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 on the were kgsa and Andersen Portugal, representing the joint venture, 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.
For Cláudia Raposo Correia, “this transaction stood out for its complexity, not only due to its financial scope but also because of the number and demands of the parties involved. It required constant coordination between legal precision and in-depth knowledge of the national real estate market.”
Andersen Portugal 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.
Gonçalo Cid stated: “It was particularly challenging to work on a project with such a high level of complexity and very demanding timelines. We believe the solutions we developed added value to the transaction and allowed it to be successfully completed.”
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, Almudena Comin 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.
“The completion of this transaction, with close collaboration between our teams in Portugal and Spain, demonstrates DLA Piper’s ability to add value to our clients in complex, multi-jurisdictional transactions”, states João Bento.
On the picture, from left to right: João Bento, Gonçalo Cid, Cláudia Raposo Correia.
L’articolo Hotel Cascais Miragem sold in €205M investment: advisors proviene da Iberian Lawyer.