate and commercial law expert Diego Armero Montes. The deep bench of expertise includes Ignacio Albiñana, who focuses his practice on M&A, real estate, banking and finance law; Javier Ruiz-Cámara, who is particularly active in asset finance, real estate refinancing, general real estate and NPL portfolio transactions; and senior associate Ivan Abad, who handles a range of matters, notably hotel deals and construction agreements.

Practice head(s):

Fernando Azofra Vegas; Diego Armero Montes

Other key lawyers:

Javier Ruiz-Cámara; Juan Antonio Pérez Rivarés; Rafael Jiménez; Yasser Harbi Mustafá; Ignacio Albiñana; Duarte Garín; Ivan Abad


The practice is exceptional in my opinion if Fernando Azofra, Ignacio Albiñana or Duarte Garín (and their corresponding teams) are involved due to their technical legal skills, their experience, availability and their involvement with the business and the transaction.’

‘Ivan Abad seems outstanding to me for his involvement and dedication.’

Knowledge of the sector and real estate practice. Technical excellence and absolute availability.’

Key clients

Merlin Properties SOCIMI, S.A.

Allianz Real Estate, GMBH

Millenium Hotels Real Estate I SOCIMI, S.A.

Testa Residencial SOCIMI, S.A

Silicius Inmuebles en Rentabilidad, S.L.

WP Carey

Covivio Hotels

Banco Sabadell

Sonae Sierra


Oaktree Capital

FREO Group

Azora Capital

Banco Santander


Neinor Homes Socimi

Tristan Capital Partners

Work highlights

  • Advising Banco Sabadell on the transfer to Cerberus Capital Management of an 80% interest in a portfolio of 7,500 real estate assets.
  • Advised Azora Capital on the acquisition of 12 residential buildings located in Madrid, Barcelona, Badalona, Sabadell and Polinyà.
  • Advised Conren Tramway Dos on a forward purchase transaction involving two office buildings located in 22@ (Barcelona).

Ashurst LLP

With ‘excellent depth of experience’, Ashurst LLP  stands out for its ‘great expertise and knowledge of the market’. It is well versed in the full range of real estate matters, from planning, development and construction, to commercialisation of property assets, financing and cross-border project management. Clients include investment funds, SOCIMIs, leading financial groups and developers. A particular specialism for the group is real estate restructuring and distressed deals. Practice head Ismael Fernández Antón advises across the spectrum of real estate, and adds to this a proven track record in distressed transactions, insolvency and litigation proceedings. Key names in his team are Cristina Calvo, who advises Spanish and international clients in all areas of the property industry; and counsel Joaquín Macías, whose experience includes purchase agreements, sale of mortgage secured portfolios and REOs, and real estate financing.

Practice head(s):

Ismael Fernández Anton

Other key lawyers:

Cristina Calvo; Carmen Garcia; Joaquín Macías; Conchita Sainz


They are a very competent team, involved from the beginning of the deals and always available and willing, as if it were an internal team and our interests were theirs. They share our business vision and strike a good balance between protecting legal interests and facilitating agreements. They relate well to all the parties involved in the deals (internal teams, external consultants, other law firms that are also involved, the counterparties …) and in different registries (more institutional or individual, in Spain or abroad).’

‘Very strong in-house expertise, tethered to a very commercial approach to Spanish law. Capacity to offer legal protection in complex, ad-hoc structures. Tailored approach to every deal.’

‘Cristina Calvo and Carmen Garcia are very impressive. Their grasp of tax matters and ability to find solutions is first class.’

They are a very close team that is always willing to give until the last breath to deliver the optimal result to their clients.’

‘I’ve been working with Ismael for a long time and consider him our go-to lawyer in Spain. We have been able to conduct all types of deals within the real estate sector in Spain through his team.’

‘They are lawyers who, without neglecting the legal part, have a very pro-business approach, facilitate negotiations and agreements without forgetting the interests of their clients. They have great expertise and knowledge of the market; they are very accessible and easy to deal with. Partner – Ismael Fernández Antón. Associate – Joaquín Macías’

‘It knows regional market practice and has know-how that only the experienced can acquire. Ashurst responded flexibly to ad-hoc requests by me. Ashurst not only provided legal services on request basis but also gave red flag before any issue arose. Pre-emptive action and advice by Ashurst helped us getting clear of any tedious issues.’

‘The team has excellent depth of experience, is highly capable and conversant with Spanish tax rules. They are thoughtful in their approach to solutions.’

Key clients

Goldman Sachs International

IGIS (Korean International Fund)



DWS Alternatives GmbH

M&G Investments

Strategic Value Partners

Henderson Park

Aberdeen Standard Investments


Castellana Properties SOCIMI

Perial Asset Management

Panattoni UK Developments Limited

Work highlights

  • Advising Invesco on the creation of two joint venture agreements with Urbania to invest in the development and acquisition of four student residences.
  • Advised IGIS (Korean Investment Fund) on the acquisition, financing and lease back of a portfolio of Amazon logistics assets located in Bristol (United Kingdom), Bretagne (France) and Barcelona (Spain).
  • Advised Hana Financial Group (Korean Fund) on a complex share sale and lease back.

Baker McKenzie

Highlighted for its ‘great efficiency and agility’, Baker McKenzie provides clients with ‘practical solutions to complex problems’. The full-service firm advises on a range of matters, including transactional work and real estate financing in relation to hotels, retail premises, hospitals, offices and student accommodation. As well as being known for its international expertise, the practice is particularly strong in planning work in Spain. The team is co-led by Barcelona-based Jorge Adell, who is an expert in corporate real estate, specialising in transactional work in hotels, resorts and tourism; Xavier Junquera, who primarily handles hotels and resorts projects and regulatory matters; and Guillermo Rodrigo, who focuses on complex transactions, acting for international funds, domestic players and SOCIMIs.

Practice head(s):

Jorge Adell; Xavier Junquera; Guillermo Rodrigo

Other key lawyers:

Nataly Trenkamp


Our field of business is very specific and our consultations are usually on very specific and peculiar topics. The firm offers us the support we need and studies the peculiarities of our case with great efficiency and agility.’

‘Their proximity and the way they get involved with work. Xavier Junquera Nataly Trenkamp.’

‘Practical solutions to complex problems are the key. This team delivers them. Other two characteristics that make this team special are: (a) their expertise in real estate finance. Not only for debt finance: also in acquisitions, knowing if a transaction is “bankable” is critical; (b) the combination of the Madrid and Barcelona office makes it very attractive.’

Key clients

CBRE Global Investors




Merlin Properties SOCIMI

Colony Capital

Banco Santander


Liberty Living

Marriot Int.

Aina Hospitality

KKH Property Investors



Boston Scientific

Tristan Capital Partners

Global Student Accommodation


Work highlights

  • Advising FCB regarding the entire Project Espai Barça, a €600m construction and development project.
  • Advising Global Student Accommodation (GSA) on the acquisition, through a share deal, of one of the largest student home residences of Madrid, from Corestate Capital Advisors.
  • Advising Liberty Living on the sale, through a share deal, of the largest students’ residence home in Valencia.


