Real estate and construction in Spain
Clifford Chance acts for top clients and household names in the Spanish real estate market. The team is advising BBVA on the sale of 80% of its Spanish real estate business to Cerberus, valued at €5bn. Key name and Barcelona real estate lead, Blanca Ochoa, advised Unibail-Rodamco-Westfield on the €159m acquisition of several retail units. Carlos Portocarrero heads the practice. Senior associate María Pradillo frequently works with Unibail-Rodamco-Westfield and Aracorp. Conchita Sáinz and Angel Vizcaíno are also names to note.
Jointly led by Felipe Yannone and Oscar de Santiago, Garrigues' practice handles premium real estate deals in Spain. de Santiago and Juan Jose Berdullas are advising Blackstone on its €30bn acquisition of real estate assets from Banco Popular. Héctor Muñoz, Jorge García-Pellicer and senior associate Estefanía Iceta are also noted.
Pérez-Llorca advises domestic and international banks and real estate investment trusts. The team assisted Banco Sabadell with a package of non-residential asset transactions valued at €246.5m. Luis Zurera, Gerard Serra and Vicente Estebaranz lead the team. Fausto Romero-Miura, Javier Muñoz and Alejandro Osma are other key names.
The ‘strong’ team at Uría Menéndez stands out for its ‘excellent knowledge and experience level’. Team co-head Fernando Azofra is leading advice to Metrovacesa Suelo y Promoción on the €1bn purchase of 179 land plots comprising 3,500 land registry units. Fellow co-head Diego Armero is assisting Goldman Sachs with the sale to Axa, through a share deal, of 1,000 residential units. Barcelona-based Ignacio Albiñana is also noted.
Ashurst LLP fields ‘a highly specialised and experienced team’. Ismael Fernández advised Invesco on the acquisition of Mango's headquarters in Barcelona on a sale-and-leaseback basis, valued at €100m. Cristina Calvo leads the team. Senior associate Charo de los Mozos joined Herbert Smith Freehills LLP in November 2018. Rafael Fuentes Mareca, formerly a counsel with the firm, joined Acciona Inmobiliaria in October 2017.
Cuatrecasas is a popular choice for REIT and international investment funds. Practice head Ramón Gil advised Bain Capital on acquiring all of Promociones Habitat from its shareholders and purchasing a real estate portfolio from Liberbank. Other names to note are Joaquín Garaulet, José Luis Rodríguez and Francisco José Martínez Maroto.
Freshfields Bruckhaus Deringer
Freshfields Bruckhaus Deringer’s team focuses on transactional real estate mandates. Practice head Fernando Soto led advice to UPS Spain on its sub-lease of a logistics warehouse, office and car park development in Barcelona. Armando Albarrán assisted Cinven with the planning and real estate aspects of the acquisition of a majority stake in target company, Planasa. Senior associate Ana Julia García is also noted.
Gómez-Acebo & Pombo’s team was bolstered by the addition of five lawyers from King & Wood Mallesons in February 2018, including Enrique Isla and of counsel Marta Orce. The team is advising Ares Management on a joint venture with a local manager to acquire residential buildings in Madrid over a two-year period.
Allen & Overy
At Allen & Overy, the team is 'prepared and professional'. Juan Hormaechea and counsel and practice head Santiago de Vicente advised Morgan Stanley and Deutsche Bank on the €7.3m financing for the acquisition, via a joint venture formed by Banco Santander and Blackstone, of the NPLs and real estate business of Banco Popular.
Baker McKenzie’s team is praised for its ‘high level of knowledge’ and ‘pro-active approach’ to client matters. Jorge Adell is advising TA Associates on its €16m acquisition of property owned by The English School of Asturias. Guillermo Rodrigo is assisting three of Spain’s largest banks, Banco Santander, BBVA and Banco Popular, with their sale of a portfolio of land to Metrovacesa for €1.3bn. Adell and Rodrigo lead the team. Xavier Junquera is also recommended.
Herbert Smith Freehills LLP
Herbert Smith Freehills LLP’s team advises on real estate financing for numerous international investment fund clients. Team head Tomás Díaz advised Brookfield Asset Management in Europe and Asia on the acquisition of Westinghouse Electric Company, valued at €4.6bn. Juan Cortezo Nieto joined as a senior associate in November 2017 from Linklaters. Javier Gomez, formerly an of counsel with the firm, joined Excem Real Estate in January 2018.
Hogan Lovells International LLP’s 'highly skilled' team recently assisted retail real estate company Sonae Sierra with its joint venture with AXA Real Estate Investment Managers for the acquisition of the Area Sur shopping centre. Emilio Gómez leads the team and counsel Carlos Bardavío is also noted.
Andersen Tax & Legal's team was bolstered by the arrival of Antonio Ñudi and Carlos Peña from Urbe Asesores Jurídicos in February 2018. The duo are heading the team alongside José Vicente Morote. Maite Hernandez, who provides 'an excellent level of service', joined from Herbert Smith Freehills LLP in 2017.
King & Wood Mallesons
EY Abogados’ group has 'exceptional' knowledge of the real estate market. handles due diligence exercises for various real estate funds and real estate investment trusts. Iván Azinovic, who is 'created and committed' and is 'very respected in the market', and Ignacio Sáenz de Santa María, who is 'a good team player and problem solver', are the practice heads.
Simmons & Simmons’s team is led by Alfonso Fernández-Puebla Muñiz . Supervising associate David Gomez is also noted. The team is advising Redevco Iberian Ventures, a joint venture between Redevco and real estate funds managed by Ares Management, valued at €250m, on acquiring an area of the Parque Corredor Shopping Centre in Madrid.