A trio of magic circle firms along with Slaughter and May best friend Uría Menéndez have advised on the e1.2bn (£1.1bn) sale and leaseback of a Spanish property portfolio.
The deal saw Spain’s second-largest bank BBVA become a long-term tenant on 948 of its own branches. The bank was advised by Clifford Chance real estate investment partner Carlos Portocarrero de la Heras in Madrid.
The assets were purchased by special investment vehicle Tree Inversiones Inmobiliarias, comprised of Deutsche Bank’s RREEF Alternative Investments, Area Property Partners and Europa Capital.
The deal is understood to include provisions that allow the bank to sublet properties and vacate some others, allowing it to close branches if necessary.
One source close to the deal commented: “In the current market conditions and with real estate the way it is, it’s an amazing deal. It’s going to give a lot of cash to BBVA to help its balance sheet.”