The multi-disciplinary Cuatrecasas practice draws on the expertise of its lawyers in hotel, residential, office, retail and logistics properties, spread across the firm’s 14 offices in Spain. The department handles a range of real estate transactions, advising large REITs, as well as international funds and investment vehicles. International work is another strength of the firm. Team leader Ramón Gil provides broad real estate experience, particularly in shopping centres, hotels and REO portfolio transactions. Another key name in the area is Joaquín Garaulet, who has expertise in hotel and retail property deals, as well as lease agreements.

Practice head(s):

Ramón Gil

Other key lawyers:

Ricardo Echevarría; Bernat Mullerat; Joaquín Garaulet; Silvia Alcoverro

Key clients

Barcino Property Socimi

Catalana Occidente

Commerz Real

Conren Tramway

Corpfin Capital

Deka Immobilien

Home Capital Rentals Socimi

Inbest Prime I Inmuebles Socimi

Inmobiliaria Colonial

Vivenio Residencial Socimi

Work highlights

  • Advising Nortia Capital Investment on acquiring 6% of Merlin Properties Socimi (REIT). Value: €211m.
  • Advising Inbest Real Estate on the purchase of the commercial area of Edificio España, in downtown Madrid.
  • Advising Tikehau Capital on the acquisition of three companies from Corona Residencial Socimi (Blackstone). Value: €133.8m.

DLA Piper

With strong expertise across a broad range of property transactions, DLA Piper’s experience covers sale and leasebacks, refinancing, investment and divestment matters. The firm is also noted for its planning practice. In addition to its legal expertise, the firm utilises innovative tools to improve its service, including Kira, a secure, cloud-based document analysis and provision extraction platform designed to speed up, improve accuracy and better assess risks in due diligence. Practice head Orson Alcocer advises Spanish and international clients on real estate investments, development, funding, construction, management and commercialisation.

Practice head(s):

Orson Alcocer

Other key lawyers:

José María Oliva; Ignacio Antón; Francisco Perales

Key clients


CBRE Global Investors

Banco Santander

Starwood Capital



Grupo Didra


ING Real Estate Finance

Lar España Real Estate SOCIMI



Talus Real Estate


Work highlights

  • Advising Starwood Capital Group Funds on real estate matters connected to the acquisition of Las Mercedes business park and offices complex located next to Barajas airport.
  • Advising Corum Origin on the sale and leaseback transaction related to the acquisition of seven hypermarkets located in Valencia, Castellón, Alicante and Murcia.
  • Advising Perial Asset Management on the acquisition of an office building of 3,520 sq. m. in 22@ district of Barcelona to complete the building and the acquisition in 2021.

Hogan Lovells International LLP

The ‘fast and efficient’ team at Hogan Lovells International LLP handles ‘minor matters with the same perfection as huge deals’, advising on a range of real estate issues for prominent real estate investment funds worldwide, as well as hotels, leisure companies, banking entities and retailers. ‘Brilliant’ practice head Emilio Gómez is a ‘practical and strategic thinker’; he focuses on real estate developments and transactions, particularly in shopping, leisure centre, office, hotel and industrial premises, and is also a specialist in REITs and SOCIMIs. His team provides ‘outstanding service’ and includes senior associate Miguel Ferre, who joined the firm in 2019 and brings expertise in urban planning, land purchases and urban development.

Practice head(s):

Emilio Gómez

Other key lawyers:

Aránzazu López; Miguel Ferre; Carlos Gil


‘A solid team with an exceptional leader who integrates into your machinery becoming the perfect partner. It stands out due to its availability, proximity and interest in the client’s business beyond the contracted services.’

‘Market knowledge, no matter what RE asset it is they are always well prepared to help us. Commercial view on deals that allows us and them to find a valuable solution. Good juniors and exceptional Partner. Emilio is available anytime is needed.’

‘Emilio Gómez has been working with us on almost all the deals done so far and was always helpful to ease for us the deals and the discussion with the other party, also finding solutions.’

‘Emilio Gómez has exceptional business qualities, in-depth knowledge of the client and the market and its main players. flexible and accessible. Miguel Ferre and Aránzazu López: always available and diligent.’

Great knowledge and experience in the Real Estate sector. Proactivity and proposal of different alternatives when problems arise. Involvement, availability and full dedication to each operation. Great communication with the client and coordination of all aspects of a transaction.’

‘Specialized knowledge of the Real Estate sector and the implications in all areas, especially tax beyond Real Estate.’

The entire Hogan Lovells team is absolutely outstanding. During 2020 we have counted on them for all acquisitions and also for all those legal aspects that affected our business, always being very satisfied with the coordination work of Emilio Gómez and with the group and individual response of his entire team.’

‘Both Emilio Gómez and his team are outstanding, but I would like to emphasize the dedication, proximity and magnificent knowledge of Carlos Gil. Emilio is unsurpassed in both knowledge and dedication.’

Key clients

Vestas Investment Management

Union Investment

Kefren Capital Real Estate

Exeter Property Group

LaSalle Investment Management

M&G Real Estate


Mitiska REIM


Vodafone Group

Deutsche Bank


Fattal Hotels

Leonardo Hotels

Sonae Sierra

Catella Investment Managers




Work highlights

  • Advised Union Investment on its joint venture with Generali Real Estate for the acquisition of Puerto Venecia, the largest shopping centre in Spain.
  • Advised LaSalle Investment Management on the sale of a historic office building in Madrid leased to Repsol for €47m.
  • Advised Leonardo Hotels on the development and construction of the first hotel in Barcelona after the 2015 touristic moratorium.

Allen & Overy

Allen & Overy provides ‘a lot of experience in highly complex operations and great knowledge of the market’. Work includes pure corporate real estate, real estate transactions, real estate finance and acquisition of REO portfolios. The firm also has particular expertise in the NPL and distressed market. Practice head Santiago de Vicente specialises in corporate real estate matters, notably joint ventures and restructurings, as well as construction and sale and leaseback arrangements. Also active in the area are senior associates Marta Orce and Andrés Candela.

Practice head(s):

Santiago de Vicente

Other key lawyers:

Marta Orce


The Allen & Overy Real Estate team, led by Santiago de Vicente, is fully involved in the operation in which they are taking part as advisers. They make available to the client a team of lawyers with a lot of experience in highly complex operations and with great knowledge of the market. In particular, it is worth highlighting the absolute involvement of Santiago de Vicente.’

‘They form a team of lawyers with a very commercial approach since, without prejudice to the fact that they clearly state and expose the risks that they identify when carrying out an operation, they always adopt a “pro-deal” position and contribute looking for solutions to be able to close it. The treatment with them is very cordial and fluid, which greatly favors communication between them with their clients and with the counterparts of the different operations.’

‘We have particularly collaborated with Santiago de Vicente and Marta Orce. Both are lawyers with extensive knowledge of the market, with extensive experience in complex operations and with a very high degree of commitment to the client and to the operation in which they are taking part as advisers. They have been available at all times, they have been very clear in their explanations and their kindness and closeness favor a very cordial treatment with the counterpart, which is always a plus at a negotiation table.’

