CMS advises Westwind Capital on Spanish PBSA entry
CMS Albiñana & Suárez de Lezo has advised Westwind Capital on the acquisition from Merkel of a portfolio of student accommodation assets in Spain valued at approximately €141 million. The transaction marks Westwind Capital’s entry into the Spanish student residence market and comprises operating and development assets with a combined capacity of close to 1,400 beds.
The transaction was structured through an M&A process that covered the negotiation of acquisition documentation, management and development agreements for the assets, as well as financing arrangements and a warranty and indemnity (W&I) insurance policy associated with the deal. The portfolio acquired includes two operating student residences and a third asset under development, the latter structured through a forward purchase agreement.
The transaction was carried out mainly through the acquisition of shares in the companies owning the operating assets via several share purchase agreements, complemented by a forward purchase agreement covering the project under development. The deal also required negotiating a number of operating agreements to govern the future management and operation of the assets, including property management contracts, aimed at ensuring operational continuity and the correct execution of the business plan following closing.
The team
The deal was led by Álvaro Otero, Partner in the Real Estate practice, and Alberto Mata Rodríguez, Partner in the Banking and Finance practice, together with senior associates Jorge Durán, from Real Estate, and Marta Becker, from Banking and Finance. The team also included lawyers Rodrigo García-Escorial de León, Ana Parejo, Marta Sánchez, Álvaro Suárez and Luna Mora from the Real Estate practice, as well as Raquel Alcántara from the Banking and Finance practice.
