Barcelona annual report
Cutting ties?
Calls for an independent
Catalonia grew louder in the
last 12 months, while the
identity of the next Spanish
government is unclear with an
election looming. Is political
risk deterring investors?
“coming
back”. He
adds that there
has been activity in the
tourism, hotel and biotech
sectors in this respect.
Meanwhile, Casas says
there has been fewer
insolvencies, bankruptcies
and financial
It has been a big year for
restructurings. “With
Barcelona and the wider Catalan
regard to prospects, there
region. Demands for Catalonian
will be more transactional
independence reached fever pitch
work, with interest from foreign
as around two million people
investors in the US and Europe as
demostrated their support for
well as conglomerates in China,”
the notion of a Catalan state.
he adds. “There is also interest
Lawyers say it is not yet clear what
from Latin America in the banking
the impact of the independence
and real estate sectors.”
movement has been on Barcelona´s
Miguel Trías, managing partner
economy, but some add that
of Cuatrecasas, Gonçalves Pereira´s
it is something that should be
Barcelona office says activity in
monitored.
Barcelona “accelerated” during
Generally, the view taken on
the year. “There is now less
the city´s economic prospects is
insolvency and labour-related
a positive one. Lawyers cite an
work and start-ups and tech
increase in M&A activity, along
businesses are on the rise,” he says.
with a decline in bankruptcy and
“Foreign investors are finding
insolvency work, as evidence of
Spain attractive again – we now see
recovery. Foreign investors are
industrial investment from Japan
keen to invest in the city and the
for the first time in ten years.” PwC
Chinese, in particular, appear to
partner Joan Daura says there are
have a strong appetite for M&A
lots of Chinese companies looking
deals. However, political issues
for opportunities in Barcelona.
are never far from the surface,
“Chinese investors are often not
with lawyers saying that investors
used to investing in the western
are asking questions about the
market and
they have
a different
Foreign investors are
cultural way of
doing business
finding Spain attractive again
– there is also
– we now seeing industrial
a different
investment from Japan for the
way of
understanding
first time in ten years.
fees for legal
Miguel Trías
services,” he
Cuatrecasas, Gonçalves Pereira
adds.
“
possible outcome of the Spanish
general election later this year –
the prospect of a government run
by the left wing Podemos party
appears to be unsettling some
investors.
Jordi Casas, partner at Roca
Junyent, says there has been a
recovery in corporate and M&A
transactions with foreign investors
www.iberianlawyer.com
”
Eager Chinese
investors
According to Jorge Adell,
partner at Baker & McKenzie, the
M&A market has experienced
substantial changes – not
only in terms of its increased
commoditisation – but also as a
result of new type of investors
arriving in the Spanish market,
including investors from Asia
and the Middle East. “Chinese
investors have a lot
of liquidity and a hunger for
occupying strategic positions
in certain European markets
and industries,” he says. “These
objectives sometimes cause them
to change the order of processes
– for instance, sometimes they
acquire businesses first and
carry out the due diligence
investigations and remedy
contingencies after closing,
with the corresponding risks.”
Gabriel Nadal, managing partner
of Ecija´s Barcelona office, says
“attention to new eastern markets
which are receptive to the city
and to what Catalonia might
have to offer as a safe investment
destination” is key to the firm´s
business model and, he adds, is
proving to be a profitable strategy.
Pintó Ruiz & Del Valle
managing partner Jordi López
says a significant recent change
is that now Spanish clients have
overcome their fear of investing
and are now doing deals. Adolf
Rousaud, managing partner of
Rousaud Costas Duran, says
the ‘new economy’ – businesses
in sectors such as IT, pharma
and bio-tech – were relatively
unaffected by the crisis. He adds:
“Entrepreneurs do not need a lot
of capital to start up a business,
meanwhile real estate prices are
on the rise and family offices
are looking for opportunities
– companies that survived the
crisis are looking to expand their
businesses.”
According to Pérez-Llorca
partner Sergio Agüera, there has
been “movement in the capital
markets”. He adds: “There have
been new IPOs and this trend will
continue, the issuing of bonds will
March / April 2015 • IBERIAN LAWYER • 39
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