Real estate and construction in Spain

Leveraging the combined bench strength of offices in 31 major cities across Africa, the Americas, the Asia Pacific region, Europe and the Middle East, the powerhouse real estate team at Clifford Chance remains a market leader, advising major private equity firms and investors, banks and financial institutions and multinational corporates involved in high-value, cross-border real estate transactions. Practice head and real estate law expert Carlos Portocarrero specialises in acquisitions, joint ventures, high-end sales and leasebacks, the acquisition of developer companies and the acquisition of portfolios of non-performing loans (NPLs) and foreclosed properties. Supported by experienced associates María Pradillo, an expert in real estate finance; portfolio transfer specialist Andrés Berral; and asset/share deal advisor Andrés Tirado, the group represents household name clients including Blackstone, Cerberus and Banco Santander. The team’s client base also spans the logistics, retail and hospitality sectors.

The real estate practice at Garrigues remains a leader in the market, utilising a global presence that spans four continents and the experience of its team to advise major international funds, companies and financial institutions on high-value, cross-border transactions. The group, led by real estate development expert Héctor Muñoz in Madrid and financing and refinancing specialist Óscar de Santiago in Barcelona, provides a comprehensive service, covering construction and lease transactions, portfolio reorganisations, portfolio disposals, divestments, joint ventures and loan-to-own transactions. Managing partner, transaction expert and of counsel Felipe Yannone brings to the team decades of experience in construction. The team’s clients portfolio includes Morgan Stanley and Blackstone, and spans the hospitality, residential and logistics sectors. The group is supported in Madrid by Jorge García-Pellicer, who advises on corporate restructurings, and senior associate Blanca Jiménez Aparicio.

The team at Pérez-Llorca continues to be a dominant force in the practice area, providing a one-stop-shop to assist major international investors, developers, banks and non-banks on the entire real estate cycle. Led by real estate financing expert Jesús Varela and planning specialist Alberto Ibort Franch in Madrid, the group’s full service extends to NPL portfolio trades, fund formation, joint ventures, asset deals and share deals. In addition, Fausto Romero-Miura brings to the team over 20 years of fund advising experience; Javier Muñoz provides expertise on the refurbishment of real estate assets; and Alejandro Osma provides commercial transaction expertise. The team’s client portfolio includes Banco Sabadell and CBRE Global Investors, and covers the residential, telecoms, education and hospitality sectors. Adriana Martín was promoted to counsel in January 2022. The department was further strengthened in March 2022 with the hire of Raquel Blanco from Linklaters.

With a real estate and urban planning department of 40 lawyers operating from Madrid, Barcelona, Valencia and Bilbao, the team at Uría Menéndez continues to lead, employing bench strength and experience to assist major banks, investment funds, SOCIMIs (Spanish real estate investment trusts) and other international corporates involved in high-value and complex cross-border transactions. Headed by real estate finance expert Fernando Azofra and planning specialist Diego Armero in Madrid, the group offers a comprehensive range of services, advising on portfolio transfers, property acquisition and joint ventures, forward-funding agreements, restructuring and divestments, and the incorporation of private equity funds. The team is supported in Barcelona by real estate and M&A advisor Ignacio Albiñana, Rafael Jiménez, who brings a company law background, Javier Ruiz-Cámara and senior associate Iván Abad in Madrid. The group’s client base features key market players Allianz and Banco Santander.

The real estate and construction practice at DLA Piper utilises its global network of offices in 40 countries to assist national and international investors, financial institutions and major corporates on high-value and multi-jurisdictional deals. Orson Alcocer leads the team and assists clients in navigating a transaction’s entire life cycle, from investments, development and funding, to construction, management and commercialisation. In addition, the group advises on real estate litigation, leases, purchase-sales, condominium structures and project finance. The team is supported by real estate development expert José María Oliva, legal director and restructuring specialist Ignacio Antón, planning law advisor and of counsel Francisco Perales and senior associate Angel Maestro. The group’s client base spans the hospitality, retail and insurance sectors, and includes Rakuten and Allianz.

With numerous offices and relationship firms worldwide, the real estate team at Allen & Overy combines its global strength with the local expertise of its team to assist international investors, corporates and financial institutions involved in high-value, cross-border real estate transactions. Led by corporate real estate expert Santiago De Vicente and backed by experienced senior associates Marta Orce and Andrés Candela and the newly promoted Javier González (May 2021), the group’s comprehensive service covers joint ventures, purchase options, due diligence, leases, sales and acquisitions of REO portfolios, forward purchase agreements, leaseback arrangements and construction. The team’s portfolio includes Banco Santander and Deutsche Finance International, and, in addition to finance and real estate, spans the energy and chemical sectors.