Key clients

Banco de Sabadell

Tilden Park Capital

Davidson Kempner




Signal Capital Partners

Morgan Stanley

Deutsche Finance International


Work highlights

  • Advised Banco de Sabadell on the sale to Oaktree of its real estate development company Solvia Desarrollos Inmobiliarios (SDIN), together with a portfolio of real estate assets under development (Project Greco).
  • Advising SAREB on the drafting and negotiation of the servicing agreement in relation to the rendering of management services over a portfolio of loans and real estate assets within the framework of the Project Esparta bidding process.

Eversheds Sutherland Nicea

Specialising in multi-jurisdictional deals, Eversheds Sutherland Nicea advises institutional investors, financial entities, family offices, private investors, Spanish real estate companies, hotel operators and industrial companies with relevant property portfolios. Javier Ibáñez Gabernet has experience in the design, structuring and implementation of real estate investment operations, including those with tax, commercial and financing aspects. He co-leads the team with Rafael Arráez Amselem, who focuses on real estate investment, sale and leaseback transactions, real estate project finance, planning issues and matters pertaining to the hotel industry.

Practice head(s):

Javier Ibáñez Gabernet; Rafael Arráez Amselem

Key clients

Harbert Management Corporation

Patrizia Immobilien

Savills IM

Credit Suisse Prívate banking

Sociedad de Gestión de Activos Procedentes de la Restructuración Bancaria, S.A. (SAREB)

Room Mate Hotels

Intermediate Capital Group

Temprano Capital Partners

Thor Equities Investment

Data 4 Infrastructure

Citygrove Leisure

Puerta América, S.A.

Sotogrande, S.A.


Xenia Capital

Calmar Properties

Work highlights

  • Advising Savills IM on the acquisition of a major Decathlon logistics warehouse/area in Zaragoza.
  • Advising Harbert Management Corporation on the purchase of the Castellana Norte business park from GMP Property for €127m.

Gómez-Acebo & Pombo

Combining ‘excellent technical quality with a deep knowledge of the real estate sector’, Gómez-Acebo & Pombo provides a ‘very practical and efficient service’. From offices in Madrid, Barcelona and Valencia, the firm focuses on build-to-rent, joint ventures, Spanish REITs and real estate finance. Its broad experience covers the entire property life-cycle, from tax structuring, fund formation, creation of vehicles and joint ventures, to acquisition of property, development, financing, leasing and final exit. The practice also has a particular specialism in planning law. Dual qualified in Spain and England and Wales, Enrique Isla leads the team. The department was further strengthened by the 2020 arrival of real estate expert Jaime Diaz de Bustamante.

Practice head(s):

Enrique Isla

Other key lawyers:

Patricia Medina; Jaime Diaz de Bustamante; Natalia Lastres; Irene Carreño; Natalia Callejo; Clara Gómez-Páramo


The team we work with, led by Enrique Isla, is magnificent and very professional.’

‘Enrique Isla, Patricia Medina, Irene Carreño and Clara Gómez-Páramo are an excellent team. Not only because of their professionalism, knowledge and experience, but also because of their human level and availability. Thanks to their advice, we have closed several acquisitions and financing, among other things.’

‘They know in depth all areas of RE and have a lot of experience in executing operations.’

‘Natalia Callejo: Pro-activity, capacity for anticipation, defense of client interests. Deep knowledge of real estate law and solid knowledge of other branches connected with real estate.’

The team combines excellent technical quality with a deep knowledge of the real estate sector, which makes them provide a very practical and efficient service. The team has grown a lot, which allows them to have the resources to provide fast and effective advice. I would highlight its experience in (i) complex real estate transactions, whether they are sales of assets, portfolios, real estate companies, debt, etc .; (ii) joint ventures, (iii) built to rent operations (iv) real estate financing and (v) restructuring.’

‘In general, the advice we receive from the GA_P real estate team is exceptional. I would highlight its practical approach, rigor and honesty, as well as finding practical and simple solutions to complex legal issues. The person of reference in the team is Enrique Isla. We have worked with him for more than 20 years and he is our real estate lawyer of reference. Enrique has a deep knowledge of both legal issues and the real estate market. I would highlight your ability to easily solve complex problems, your honesty, your negotiating skills, and your kindness to all parties that greatly facilitates negotiations.’

‘I would also highlight Natalia Lastres and Natalia Callejo within the team. Natalia Lastres also has a lot of experience as a Real Estate lawyer. She has a great technical capacity and is very efficient and hard-working. Her experience in sales of loan portfolios (NPLs) and foreclosed assets (REOs) stands out. Natalia Callejo is an associate who combines her excellent legal knowledge with a very practical approach. She is a charismatic person with great leadership skills.’

Enrique and his team know the entire real estate cycle in depth. In addition to providing legal assistance, they understand the concerns of the business side and are able to find creative solutions to complex problems. Enrique Isla and his team work fast and well and with absolute availability and dedication.’

Key clients

Ares Management

AMRO Real Estate Partners


Aquila Capital

Globe Invest

Banco Santander

Strategic Value Partners

Stoneshield Capital


Edge Connex

March Patrimonios


Excem Real Estate


EBN Banco


Domo Activos Socimi




Work highlights

  • Provided advice to Ares Management on a turnkey acquisition from Grupo Amenabar of a built-to-rent project of dwellings, parking spaces and store rooms located in Valdebebas, Madrid.
  • Advised Fiteni, as borrower, on a facility agreement granted by, among other banks, Banco Santander, for an amount of €100m, and on the security package which comprises mortgages over the assets.
  • Advised Mazabi Gestión de Patrimonios (through its vehicle Mazabi Proyecto Sun) in the legal analysis, due diligence process and execution of the acquisition documentation of Project Sun owned by RREEF SPEZIAL INVEST.

Herbert Smith Freehills LLP

The ‘helpful, proactive and devotedHerbert Smith Freehills LLP practice provides the ‘optimal balance between legal advice and business vision’. The firm’s particular specialisms include the acquisition of portfolios of real estate assets, loan-to-own transactions, real estate joint ventures, leisure and hospitality transactions, distressed acquisitions, NPLs, SOCIMIs, urban planning and construction law. Practice head Tomás Díaz is an ‘exceptional lawyer and professional’, with a focus on corporate real estate transactions. A key name in his team is counsel Álvaro Gross, who joined from Intu Management in 2019 and brings expertise in advising national and international clients on the acquisition of real estate portfolios and NPLs.

Practice head(s):

Tomás Díaz

Other key lawyers:

Álvaro Gross


‘The HSF team is composed by professionals who are helpful, proactive and devoted to the client.’

‘Optimal balance between legal advice and business vision – broad knowledge of operations from a client point of view – real estate specialty but capable of understanding and managing all kinds of issues.’

‘Knowledge of the client and its operations – ability to understand the commercial component together with the legal analysis – effort and commitment out of the ordinary.’

‘Tomas Diaz is an exceptional lawyer and professional.’

Key clients

AEW Europe

Costco Wholesale

P3 Logistics

Clarion Gramercy

Nuveen Real Estate

LCN Capital Partners

Cain International

Magnum Industrial Partners

FREO Group

Equitix Investment Management

Work highlights

  • Advised Cain International and FREO Group on the financing of the Juno portfolio (formed by 28 office buildings located in Madrid and Barcelona), and on the acquisition and financing of the Albatros portfolio (formed by two office buildings located in Madrid).
  • Advised Bankia on the disposal through an auction process of a REO portfolio of c. 2,700 finished residential and commercial assets located throughout Spain, named Project Jarama.
  • Advised LCN Partners on the acquisition and subsequent lease back of a portfolio of 27 buildings used as supermarkets by Mercadona.

