Global law firm Freshfields has advised Lar España Real Estate REIT, a company owned by Hines European Real Estate Partners III and Grupo Lar, on an €810m financing transaction to refinance its portfolio of shopping centres and retail parks.

The transaction was backed by the financial institutions Morgan Stanley and Banco Santander.

Hines European Real Estate Partners III is a real estate investment fund managed by Hines, one of the world's largest private real estate investors and managers.

Grupo Lar is a Spanish real estate group with more than 55 years of experience, specialising in the investment, development and management of real estate assets in different sectors.

This transaction is part of the restructuring process initiated following the takeover bid launched in 2024 by Hines and Grupo Lar for Lar España Real Estate REIT, in which Freshfields acted as legal advisor to Hines.

The Freshfields team consisted of:

The transaction was led by Cristina Esteve and Simon Johnson, partners in the Finance practice, together with senior associate Luke Hannigan and associates Álvaro Galobart, Marcos San Miguel and Javier Delgado. Tax partner Bosco Montejo and associate Carmen Delgado also advised on the transaction.