Baker McKenzie’s real estate and public law and urban planning teams have advised Bestinver, Acciona’s investment fund manager, on the purchase of the Antiguo Hospital Xeral in Santiago de Compostela with the aim of transforming it into a student residence.
The transaction is part of Bestinver’s launch of a socimi to invest in the living sector in Spain with a value creation strategy.
Through the socimi Smart Living Properties, the objective is to invest 150 million euros, without leverage, in between ten and fifteen real estate investments. The socimi’s new investments will be focused on new living formats, such as student residences, flexible rentals and senior living.
The Baker McKenzie advisory team was formed by Guillermo Rodrigo (partner), Manuel Somacarrera (senior associate) and Paloma Alcón (senior associate).