Pérez-Llorca advises W. P. Carey on funeral assets divestment
Pérez-Llorca has advised global net lease REIT W. P. Carey on the sale of a portfolio of 26 funeral home assets back to Spanish funeral services provider Mémora. The transaction marks the end of a long-term sale and leaseback arrangement originally entered into in early 2022, valued at approximately €130 million.
The portfolio, spread across key provinces including Barcelona, Girona, Cádiz, Sevilla, Guadalajara, Valladolid, Teruel, Huesca, Valencia, Zaragoza, Burgos, and La Rioja, had been leased to Mémora since the original transaction three and a half years ago, when the company was still owned by the Ontario Teachers’ Pension Plan.
With this acquisition, Mémora—now a subsidiary of insurance group Grupo Catalana Occidente (GCO)—recovers full ownership of a significant portion of its funeral infrastructure as part of its long-term strategic growth plan.
The Pérez-Llorca team advising W. P. Carey on this transaction was led by Corporate Real Estate partners Alejandro Osma (pictured left) and José Ángel Nabal (pictured centre), with support from Paula Quintillán (senior associate) and Isabella Dalmau (associate). Tax advice was provided by José Azqueta (partner, pictured right) and Ignacio González del Yerro (associate).
Mémora currently operates 194 funeral homes, 57 crematoria, and 97 cemeteries across Spain and Portugal. According to CEO Augusto Huesca, the repurchase “is aligned with Mémora’s long-term vision to grow sustainably while maintaining close and professional support for families during moments of loss.”
Grupo Catalana Occidente acquired full control of Mémora in February 2023 in a €400 million transaction, underlining the group’s commitment to expanding its footprint in the end-of-life services sector.