Jones Day

Jones Day handles complex transactions and development projects in Spain related to offices, residential, retail, logistics, industrial and hospitality properties and land. The firm also has an experienced planning practice, which allows it to advise across the real estate life-cycle, from due diligence, strategy, viability and structure, to acquisition, financing, development, construction and sale of real estate assets. Víctor Casarrubios focuses on real estate acquisitions, finance, restructuring, distressed deals and SOCIMIs. He co-leads the team with Luis Jiménez-Diaz, who has experience in planning, construction and administrative procedures.

Practice head(s):

Víctor Casarrubios; Luis Jiménez-Díaz

Other key lawyers:

Cristina de Andrés; Marta Escartín

Key clients

CBRE Global Investors

CBRE Global Investment Partners

Greystar Real Estate Partners

LaSalle Investment Management


Acciona Inmobiliaria

Merlin Properties

StepStone Group LP

Oxenwood Real Estate LLP

Dunas Capital

Work highlights

  • Advised Acciona Inmobiliaria on a €146m forward purchase and sale agreement relating to a mixed-use complex in Valdebebas, Madrid.
  • Advised StepStone Group in a joint venture with Activum in connection with its investment in four residential and commercial real estate assets located in Spain and Germany.

Latham & Watkins LLP

The ‘exceptionally talentedLatham & Watkins LLP practice provides an ‘unparalleled breadth of knowledge and unique ability to combine the technical legal challenges with the overriding commercial aims’. As well as being active in a range of traditional real estate matters, the firm has particular expertise in REO and NPL portfolio deals, restructuring and litigation. Rafael Molina leads the team and advises on general corporate, finance and real estate transactions for domestic and international investors, investment banks and financial institutions.

Practice head(s):

Rafael Molina

Other key lawyers:

Veronika Miskovichova; Javier Colino


Good technical balance. The partner is a reference and generates solutions that serve to unlock negotiations.’

‘As a partner, Rafael Molina is one of the best real estate lawyers in Spain, with a very broad vision, which allows him to provide unique solutions. Aggressive and with great negotiation skills. Javier Colino is a very detailed lawyer and a hard worker. His control of the process and information stands out.’

‘Exceptionally talented team with an unparalleled breadth of knowledge and unique ability to combine the technical legal challenges with the overriding commercial aims.’

‘Rafa Molina is the standout leader in the market. An exceptional talent with great knowledge, resourcefulness and creativity, impeccable attention to detail, first class negotiator and always leading the team from the front. Absolutely top class service.’

Key clients

Cerberus Capital Management

Apollo Management International

Bank of America Merrill Lynch


Goldman Sachs

Intriva Capital

Tristan Capital Partners

Odyssey Infrastructure

Round Hill Capital

Work highlights

  • Advised Cerberus on the acquisition of 80% of the REO portfolio of Banco Sabadell.
  • Advised Apollo on the creation of a hotel platform and the subsequent acquisition of several hotels, including a hotel complex in Málaga from Meliá Hotels International.
  • Advised Cerberus on the acquisition of c. 100% of the shares in Optimum RE Spain SOCIMI, a Spanish REIT listed in the Spanish alternative stock exchange.


Linklaters' highly regarded real estate practice has broad experience covering investments and divestments, joint ventures, real estate finance, restructurings and acquisitions of office buildings, student housing, universities, hotels, shopping centres and distressed assets. Another specialism for the firm is in REO portfolios. Practice head Adolfo Guerrero handles general corporate and real estate transactions, including financing and restructuring. He can call on the expertise of counsel Gabriel Cabello, who focuses on restructuring, investment and divestment of real estate assets, sale, leaseback, leases and works contracts.

Practice head(s):

Adolfo Guerrero

Other key lawyers:

Gabriel Cabello; Esteban Arza


The experience with the Linklaters Real Estate team has remained excellent. Their involvement and technical knowledge are among the best on the market. They are a true partner in negotiations.’

‘Gabriel Cabello is noted for his command of the situation, 360º vision and availability to close operations. Esteban Arza stands out for his understanding of the corporate and regulatory framework to be able to execute operations smoothly.’

‘Linklater’s Real Estate team stands out in terms of efficiency (reaction times, responsiveness), valuable input (pragmatic and flexible advice based on solid legal grounds).’

‘Gabriel Cabello and Adolfo Guerrero work perfectly together as a team. Communication between those two is flawless. Gabriel stands out due to his commercial thinking.’

‘They know the business and the client’s needs, assess risks and business impacts.’

‘They look for several alternatives to reduce the risks of the company and guide legally to give the best result without risks.’

Work highlights

  • Advising Permira on the sale of the Universidad Europea de Madrid (UEM) student housing and their adjacent plots to Xior Group (Xior Quality Student Housing, Sociedad Unipersonal).
  • Advising Intu Zaragoza Holding on the transfer of the entire share capital in Zaragoza Properties to Generali SCF and Union Investment Real Estate.
  • Advising Asturias Retail and Leisure SOCIMI on the transfer of the entire share capital in Asturias Propco Número Uno, which owned the Intu Asturias shopping centre, to the German fund ECE European Prime Shopping Centre Fund.

Ramón y Cajal Abogados

The ‘good team of well-trained professionals’ at Ramón y Cajal Abogados advises on a range of real estate developments, including parks, shopping centres, offices, logistics warehouses, hotels and residential sector properties. The firm’s expertise covers the due diligence, acquisition, development, construction, sale, leasing, financing and refinancing across all these asset types. Practice head Roberto Tojo Thomas de Carranza handles sales and purchases, leases and construction agreements. His team 'always adds value to matters' and includes Francisco Bengoetxea, who leads the urban planning department.

Practice head(s):

Roberto Tojo Thomas de Carranza

Other key lawyers:

Francisco Bengoetxea


‘Roberto Tojo is beginning to build up a strong RE practice in this firm. In general they offer good value for money given that they are less expensive than the other first tier law firms but are able to keep up with them in a serious process. We have worked quite a bit with R&C on a variety of deals from large to small and with fair amounts of complexity.’

‘Roberto Tojo is very knowledgeable, very hands on, very available, very committed.’

‘Very good balance between competitive fees and quality of work.’

‘Total availability of its members at all times.’

A good team of well-trained professionals in the field, who always add value to matters.’

‘Francisco Bengoetxea works 200% on matters.’

Francisco Bengoetxea’s team stands out for its knowledge and technical quality, especially in complex urban planning issues. The ability to access institutions and their management with municipal technicians is outstanding. They know how to propose and achieve results above expectations.’

‘Francisco Bengoetxea is the leader of a balanced team with great capacity and constant availability. An insurance when facing a project with tight deadlines and that needs great dedication. The partners are 100% involved in all facets of the project and it is evident that they know and are on top of all the details, which is greatly appreciated.’

