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Thursday, February 22, 2024

B&B assists Abriqot with its launch in Spain

Bird & Bird has advised Abriqot on its launch in Spain and on the adaptation of its fully managed co-ownership business model to Spanish Law

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Abriqot, the first Spanish company that facilitates the purchase of luxury second homes in the co-ownership model, has established its business model in Spain.

With Abriqot’s business model the company divides the properties into eight fractions, which coincide with the maximum number of co-owners of the property. Each fraction gives the right to enjoy an average of six and a half weeks per year, also on a staggered basis, e.g. weekend breaks or at any other time, with the flexibility to plan stays from eight days in advance, 24 months in advance. It is also possible to choose “special dates”, such as long weekends, Christmas, summer holidays, or others. In any case, the fewer the number of owners, the more time each of them can enjoy.

Abriqot buys houses valued at between €4 million and €8 million, so that the shares are sold at prices of between €400,000 and €800,000.

Bird & Bird advised Abriqot with a team led by partner and head of the firm´s Corporate and M&A department in Madrid Lourdes Ayala, along with Tax partner Montserrat Turrado, Real Estate partner Isidro del Moral, Corporate /M&A counsel Alberto Rodriguez San José and M&A associate Antonio Ballesteros.

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