Ashurst and CC pierce property gloom on E2bn Santander sale and leaseback
Ashurst and Clifford Chance (CC) have taken the lead roles on one of the biggest European property deals in recent months - the A2bn (£1.4bn) sale and leaseback of 1,152 branches of Spain's Banco Santander.
December 05, 2007 at 08:32 PM
2 minute read
Ashurst and Clifford Chance (CC) have taken the lead roles on one of the biggest European property deals in recent months – the A2bn (£1.4bn) sale and leaseback of 1,152 branches of Spain's Banco Santander.
Ashurst fielded a team of real estate, finance and tax lawyers from its London and Madrid offices to advise Sun Capital Partners and its UK insurance business Pearl on the deal.
Real estate partner Gerald Kelly took the lead role for Sun Capital and Pearl, with London finance partner Helen Burton and Madrid real estate partner Cristina Calvo heavily involved.
The deal cements Ashurst's relationship with both Sun Capital and Pearl and comes on the back of the law firm's first major piece of work for Pearl when it advised the client on a deal that saw it buy into a £900m joint venture with Tesco earlier this year. Previously Sun Capital has used firms including Linklaters and Kirkland & Ellis.
On the latest deal, CC took the lead for Santander while Linklaters acted for the financing banks, led by BNP Paribas and Allied Irish Bank.CC Madrid real estate partner Carlos Portocarrero advised Santander while BNP relied on a team from Linklaters' London and Madrid office, including Madrid managing associate Ben Crosse.
The deal was governed by Spanish law but negotiations were carried out in English law.
Santander will lease back the branches from the new owners over long leases of more than 25 years.
Kelly told Legal Week: "It was interesting to lead on a deal from London that took place in another jurisdiction. We have done some low-level work for Sun Capital before, but have been developing the relationship."
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