Key clients

Sofila Investements 2018

Tamu Investements 2018


Benson Elliot Capital Management

Inmobiliaria Colonial SOCIMI


P3 Logistics Parks

Lar España Real Estate SOCIMI

Ares Management Limited

El Corte Inglés

Bankinter Investment

Dominion Global


Testa Residencial SOCIMI

Real Estate Venture Capital Management LLP (REVCAP)

UK & European Investments Limited

NTT Data Centers


HM Hospitales




Hispania Activos

Work highlights

  • Advising Inmobiliaria Colonial SOCIMI on the sale to Prologis of a logistics portfolio made up of 12 logistic premises with a total surface area of 473.000 m2.
  • Legal advice to Tamu Investments 2018, 100% subsidiary of Hispania Activos Inmobiliarios, SOCIMI, on the sale to Meridia Capital of the buildings “On, Arcis, Talos and Cristal” (located in Madrid and Barcelona).
  • Advising Bankinter Investment, a group of more than 15 investors led by Bankinter, on the acquisition to Zambal Spain Socimi of approx. 98% of the capital of Trebol Core Properties.


Known for providing commercial advice from offices in Madrid, Barcelona, Valencia and Seville, Andersen has broad real estate experience covering the acquisition of portfolios of real estate assets, sale and leasebacks, joint ventures, financing, refinancing and SOCIMIs. The firm integrated DA Lawyers in June 2021, further bolstering its real estate practice, which also has expertise in the areas of urban planning and construction law. José Vicente Morote leads the team. Other key names in this field include real estate and construction law expert Maite Hernández , Antonio Ñudi, Carlos Peña, Cesar Morales Romero-Requejo, who focuses on multinationals and Spanish large and mid-size companies, and Eduardo González Yebra, who assists listed companies, national and international consulting firms, SOCIMIs and family businesses with real estate assets.

Practice head(s):

Jose Vicente Morote

Other key lawyers:

Maite Hernandez; Antonio Ñudi; Carlos Peña; Cesar Morales Romero-Requejo; Eduardo González Yebra; María Chaves; Javier Cortés; Juan Luis Vives;


The team is made up of highly valuable professionals. Their commitment to the client is high and their delivery times for documents / case analysis are short. The deal with the client is close, providing closeness and a feeling of comfort. The outstanding partners would be Mr. Eduardo González and Mr. César Morales.

Strengths: speed and efficiency They adapt quickly to what we ask of them. Closeness.’

Eduardo González is fully involved. They are very competitive in every way.’

The team led by César Morales is one of the most reliable in the market in the hotel real estate area. Their understanding of the business from both an investor and hotelier perspective gives them invaluable value as advisers.’

Its ability and main strength is the knowledge of the sector and strong alignment with the client’s needs. The team is made up of great professionals with extensive experience in the sector, from its partners César and Eduardo, to the rest of the team (from the most junior to the most senior).’

I believe that the plus that makes them stand out is their alignment with the client and their total dedication. They manage to adapt to your needs and speak your same language, always providing practical and technically perfect solutions, even when you request immediate answers. César, Eduardo, Javier and Juan Luis are outstanding in their work and in the legal advice they provide.’

Mr. Eduardo González, Mr. Cesar Morales: the human quality that they demonstrate and their constant concern for customer service, together with their high level of professionalism and their experience, makes them stand out from their competitors. With their professionalism and fantastic customer service, they generate a high level of credibility from the beginning, and therefore a great relationship of trust with the client.’

Eduardo Gonzalez always makes himself available and their timely response to our requested services is very valuable to us. He provides good advice pointing out the issues and also presents alternatives or ways to resolve the issues in a practical manner.’

Key clients

Mahou and Atlético de Madrid

Santé Realty Investments

Grupo Ibosa

Admentum Gestión Global

Stahler Real Estates

Eiffage Infraestructuras

Brillongo Fruits

Junta de Compensación de Los Cerros

Grupo Inversor Hesperia

Work highlights

  • Advising MAHOU and ATLETICO DE MADRID on all aspects of the planning, management and implementation of the Mahou-Calderón project until its completion.
  • Advising Grupo Ibosa on planning, management and execution of the Cocheras de Metro Cuatro Caminos project in Madrid.
  • Advising some of the owners affected of Madrid Nuevo Norte, the largest urban project in Madrid, on the challenge of urban development related with the project.

Bird & Bird

Specialising in private clients and family offices, Bird & Bird has a particular focus on the hotel sector and office building deals. Experience in M&A and real estate development work is boosted by the firm’s global network, which gives it an edge in cross-border and multi-jurisdictional matters. Isidro Del Moral brings expertise in commercial and corporate real estate, M&A and private clients. Jacobo Sanchez-Andrade, formerly a counsel with the firm, left in May 2021.

Practice head(s):

Isidro del Moral

Other key lawyers:

Patricia Pérez


Isidro del Moral and Patricia Pérez are recommended.’


Key clients















SICIS S.r.l.




BAKSUN 2015, S.L.





Work highlights

  • Advised Pontegadea, minority shareholder (together with Telefonica as majority shareholder) of Pontel Participaciones on a complex acquisition by Telxius Telecom of around 10,100 sites located in Germany from Telefonica Germany.
  • Advised Pontegadea España (PGE) on the negotiation and signing of a long-term lease agreement in favour of a major law firm.
  • Advised insurer Hermandad Nacional de Arquitectos Superiores y Químicos (HNA) on the acquisition of the Spínola Tower from US company INVESCO.

CMS Albiñana y Suárez de Lezo

CMS Albiñana y Suárez de Lezo advises across the full life-cycle of real estate assets, including investment, finance, development, asset management and sale. The firm assists domestic and international clients on local and cross-border matters, particularly the sale and acquisition of residential properties, office buildings, shopping centres, logistics properties, land for development, luxury hotels and nursing homes. Practice head Álvaro Otero specialises in buying and selling real estate companies and real estate assets, and also brings experience in sale and leaseback operations, leases, construction contracts, financing and refinancing.

Practice head(s):

Álvaro Otero

Other key lawyers:

Jorge Peño; Jorge Duran; Nerea Sanz


CMS excels greatly in real estate practice. Very high knowledge of the subject, regulations and practice. They are up to date with the latest news and trends and above all have a very diverse knowledge of the different operations and areas that make up the real estate practice.’

‘Álvaro Otero is, for me, one of the best partners and lawyers in the real estate practice in the Spanish market. In addition to his extensive knowledge and experience in the wide range that makes up the real estate practice, he has a knowledge that extends to other areas of law that always helps in transactions.’

‘Jorge Duran stands out in the team of lawyers. A senior lawyer who seems to be very well absorbed in the real estate practice and, through Otero, has had the opportunity to participate in the most diverse operations that give Jorge a broad vision when working with him. He knows how to anticipate customer needs, is always available and transmits a lot of security and confidence (despite his youth). Hard-working and proactive lawyer who has managed to handle very complicated situations in which I as a client have been immersed. Lawyer to stand out and follow.’

Key clients














Work highlights

  • Advising VGP in relation to VGP’s €1.7bn joint venture with Allianz in Europe for the development of logistics warehouses throughout Europe.
  • Advising Signal Real Estate on the €60m acquisition and construction agreements of the Orquidea Hotel in Ibiza to be refurbished and operated as a W hotel.
  • Advising Confinimmo on its acquisitions of several plots of land to develop a portfolio of nursing homes in Spain.


