Hotel Cascais Miragem sold in €205M investment: advisors

A Spanish joint-venture between ARD Investment & Development and Ibervalles has acquired Hotel Cascais Miragem, in Portugal. The deal was valued at 125 million euros, with a planned investment of 80 million euros for the refurbishment and repositioning of the asset, making this one of the most relevant real estate transactions in Portugal this year so far. Advisors on this deal were Kgsa and Andersen Portugal, representing the joint venture, Ontier and DLA Piper, representing ARD, with teams from Lisbon and Madrid. Linklaters provided legal counsel for Novo Banco, which partially secured the transaction financing.

Kgsa’s advisors

Partners José Diogo Marques and Cláudia Raposo Correia coordinated the kgsa team in conducting the legal due diligence and negotiating the purchase agreement, with the support of Diogo Silva Rainha as external consultant and Maria Luísa Bruges, associate at kgsa.

Andersen Portugal’s team

The Andersen Portugal team — coordinated by partners Gonçalo Cid, José Mota Soares, and Mariana Abreu — was responsible for the tax due diligence as well as for the design and implementation of the tax and legal structuring, and also for the labor due diligence.

DLA Piper advisors

DLA Piper has advised ARD on the financing, corporate structuring, and commercial arrangements. The law firm’s team was led by partner João Bento in Portugal and counsel Almudena Comin in Spain, and included professionals from the Corporate M&A, Finance, and Tax areas: Rocío Smith and Mariano Renedo from the Madrid office; Stéphanie Sá Silva, Ana Carvalho, Mariana Melo Pinto, Ana Carolina Fernandes and Salvador Beirão da Veiga from the Lisbon office.

Linklaters’ team

On Linklaters’ side, the advisors’ team was led by partner Gonçalo Veiga de Macedo, who worked alongside managing associate Maria José Sousa Leite, associate Flávia Marques (based at Linklaters Luxembourg office), João Coutinho and Francisca Costa (junior associates in the same team).

Ontiers advisors

Ontier has advised Ibervalles and ARD Investment & Development on the coordination of the legal aspects of the financing, for an approximate amount of 120 million euros. Ontier’s team was led by banking and finance partner Israel Gómez-Caro, with the legal director of this department, Esteban Cuyás and in connection with the acquisition transaction by M&A partner Victor Artola and senior associate Maria Barbed.

On the picture, from left to right: João Bento, Gonçalo Cid, Cláudia Raposo Correia.