Friday, September 22, 2023

EY, Dentons, DLA Piper advise on Macquarie’s RE acquisition in Barcelona´s 22@

EY Abogados and Dentons have advised Australian property group Macquarie on its acquisition of an office building in Barcelona´s 22@ district for €64 million, while DLA Piper advised the seller


The building acquired by the Australian group is located on Carrer Pallars and has some 13,000 square metres of gross leasable area. It is almost fully occupied and its tenants include international companies of proven solvency such as General Electric, Ticket Master, Enterprise, as well as a Spaces coworking centre, among others. All of them have long-term leases.

For this building, Macquarie paid €64 million, according to market sources.

Founded in 1969, Macquarie has A$245.7 billion in assets and total assets of A$22.4 billion. With offices in 32 markets, it employs more than 16,000 people. At the end of its last financial year (2021), Macquarie had revenues of A$12.774 billion and a profit of A$3.015 billion.

On the deal, EY has been the main advisor to the buyer, while CBRE Barcelona acted for the seller.

An EY Abogados´crossborder team advised on Tax matters, and was led by Madrid partner Ricardo Egea along with Baviera partner Christian Mundel and Tax director Thomas Vana. EY´s team was also counted on Munich lawyer Christian Daubenspeck, and Madrid office associates Jacobo Bertrán López-Ibor, María del Carmen Constante Quintanilla and Mauricio González Tejero.

Dentos´ team was led by Real Estate partner Roberto Tojo, together with associate Manuel de Cueto and junior associate Gumersindo Clemente.

On the other hand, DLA Piper advised the seller, a controlled affiliate of Starwood Capital Group (“Starwood”) on the sale of this multi-tenant office complex located at 193-205 Pallars Street in Barcelona, in the 22@ district – Barcelona’s technology district – to a company controlled by Australian fund Macquarie Group.

This is the third Spanish transaction in which DLA Piper advises Starwood in the last 12 months, following the acquisition of a portfolio of logistics and office assets from Meridia Capital and of the Iberostar Las Dalias hotel in Adeje (Tenerife) from Iberostar.

The DLA Piper team was led by Orson Alcocer, head of Real Estate working with senior associate Ángel Maestro and Fátima Rico-Villademoros, Cristina Astray and Alejandro Márquez, associates in the same department. From the Financing, Projects and Restructuring department senior associate Pablo González, Antonio Olarte and Santiago González (Associates) were involved as well.

According to Orson Alcocer: “We appreciate the trust that Starwood places in our team to keep advising them on their Spanish investments.”

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