Highlighted for its 'dedication, clarity and availability’, Dentons specialises in property finance, direct lending and refinancing matters. The practice has experience in transactions related to a range of assets, including leisure, residential, logistic and retail properties, and offices, hospitals and shopping centres. The firm also embraces technology and innovation in its approach, an example being its use of the Della AI tool, designed to accelerate the review of any contract while retaining traceability and reporting capabilities. The team is co-led by counsel Bárbara Hernández-Mora, who specialises in acquisitions, disposals, property financings and joint venture agreements in the real estate sector; and counsel Itxaso López, who advises domestic and international investors on acquisitions, disposals and real estate transactions with a distressed element. Jesús Varela left the firm in 2020.

Practice head(s):

Bárbara Hernández-Mora; Itxaso López


The Real Estate team has demonstrated over the years to have extensive knowledge of the sector coupled with a high capacity for problem solving.’

Dedication, clarity, availability.’

‘Bárbara Hernández-Mora stands out for her ability to solve problems by seeking meeting points between the different parties involved in a real estate transaction, etc.’

The Dentons Real Estate team adapts perfectly to our needs. Master all aspects of asset purchase and sale of all market segments. Additionally, its agility and experience in asset management facilitate the day-to-day management of our assets. What differentiates Dentons from other teams is that they know our culture and way of working and anticipate our needs.’

‘Itxaso López is very good.’

‘Barbara Hernandez Mora participates in our day to day, either in asset management matters or in purchase and sale operations. participate in our calls and internal meetings as if she was part of the team. She has a lot of experience in buying and selling and understands the peculiarities of each of the sub-sectors of our market.’

The advice that this team provides is very complete at the same time as commercial. They try to find the best alternatives and solutions for customers taking into account market trends.’

‘The lawyers are very dynamic and always try to find a solution tailored to the needs of clients and with a very practical approach. They have a very professional and commercial team.’

Key clients

Oaktree Capital Management

Starwood Capital Group



Medical Property Trust Inc

Work highlights

  • Advised Oaktree Capital Management on the acquisition of the real estate development arm of Banco Sabadell.
  • Advised Starwood on its second investment in the office market in Spain (the acquisition of five office buildings).
  • Advised Medical Property Trust Inc on the investment in two hospitals located in the Autonomous Community of Madrid through a joint venture company with HM Hospitales.


Advising developers, builders, investors and funds, DWF-RCD has experience in the financing and structuring of real estate projects, due diligence of assets, acquisitions and sales, contractual law, planning and hotel management, as well as establishing and advising SOCIMIs. On top of this, in 2019 RCD joined with DWF in an exclusive association that boosts the global capacity of the practice, in terms of clients and cross-border expertise. Adolf Rousaud specialises in real estate M&A, corporate restructuring and project finance. He co-leads the team with finance and real estate expert Iñigo Montesino-Espartero.

Practice head(s):

Adolf Rousaud; Iñigo Montesino-Espartero

Other key lawyers:

Carlos Nogareda; Leire Elorza; Iratxe Lezamiz

EY Abogados

Well regarded for its cross-border capabilities and knowledge of real estate transactions and SOCIMIs, EY Abogados handles a range of advice related to real estate assets and construction processes. The firm’s experience includes real estate finance, technical and financial due diligence, urban planning and the hotel and leisure sector, in which it is increasingly active. Iván Azinovic Gamo leads the team and provides expertise in portfolio and single-asset transactions, financing, sale and leaseback and corporate real estate matters.

Practice head(s):

Iván Azinovic Gamo

Other key lawyers:

Ignacio Sáenz de Santa María; Ana López Muiña

Key clients

Árima Real Estate SOCIMI

IBA Capital Partners

Zambal Spain SOCIMI

Drago Capital

Silvercode Investments SOCIMI

Atom Hoteles SOCIMI

Global Switch


Global Myner Advisors

Único Hotels & Real Estate

Work highlights

  • Provided advice to Zambal Spain Socimi on the due diligence process and subsequent acquisition of an office building in Alcobendas.
  • Advicsed Zambal Spain Socimi on the due diligence process and subsequent acquisition of an office building located in Madrid.
  • Provided advice to Árima Real Estate on the due diligence process and subsequent sale and leaseback of a building in Madrid.

King & Wood Mallesons

The ‘practical and accessible’ real estate team at King & Wood Mallesonsstands out for its technical qualities, its analytical skills and its knowledge of the sector’. The firm’s work ranges from tax structuring, fund formation, creation of vehicles and joint ventures, to the acquisition of property, real estate development, financing, leasing and final exit. The department is increasingly active in advice relating to retail premises, shopping centres, residential assets and SOCIMIs. José Antonio Calleja leads the team and focuses on the sale and acquisition of real estate assets and real estate companies, sale and leaseback, leases, financing and construction contracts.

Practice head(s):

José Antonio Calleja

Other key lawyers:

Candela Escribano; Pablo Salamanca


The K&W Real Estate and Construction team stands out for its technical qualities, its analytical skills and its knowledge of the sector, all accompanied by a practical and accessible nature that makes it stand out in the legal sector in Spain.’

‘José Antonio Calleja stands out for his technical knowledge, along with a great capacity for analysis, without neglecting the practicality of his advice, with a great knowledge of the sector.’

‘Technical strength and soft skills of José Antonio Calleja.’

Key clients

Dachser Spain, S.A.

Avance Hogar


Leroy Merlin

Silicius Real Estate

Generali Real Estate

Excem Real Estate

Dazia Capital

Valencia Club de Fútbol


Work highlights

  • Advice Valencia Club de Fútbol on the sale of the plot where the current stadium of the club (Viejo Mestalla) is located, and on the real estate financing and construction of the new stadium (Nuevo Mestalla).
  • Provided legal advice to Silicius Real Estate in relation to the capital increase and IPO of the company through the contribution of real estate assets (retail premises, shopping centres, hotels, office buildings, etc.).
  • Provided advice to Excem Real Estate on the acquisition of several plots of land in Estepona for the construction of several residential buildings.

Pinsent Masons LLP

Pinsent Masons LLP specialises in international work, particularly construction matters. The firm provides a full range of services, including transactional, advisory and contentious, covering corporate real estate, development, financing, litigation, planning, asset management and proptech matters. A niche area of expertise for the practice is in data centres. Multi-jurisdictional experience includes acting for Chinese contractors in LatAm, as well as real estate work related to the Middle East and Asia. The team is co-led by José Luis García-Manso, who focuses on commercial real estate transactions; energy and infrastructure project expert Sofía Parra Martínez; and Ricardo García Uzcudun, who handles construction advisory and disputes.

Practice head(s):

José Luis García-Manso; Sofía Parra Martínez; Ricardo García Uzcudun

Key clients

Azora Capital, S.L.

NH Hotel Group S.A.

Obrascón Huarte Lain, S.A.

Costain Alcaidesa Limited

La Finca Global Assets SOCIMI, S.A.

Aire Networks del Mediterráneo, S.L.U.

Work highlights

  • Advising Azora on an acquisition of a plot of land in Madrid for the construction of an office building and on the acquisition of commercial premises located at a centric street of Madrid.
  • Advising NH Hotel on its acquisition alongside German investment fund Deka of the Marker Hotel in Dublin.
  • Advising OHL on Commercial transactional work, contract management and day-to-day general legal matters during the construction phase of the Haramain High Speed Railway Project in the Kingdom of Saudi Arabia linking Mecca to Medina.

