30. Juli 2010

Freshfields advises on the second phase of BBVA’s sale and lease back

International law firm Freshfields Bruckhaus Deringer has advised a consortium of real estate international private equity funds led by RREEF, and including Area and Europa Capital, on the second phase of the €280m acquisition from BBVA of a portfolio of 155 bank branches and two landmark buildings throughout Spain and their subsequent long-term lease back to BBVA.

The first phase of the transaction, which completed on 25 September 2009, involved the €1.2bn acquisition of circa 1,000 bank branches and landmark buildings throughout Spain. The transaction has been financed by a syndicate of banks led by Barclays, Deutsche Bank and “la Caixa”.

The Freshfields team was led by the corporate partner Armando Albarrán, supported by senior associates Paul Doris and Rocío Escudero. Partner Juan Gómez-Acebo led on the real estate aspects of the transaction, supported by the associate Fernando Soto. Partner Iñaki Gabilondo led the financing aspects of the transaction supported by the associates Jaime Rossi and Isabel Villa.

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