The team at Eversheds Sutherland brings ‘a high level of expertise in real estate’ to advising major international investment groups and corporations on high-value, multi-jurisdictional transactions. The group provides a comprehensive range of services, from portfolio acquisitions and sale and leaseback transactions to joint ventures, sales and purchases and structured finance arrangements. Headed by Javier Ibañez, who specialises in investment design and implementation, and experienced institutional investment advisor Rafael Arráez, the team’s client base spans the pharmaceuticals, technology and hospitality sectors, among others.

With a team of 16 professionals across offices in Madrid, Barcelona, Valencia and Lisbon, the real estate group at Gómez-Acebo & Pombo provides a one-stop-shop to assist international investors and financiers, developers, contractors and public authorities on the full life cycle of real estate projects. Led by property transaction expert Enrique Isla and asset divestment expert Jaime Díaz de Bustamante, the group handles a range of deals, covering tax structuring, fund formation and the creation of vehicles and joint ventures, all the way to acquisition development, leasing and final exit. Supported by associate and commercial real estate specialist Natalia Callejo and of counsel José Ángel Cano, the department's client portfolio includes Carrefour and Société Générale and spans such sectors as hospitality and telecoms.

The real estate practice at the Madrid office of Jones Day employs the resources of its worldwide network and the multidisciplinary approach of its team to advise international developers, investors, lenders, sponsors, operators and contractors. With considerable experience in high-value and cross-border deals, the department’s comprehensive service extends to cover asset deals, share deals, leases and sales, lease back transactions, restructuring and acquisition strategies, finance and secondary capitalisations. In addition, the team assists with planning matters, from administrative approvals and construction to property conversion and refurbishment. Led by acquisitions expert Víctor Casarrubios and planning procedure specialist Luis Jiménez-Diaz, the group’s work includes real estate matters as a part of energy, mining and infrastructure projects. The team is supported by associates Cristina de Andrés Blanco, who advises on public administration matters, and Marta Escartin, who is experienced in urban planning.

With ‘absolute availability, vast experience and excellent technical knowledge’, the corporate real estate team at Latham & Watkins LLP assists domestic and foreign investors, investment banks and financial institutions on high-end, multi-jurisdictional transactions. Led by Rafael Molina, experienced in construction and lease negotiations, the group’s services also cover portfolio acquisitions, refinancing, mortgage financing, asset management strategies and bid processes. Backed by Veronika Miskovichova, who specialises in REO and NPL portfolio deals, the team’s client base extends to the hospitality and consumer products sectors, and features Cerberus and Goldman Sachs.

Part of a wider global network, the Spanish real estate team at Andersen utilises the firm’s branches in Madrid, Barcelona, Valencia and Seville to provide a comprehensive service for financial institutions, developers and landowners, individuals and public administrations. The team covers sale and leasebacks, joint ventures, acquisitions out of insolvencies and restructuring, hospitality transactions, commercial leases, acquisition finance, and urban planning and construction law. Headed by planning specialist José Vicente Morote and public administration expert Antonio Ñudi, the group is backed by Carlos Peña, who specialises in urban development, and Maite Hernández, who brings extensive experience in construction law. Eduardo González Yebra and Cesar Morales Romero-Requejo are also names to note.

The real estate team at Bird & Bird specialises in advising national and international funds, private investors, financial institutions, landowners, developers, construction clients and corporates operating in the sports, media and entertainment, hospitality, technology, energy, retail, and food and beverages sectors. With a client base that includes hotel chains such as Iberostar and private equity and investment management funds like Aquila Capital, the group’s full service covers M&A transactions, lease agreements, joint ventures, share and asset deals, lease-back operations and due diligence matters. Commercial and corporate real estate expert Isidro del Moral leads the team, with support from of counsel Santiago Lardies and urban planning specialist and senior associate Patricia Pérez.

With ‘a vision that goes beyond the pure legal point’, the real estate and construction group at CMS Albiñana y Suárez de Lezo assists investment firms, insurance companies, real estate developers and corporates at the national and international levels. The team is led by sale and leaseback expert Álvaro Otero and Javier Colino, who joined in June 2021 and specialises in real estate M&A. Key support is provided by senior associate Jorge Peño, who brings expertise in lease agreement drafting and negotiation. The group’s client base includes Ocado and Allianz, and spans the e-commerce, insurance, financial services, consumer goods and retail sectors.

