Special focus: Real estate
José Luis García-Manso, partner
at Pérez-Llorca, says: “Buildings
in the city centre of Madrid and
Barcelona are highly sought
after for refurbishment, while
residential development is
growing again in specific areas.
In addition, the hotel sector
in Barcelona and Madrid is
booming. Last but not least, we
are seeing growth in logistics
developments.” However,
Edificio España, Madrid
García-Manso points out that
the core assets in these cities
are becoming harder to come
by, leaving investors looking
for opportunities in different
regions.
Diego Armero, partner at
Uría Menéndez, concurs: “Most
investment funds are looking for
yielding assets, not only prime
assets in Madrid and Barcelona,
but also assets in secondary
locations. Some are even
focusing on buying land and
investing in the development of
new properties, this being very
recent and promising news.”
It has largely been private
equity funds, REITs and
international investors snapping
up assets but lawyers say many
different types of players are
moving into the market. “US
opportunity and hedge funds,
European fund managers and
investment banks should remain
active in the sector whereas
core investors are expected
to increase their appetite for
Portuguese real estate assets,”
Reigada Pereira claims. “It
www.iberianlawyer.com
remains to be seen whether
Cuatrecasas Gonçalves Pereira,
players most affected by
adds: “The current real estate
Portuguese turmoil recover their
market has brought larger and
mojo – the recent legal changes
more complex deals. This allows
introduced in the
tax framework
applicable to
Undertakings
Lawyers are facing
for Collective
Investment may
more complex and
prove to be pivotal
innovative deals now
in that regard,
compared to those 10
as well as the
Portuguese REITs
years ago.
which are expected
Emilio Gómez
to take off and
Hogan Lovells
enhance the ability
to attract new
investors.”
“
”
law firms to increase the size
of teams involved in the deals
and to bring together expertise
from a range of practice areas
related to real estate, such
as private equity, contract,
financing, planning, litigation
and restructuring. More
complex deals require in-depth
knowledge of legal requirements
and of market practice.”
More innovative deals
The emergence of a more
sophisticated client base is
resulting in ever-more