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Monday, April 15, 2024

Baker advises on the sale of Inmoglaciar to Cerberus

Baker McKenzie has advised the minority shareholders on the sale of the remaining 5% in Spain´s real estate group Inmoglaciar to US investment fund Cerberus, which was advised by Latham & Watkins

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Cerberus has acquired 100% of Inmoglaciar. The North American investment fund has closed the purchase of the final package of shares in the property developer.

The fund already owned 95% of the company, after buying 60% from the founding family in 2017. Subsequently, it has increased its stake in the shareholding through the direct purchase of shares and by contributing assets and has recently closed the purchase of the remaining 5% of the developer’s shares out of its control, to become the sole shareholder of Inmoglaciar.

Ignacio Moreno, former owner of Inmoglaciar, has now launched his new company, Aurquia, as Moreno himself confirmed to Cinco Días. After closing the sale of Inmoglaciar to Cerberus and avoiding a non-competition clause, Moreno has created a new company focused on new construction at affordable prices in Madrid, the Balearic and Canary Islands.

Baker McKenzie advised the minority shareholders with a team comprising partner Luis Casals, Juanjo Corral and Jaime Martínez-Íñiguez, together with team leader Javier Méndez and associate Jaime de Pablos.

José Antonio Sánchez-Dafos (left), Marino Aineto (top right) and José Luis Bootello (bottom right)

On the other hand, Cerberus was advised by Latham & Watkins with a team led by partner José Antonio Sánchez-Dafos and that included associates Marino Aineto and José Luis Bootello.

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