Backed by the bench strength of a global network covering over 200 locations, the real estate team at Dentons takes a multidisciplinary approach to advising domestic and international investors, institutional clients and alternative lenders across the office, retail, residential and logistics sectors. In a major development in early 2022, Roberto Tojo Thomas de Carranza and a team including senior associate Francisco Jiménez Alarcón joined the firm from Ramón y Cajal Abogados. Itxaso López is another name to note. Bárbara Hernández Mora left the firm in March 2022.

The real estate and urban planning team at EY Abogados assists international real estate and investment management companies involved in high-end transactions. The group’s service extends to acquisitions, portfolio and single-asset transactions, sales and leaseback deals, construction and development, due diligence and engineering agreements. The team is led by urban planning head Ana López Muiña, refinancing expert Iván Azinovic Gamo and construction specialist Ignacio Saenz de Santamaría. The team is supported by senior manager Natalia Tova Cobo, who advises on matters in the renewable, hospitality and logistics sectors, and manager Susana Orgillés Mañas, who brings experience in administrative proceedings.

The experienced real estate team at Ramón y Cajal Abogados coordinates its offices in Madrid and Barcelona to assist a range of national and international listed and non-listed companies, investment funds, developers and individuals on high-end, multi-jurisdictional deals. The department’s broad practice sees it advising on sales and leasebacks, construction agreements, service provision agreements, bridge financing and due diligence reports, among other areas. Key support is provided by urban planning expert Francisco Bengoetxea. In a significant move, former practice head Roberto Tojo Thomas de Carranza and a team of associates left the firm in February 2022.

Founded in 1994, Madrid firm Araoz & Rueda advises major fashion labels, energy providers, multinational property investment and asset management companies, among others. The group is led by Jesus Conde, who specialises in transaction negotiation and execution, restructuring, sale and leaseback transactions, retail leases and due diligence processes. In addition, the team also assists providers of student housing.

With offices in Andorra, Barcelona, Madrid and Miami, the team at Cases&Lacambra assists venture capital and wealth funds, international investors, hedge funds and family offices in the infrastructure, engineering, hospitality, energy and consumer goods sectors. Headed by real estate investment expert Daniel Tienda in Madrid, and backed by urban planning specialist and managing associate Juan Moncada, the team’s service extends to cover lease agreements, environmental matters, asset portfolio acquisitions, sale and leaseback transactions, real estate M&A, due diligence and compliance.

The experienced real estate group at Madrid-based firm GTA Villamagna Abogados takes a multidisciplinary approach, utilising public law and planning knowledge to advise national and international real estate developers, construction companies, private equity firms, corporates and public authorities across such sectors as infrastructure, consulting, hospitality and legal services. Planning expert Ernesto García-Trevijano heads the team, which is supported by public law specialist Marta Plaza, and planning advisors Ana Martín and Alberto Alcoba.

With ‘technical competence, practicality and availability’, the real estate team at RocaJunyent Spain assists national and international insurers, real estate developers, investment firms and well-known corporates in such sectors as retail, hospitality, fashion, financial services and IT. Headed in Barcelona by project acquisition expert Xavier Serramalera Cercós, the broad practice covers financing and debt refinancing, due diligence processes, insolvency procedures, asset recovery, leasing agreements and construction procurement. The group is backed by counsel and property agreement specialist María Dolors Roca Solergibert and experienced contract negotiator Roger Pla Madrid in Barcelona, and Silvia López, who specialises on investments and divestments, in Madrid.

The Madrid real estate group at Squire Patton Boggs draws on the strength of its global network and the expertise of its local team to assist real estate funds, investment companies, family offices and corporates in such sectors as music and entertainment, chemicals, and energy and renewables. Ramon Castilla, who specialises in the purchase and sale of real estate assets, leads the team, and is backed by corporate and project finance expert Alfonso Lopez and senior associates Sandra Paolett, who handles due diligence processes and corporate restructuring, and Antonio Fernandez Rodriguez.

From financing and funding to dispute resolution and insolvency, the team at the Madrid branch of international firm Watson Farley & Williams LLP assists local and overseas investment funds, financial entities and lenders on matters throughout a property’s life cycle. Led by Pablo San Gil, whose specialisms include structured finance and asset-based lending, and backed by leveraged acquisition expert and senior associate Ignacio Cacho, the group’s client base includes CaixaBank and Banco Santander.