Shearman & Sterling advised Goldman Sachs International and UBS Limited as joint global coordinators and joint bookrunners in connection with a €337 million capital increase by Hispania Activos Inmobilarios, S.A. (“Hispania”). The new shares represent 50% of Hispania's share capital before the offering.
Hispania is listed on the Madrid, Barcelona, Bilbao and Valencia stock exchanges. It benefits from the Spanish SOCIMI regime through its wholly-owned subsidiary Hispania Real SOCIMI and is externally managed by Azora, an independent asset manager with over €2.5 billion of assets under management. Hispania manages a high-quality real estate portfolio in Spain, consisting primarily of residential properties, offices and hotels. In April 2015, Hispania entered into an investment management agreement with the Barceló Group, a leading Spanish hospitality operator, to jointly acquire a portfolio of 16 resort hotels and two small shopping centers, mostly located in the Canary Islands, with the objective of creating the first pure vacation hotel SOCIMI in Europe. The implied value of the consolidated portfolio post-acquisition is estimated to be approximately €943 million.
The Shearman & Sterling team was led by partner David Dixter and included associates Pawel Szaja and Andy Zwecker (all London-Capital Markets). Counsel Simon Letherman and associate Gabriel Ng (both London-Tax) and partner Kristen Garry and associate Mike Daly (both Washington, DC-Tax) provided UK and US tax advice. Counsel Mehran Massih (London-Real Estate) advised on environmental matters. Partner Nathan Greene and associate and Catherine Sum (both New York-Investment Funds) provided Investment Company Act advice, and counsel Sharon Lippett (New York-Executive Compensation & Employee Benefits) provided ERISA advice. The team also was assisted by legal assistant Francesca Minoretti (London-Capital Markets).