Araoz & Rueda

The ‘professional, available, comprehensive’ real estate team at Araoz & Rueda provides clients with 'excellent advice and knowledge of the subject’. The practice specialises in matters with an urban planning component, particularly in the acquisition and sale of secured NPLs, high-end residential assets and sale and leaseback structures. The firm is also increasing its activity in the hospitality, student accommodation, senior living and co-working sectors, as well as advising on the real estate side of solar energy projects. Jesús Conde leads the team and handles the restructuring, negotiation and execution of international real estate transactions.

Practice head(s):

Jesús Conde


‘The firm is quick to respond. Their suggestions are very rational and to the point, which in turn significantly lowers the risk of failing to reach consensus in a business negotiation. In addition to having a very good understanding of local law, they also have a great sense of what to expect from counterparties leading to swift and practical solutions. ’

‘It is a team of great professionals, attentive, listening to all our doubts and questions, proactive.’

‘Professional, Available, Attentive, Comprehensive and Understandable.’

Very favorable, excellent advice, efficiency and knowledge of the subject.’

‘Honesty, capacity, efficiency and human quality.’

‘They all speak perfect English. Their availability. Their human approach, you never feel like a number.’

Key clients

Michael Kors



Orpea Group

LCM Capital Partners

Rothschild Family Office


SCI Titan


Fondation de France

Total Solar

Kefrén Capital Real Estate


Work highlights

  • Provided advice to Hines on several real estate and property management matters connected to the acquisition from Airbus Defense and Space of its industrial and office complex in the outskirts of Madrid.
  • Advised Bancalé on the acquisition of the industrial facilities of Dagu, a relevant Spanish food producer.
  • Provided advice to Michael Kors (MK) on the negotiation of premises in an outlet located in Seville.


Cases&Lacambra provides expertise in the urban, finance, tax, corporate and environmental aspects of real estate matters. The firm’s experience ranges from hedge funds, hospitality, leisure, development, construction and lease agreements, to residential and condominium development, planning, zoning, environmental issues and financing. In terms of cross-border work, the practice has particular strength in Andorra, the Middle East, Latin America, Eastern Europe and Turkey. Daniel Tienda advises institutional investors and high-net-worth individuals in a range of real estate transactions in Spain.

Practice head(s):

Daniel Tienda

Other key lawyers:

Juan Moncada

Freshfields Bruckhaus Deringer

GTA Villamagna Abogados

GTA Villamagna Abogados combines expertise in planning and public law to advise on urban and town planning issues, as well as disputes arising from public administration liability on expropriation. Planning and public law expert Ernesto García-Trevijano leads the team.

Practice head(s):

Ernesto García-Trevijano

Other key lawyers:

Marta Plaza


Ernesto García-Trevijano and Marta Plaza are recommended.’


Key clients











Work highlights

  • Advising DIVARIAN PROPIEDAD on administrative decisions issued by the competent authorities regarding urban planning in Estepona.
  • Advising SECTOR PP-7 BOARD OF COMPENSATION (JUNTA DE COMPENSACIÓN DEL SECTOR PP-7 DE MÓSTOLES) regarding the denial of a proposed re-parcelisation project’s modification of the Móstoles Partial Plan-7 Sector.
  • Appointed as external adviser of the JUNTA DE COMPENSACIÓN DE VALDECARROS, in order to advise on all matters related to the urban development of the Area of the Detailed Programmable Urban Land 3.01 (Desarrollo del Este-Valdecarros).

Roca Junyent

Roca Junyent’s experience covers construction, promotion and investment in residential buildings, offices, business parks, logistics warehouses, hotels, tourist complexes, and commercial and leisure centres. The firm has expertise in a range of matters, including due diligence, real estate development, planning and environmental issues, as well as establishing and advising SOCIMIs. Practice head Xavier Serramalera Cercós advises national and international clients on the development and acquisition of real estate projects.

Practice head(s):

Xavier Serramalera Cercós

Other key lawyers:

Maria Dolors Roca Solergibert; Silvia López; Roger Pla Madrid


Silvia López is very good. The team too. Agile, business oriented and decisive. Good balance between legal certainty and the ability to close operations.’

‘Available. They build trust.’

Key clients




McDONALDS Restaurants







DELTA FLY Investments





Work highlights

  • Provided advice to Servihabitat in relation to almost 100 sale and purchase deals regarding real estate assets from Spanish saving bank La Caixa.
  • Advised Rex Spain ZDHL, a Spain-based subsidiary of Switzerland-based insurance company Zurich Insurance Company, in relation to the sale of an office building to Madrid City Council.
  • Provided advice to Meridia Capital Partners on the creation of a joint venture called WeCamp, a platform offering glamping accommodation in Spain and Portugal.

Simmons & Simmons

Specialising in cross-border work, Simmons & Simmons goes 'above and beyond' for its clients, which include investors, property funds, lenders, borrowers, developers, landlords and occupiers. The firm advises on real estate transactions, development, transactional acquisitions, financing and litigation, across the key sectors of hotels, student accommodation, healthcare, energy, infrastructure, TMT and real estate funds. Practice head Alfonso Fernández-Puebla focuses on real estate acquisitions and disposals, sale and leasebacks, leases, real estate development and real estate financing.

Practice head(s):

Alfonso Fernández-Puebla

Other key lawyers:

David Gómez; Sara Moreno


‘In the operations in which they have worked for us, the team has delivered 100%, regardless of the time dedicated to the operation. I really appreciate your pragmatism and attention to detail.’

‘There is a very positive balance between the partner Alfonso Fernández-Puebla and David Gómez. Alfonso values risks very well and proposes good solutions while David takes care of all the details around those solutions.’

‘This team has gone above and beyond other firms in term of what they deliver.’

‘The team is incredibly responsive and feel like they are an extension of our in-house team.’

Squire Patton Boggs

The ‘well trainedSquire Patton Boggs team receives praise for its 'timely responses, precise instructions and proactive follow ups’. The firm provides 'quality of care, versatility of coverage, knowledge and response times’ in a range of real estate matters, including due diligence, joint ventures, financing, purchase and sale, construction, development and letting. The group’s experience covers the key areas of retail, hospitality and office buildings. Practice head Ramón Castilla brings expertise in the purchase and sale of real estate assets, as well as corporate and commercial law.

Practice head(s):

Ramón Castilla

Other key lawyers:

Cristina Fernandez; Alfonso Lopez; Teresa García; Antonio Fernandez Rodriguez


‘The plus that makes them stand out is the trust they generate in the client that they look out for their interests. They are involved in understanding the client’s situation, both legal and business, and they try to give their recommendation adapted to each situation. As a partner I would highlight Ramón Castilla and as an associate Teresa García.’

The team has been very diligent in all the tasks that have been entrusted to them, being the agile, convincing and quality responses.’

Its closeness, reactivity and helpfulness. They are part of your company, like an in-house attorney. They understand the business and make the project possible within the legal parameters, looking for alternative solutions.’

In my opinion one of the best law firms we have worked with. Availability, speed, reliability and knowledge of the market in which we operate make this firm our benchmark in these matters.’

