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Wednesday, September 28, 2022
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Four law firms advise on TTR´s deal of the quarter

Cuatrecasas and Uría Menéndez advised BBVA on the acquisition of 100% of the shares of Tree Inversiones Inmobiliarias from Merlin Properties, represented by Freshfields and Garrigues, for €1.98 billion, on a deal considered by TTR as 2022 deal of the quarter (Q2)

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This operation gives BBVA greater flexibility in the management of its branch network in Spain, as it is once again the owner, and will generate significant financial savings in a context of rising inflation (the contract includes a clause whereby rental rents are adjusted annually at 1.5 times inflation).

BBVA paid €1,987 million for 100% of the shares of Tree Inversiones Inmobiliarias, the owner of the properties (659 branches and three unique buildings), in a transaction that will have an initial capital consumption of -7 basis points and will generate an initial net impact on the income statement of approximately €200 million in the second quarter. These impacts will be more than offset by the cumulative savings expected after the execution of this transaction.

Only a month and a half after requesting approval from the Spanish Securities and Exchange Commission (CNMV), the transaction, which could be one of the largest of the year in the Spanish real estate market, was completed.

Freshfields advised Merlin Properties with partners Armando Albarrán and Fernando Soto, senior associate Álvaro Manzanos (now at White & Case) and associate Mario Pacini.

Garrigues also advised Merlin Properties with partner Mónica Martín de Vidales.

Uría Menéndez advised BBVA with partners David López Pombo, Iratxe Celaya and Víctor Viana, senior associates Luis Molina Sánchez and Miloslava Ilcheva Srandeva, associate Jakub Karol Kacala, and junior associates Antonio Rubio Carro, Daniel Scott Alió Euvrard, Fernando Centellas García, Jorge Azcárraga Llobet and Teresa Berecibar.

Cuatrecasas advised BBVA with partners Andrew Ward, Joaquín Garaulet, José Luis Rodríguez Jiménez, and senior associates María Igea Arriazu and María López Ridruejo.

Legal Dealmaker would like to honour Cuatrecasas partner Ricardo Echevarría, who passed away in May 2022 and was also involved in this deal.

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