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Friday, December 9, 2022
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TTR: M&A in RE sector May report

The transactional market in the Spanish Real Estate sector has registered up to May 2022 a total of 278 mergers and acquisitions, both announced and closed, for an aggregate amount of €10,260m, according to data from TTR. One of the most significant M&A transactions in Spain in May, in the real estate sector, was the purchase of a hypermarkets portfolio from Amundi by MDSR Investments, for approximately €180m

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Despite a 22% growth in the number of transactions and a 121% increase in the number of transactions compared to May 2021, transactions in the Real Estate sector lead the Spanish transactional market, ahead of the technology sector, with 91 transactions; financial and insurance, with 43 deals completed.

In monthly terms, in May 2022 a total of 40 transactions were recorded in the Spanish real estate sector with an aggregate amount of €1,009.9 million and, according to the assessment for the first five months of the year in the Spanish transactional market, January was the most active month in the sector.

Cross-Border

So far this year, Spanish companies have chosen Portugal and the Dominican Republic as the main destinations for their investments, with three and two deals, respectively. In terms of amount, Canada has been the country in which Spanish companies have made the largest disbursements, with a total amount of €803.80 million.

On the other hand, the United States (18) and the United Kingdom (16) are the countries of origin of the largest number of investments made in Spain during the year in the real estate sector. By amount, France leads, with an aggregate amount of  €357.20 million.

Hightlighted M&A deal

One of the most significant M&A transactions in Spain in May, in the Real Estate sector, was that related to MDSR Investments, an Israeli investment fund, which acquired a portfolio of nine hypermarkets from France’s Amundi for approximately €180 million.

Five of the assets are located in Spain (San Sebastián de los Reyes, Alcalá de Henares, Santander, Ávila, and Málaga), and four are located in Italy (Turin, Florence, Matera and Ancona).

BNP Paribas Real Estate and Cushman & Wakefield advised Amundi Immobilier throughout the sale process. DLA Piper provided legal advice to the seller and Pinsent Masons to the buyer.

DLA Piper team was led by Real Estate partner Orson Alcocer and Tax partner Miguel Baz along with Real Estate senior associate Fátima Rico-Villademoros, Real Estate associates Cristina Astray, Alejandro Marquez, and Luis Durban, and Tax associate Alberto Lobato.

Pinsent Masons advised with a team led by Real Estate partner José Luis García-Manso, along with associate Raquel Badell Fabelo and lawyer Pedro Esquivel de la Guardia.

Venture Capital

Over the course of 2022, eight Venture Capital deals have been registered in the Spanish real estate sector, with a disclosed value that together record a mobilised capital of €137m, representing a 20% decrease in the number of deals and a 36% growth in mobilised capital compared to May 2021.

Private Equity

Up to May 2022, four Private Equity deals have been registered in the real estate sector, with a disclosed value that together record a mobilised capital of €14.30 million.

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