‘Both Mr. Ramon Castilla and Mr. Antonio Fernandez Rodriguez are always involved to the fullest in the matters we deal with. Its availability and its reactivity make the information / decision to be made with the maximum speed. it is a pleasure to work with lawyers like them.’

‘Cristina Fernandez, Associate and Alfonso Lopez, Partner, are professionals in their field, knowing what needs to be done, and delivering it in a precise manner. ’

Key clients

Pan American Energy


Live Nation


Inversiones Gasolgest

Maydon Inversiones

Hotel Palacio de Luchana

Westmont Hospitality Group

Kennedy Wilson

Kronos Investments Group

Princeton Investments


Dazia Capital

Activum Capital

Mitiska Reim


Tecnofly Group

Lar España Real Estate Socimi

The Royal Bank of Scotland (RBS)

Natwest Markets Bank

Helios Group





Leroy Merlin

Garcia de la Cruz

Arborea Interbird, SL

Innology Ventures, SL


Work highlights

  • Assisting Pan American Energy on several corporate real estate matters, including financing.
  • Acting as Secretary of the Board of Directors of Solaria, a solar energy company listed in the Spanish Stock Exchange, which currently owns and develops PV solar plants internationally.
  • Advising Live Nation on the acquisition of a majority stake in a group involved in the live entertainment business.

Watson Farley & Williams LLP

The 'flexible and proactiveWatson Farley & Williams LLP provides expertise in a range of commercial, corporate, development, financing, tax, planning, construction, contentious and insolvency matters related to real estate. The firm is particularly active in the hotels and leisure, energy, infrastructure, residential real estate and funds sectors. Pablo San Gil leads the team and specialises in structured finance and asset-based lending for senior, mezzanine and subordinated debt.

Practice head(s):

Pablo San Gil

Other key lawyers:

Ignacio Cacho


Full availability and always providing solutions.’

‘Pablo San Gil is very aware of everything, he is one of the most involved partners with whom I have worked. Ignacio Cacho is an excellent lawyer who contributes a lot to any negotiation.’

Flexibility and proactivity.’

Key clients



Frux Capital

Credit Agricole Corporate & Investment Bank

Banco Santander

Banco Sabadell

Work highlights

  • Advised Banco Santander, BBVA y Banco Sabadell on the syndicated €115m acquisition financing of the commercial area of the Edificio España, the Madrid historic skyscraper, by Inbest Socimi.
  • Advised CA-CIB and Portuguese bank Novo Banco on the financing granted to a joint venture owned by Acciona Inmobiliaria and Tristan Capital Partners, for the construction and development of an important office complex in Barcelona.
  • Advised Caixabank on the financing granted to a joint venture established by one of the largest banks in South Korea, Kookmin Bank, owning a 190,000 m² logistics asset located in Sevilla and leased to Amazon.

Osborne Clarke

The ‘very proactive’ real estate team at Osborne Clarke has ‘strong expertise and deep knowledge of the industry and its operators’. The firm specialises in cross-border work, providing ‘high-quality advice’ in the key areas of residential and nursing homes, student accommodation, retail and build-to-rent. The department covers the full spectrum of accommodation work. Julian Matos leads the team and has particular strength in residential developments and the residential accommodation sector.

Practice head(s):

Julian Matos

Other key lawyers:

Pilar Diaz; Carlos Casacuberta


‘Their real estate team is very proactive and has strong expertise and deep knowledge of the industry and its operators. This allows them to anticipate potential risks and provide high-quality advice. Their multidisciplinary approach gives us the comfort we need in complex transactions, where you need to see the whole picture.’

‘In real estate matters, we work with Julian Matos and his team. Julian has full understanding of our business needs and his solutions-oriented approach fully aligns with our objectives and helps us to achieve our goals. He is very hands-on and fully committed to our deals. He provides prompt and exceptional advice from deal structuring to execution.’

‘This is one of the most hands-on, practical and deal oriented teams we’ve had the pleasure of working with, and our entry into Spain would not have gone nearly as smoothly without this team guiding us every step of the way. They are solutions oriented, clear communicators and dealmakers through and through, while still being brilliant legal practitioners.’

‘Julian Matos, our relationship partner is a great lawyer, a dealmaker through and through, an excellent communicator and a person who inspires an enormous amount of confidence. He allows us to close deals quickly, efficiently and with utmost confidence.’

‘Pilar Diaz and Carlos Casacuberta are brilliant associates, working hard and communcating clearly. They also are able to master a deal and get a handle on processes which allows us to feel like everything is taken care of. That is exactly the feeling you’re looking for as a client.’

Key clients


Scranton Enterprises


Care Property Invest


BCN Housing Places

Xior Student Housing

Global Student Accommodation


Ponder Trade

Work highlights

  • Advised BCN Housing Places on the acquisition of two residential buildings in Sant Just Desvern for a total value of €29m, including financing from Caixabank.
  • Advised Grifols on the acquisition of a 50,000 sqm industrial plot in Llica del Valles for a total value of €12m.
  • Advised Xior on the acquisition of a student housing facility in Granada for a total value of €37m.

PwC Tax & Legal Services

PwC Tax & Legal Services has experience across the spectrum of real estate work, notably in financing, M&A, contracts, sales and project development. The firm provides multi-disciplinary advice on corporate, labour, litigation and tax matters in the real estate space from its offices in Madrid, Barcelona, Seville, Oviedo and Vigo. Clients include SOCIMIs, real estate developers and real estate investors. Antonio Sánchez Recio focuses on tax matters for the real estate sector, particularly investment tax structuring. He co-leads the team with real estate law expert Paula Hernández Lemes.

Practice head(s):

Antonio Sánchez Recio; Paula Hernández Lemes

Other key lawyers:

Beltran Gomez de Zayas; Emilio Aparicio Marina; Ignacio Arbués Bote; Javier Mateos


‘Beltran Gomez de Zayas and Emilio Aparicio Marina are recommended.’

Key clients














Work highlights

  • Advising DISTRITO CASTELLANA NORTE on the tax collection to be generated as a consequence of the development of the mega-project Madrid Nuevo Norte.
  • Advising General de Galerías Comerciales, the first REIT in the MAB in terms of market capitalisation, on a number of transactions, mainly involving the purchase of real estate assets such as shopping centres and plots of land.
  • Provided general legal advice to ESPACIO CALEIDO on the structuring of the process of design, construction and renting of an iconic building project in the Madrid 4 Towers Business Area.

Ventura Garcés

In 2020, Ventura Garcés ended its association with Madrid-based López-Ibor Abogados, followed by the arrival of Victor de Cambra and Iñigo Ramilo to the practice, who now manage the Madrid offices with their team from legacy firm De Cambra Abogados. In the real estate and construction space the department is active in Covid-19 related renegotiations, notably rental reductions, as well as its traditional areas of expertise, which include construction contracts, handling inbound investment for international clients, acquisitions, sales, financing and lease disputes. IP specialist Andrea Garcés jointly leads the practice with Claudi Garcés, who specialises in commercial law, real estate and competition.

Practice head(s):

Claudi Garcés; Andrea Garcés

Other key lawyers:

Arnau Florensa

Key clients