Ashurst LLP > Madrid, Spain > Firm Profile

Ashurst LLP
ALCALÁ 44
28014 MADRID
Spain

Spain > Tax Tier 1

Ashurst LLP boasts extensive experience advising domestic and overseas investors on tax matters pertaining to international structures for investments in Spain, real estate, M&A and other corporate transactions. The group is particularly well versed in transfer pricing, tax risk insurance, the incorporation of SOCIMISs and the promotion of APAs and MAPs as a means of dispute resolution. Practice head Javier Hernández Galante is active in large cross-border transactions, indirect tax matters and international tax planning. Key members of the practice include Eduardo Gracia, whose expertise covers international tax and transfer pricing; Ricardo García-Borregón, who is a reputed real estate tax practitioner; and Carmen Profitós, a key name for tax litigation at the administrative and judicial levels.

Practice head(s):

Javier Hernández

Testimonials

‘Commercial advice.’

‘Involvement of partners.’

‘Within the complexity and heterogeneity of the interpretations that can be given on aspects related to certain tax regulations in international corporate structures, this firm generates great value in our case, in terms of support given its vast experience and solidity in continuous advice with maximum involvement of the responsible partner.’

‘I would like to highlight the great reactivity and commitment to quality in time and form, as well as the proactive involvement of the partners throughout the process.’

‘Ability to have a deep understanding of sectors with highly complex tax structures. I would like to highlight Ricardo Garcia-Borregón’s great transparency in his advice and the quality of his analysis of tax scenarios and risks.’

Key clients

Cerberus Capital Management

Aviva Investors

Intermediate Capital Group plc (ICG)

Televisión de Castilla y La Mancha

Henderson Park

CBRE H2O Rivas Holding N.V.

Lighthouse Properties PLC and Resilient REIT Limited

Mirabaud Asset Management (Europe) S.A. – Sucursal en España

Goldman Sachs

Work highlights

  • Advising Henderson Park on the acquisition of Islazul.
  • Advised Cerberus on the sale of 100% of Haya Real Estate S.A.U. and of the outstanding shareholder loan interests to Intrum Holding Spain, S.A.U. and Intrum AB (listed on the Swedish Stock Exchange).
  • Advised TVCM on an appeal that has been admitted so far by the Spanish Supreme Court on this matter.

Spain > Dispute resolution Tier 2

Focusing on litigation and arbitrations arising from distressed asset transactions, investments in special situations, restructuring and insolvency, and real estate, Ashurst LLP's dispute resolution practice is capable of handling a range of complex, high-profile, and high-value matters for clients from an array of industry sectors including financial services, sports, and insurance. José Antonio Rodríguez, noted for his ‘knowledge and strategic vision,’ leads the team and specialises in civil, commercial, and administrative litigation, alongside arbitration and insolvency. On the international arbitration front, José Ramón Casado, Raquel Mendieta, and Alberto Manzanares are key contacts in the group, and they also offer assistance with civil and corporate litigation matters.

Practice head(s):

José Antonio Rodríguez

Testimonials

‘The team stands out for its integration with teams from other countries in arbitrations where it is necessary.’

‘They differentiate themselves from other firms through their availability and how they get involved in the substance of the matter, acquiring very important knowledge of the technical aspects of the dispute.’

‘José Antonio Rodríguez’s knowledge and strategic vision is excellent.’

‘The team has the ability to adapt quickly to changes. It is made up of lawyers with extensive experience in various areas of law, which allows them to offer comprehensive and customised solutions.’

‘Strengths and skills of the team include diversified experience, collaboration, availability, and efficiency. Their collaborative approach results in more effective solutions.’

‘The lawyers at this firm stand out for their dedication to understanding and meeting the specific needs of the client. The team is comprised of lawyers with vast experience in various areas of law, which allows them to address a wide range of legal issues with a high level of competence. The synergy between team members is a key factor in their success. Standout practitioners include José Antonio Rodríguez and Alberto Manzanares.’

‘It stands out for its diversified experience, focus on collaboration, and personalised customer service. These strengths allow them to offer efficient legal solutions tailored to the specific needs of the client.’

‘The group stands out due to its knowledge of the issues and legal regulations, experience, and adaptability to new circumstances, as well as a personalised approach to met the client’s needs. Outstanding lawyers from the team include José Antonio Rodríguez and Alberto Manzanares.’

Key clients

Gateway Infrastructure Investments, L.P

Corsair Capital

Arecibo Servicios y Gestiones, S.L.

Itinere Infraestructuras, S.A.

Union of European Football Associations

Cobra Instalaciones y Servicios Internacional, S.L.

Cobra Instalaciones y Servicios, S.A.

Deutsche Bank AG

Vodafone

Gestora Hotelera del Siglo XXI, S.L

Evelop Airlines, S.L.

Willis Towers Watson

Capgemini

WiseTech

Work highlights

  • Advising the UEFA in the injunction and main civil ordinary proceedings brought by European Superleague Company, S.L. before Spanish Courts concerning whether or not UEFA and FIFA are involved in anti-competitive practices in the context of the European and international market of football competitions.
  • Representing Evelop Airlines in two separate claims regarding the liquidation resulting from the joint-venture agreement entered into between the two parties in order to develop a package transport business between Spain and China.
  • Advising Gateway in the legal action brought by Globalvía before the Court of First Instance No. 82 of Madrid for the signature and execution of a sale and purchase agreement for Sacyr’s stake in Itínere in favour of Globalvía.

Spain > Real estate and construction Tier 2

Ashurst LLP's real estate team is highly adept at handling real estate restructuring, distressed deals, and NPLs/REOs transactions. With a strong presence in the logistics, residential, student accommodation, hospitality, and commercial property segments, the group acts for a varied client roster consisting of investors, real estate investment funds and corporations. Practice head Ismael Fernández Antón advises on zoning, development, financing, and construction matters, and stands out for his aptitude in distressed transactions and real estate-related litigation and insolvency proceedings. Recently promoted partner Joaquín Macías is a key point of contact for funds, financial entities and companies seeking assistance with transactional, financing, leasing, construction and contentious real estate mandates.

Practice head(s):

Ismael Fernández Antón

Other key lawyers:

Joaquín Macías; Mª Antonia de Prada; Román Hierro; Félix Tirado

Testimonials

‘Exceptional deal management and negotiation skills.’

‘What really makes the difference is the ability to align and understand the client’s needs supported by a strong technical knowledge, access to an international network and seniority of its team.’

‘In the end, as a service company, it is the people who make the difference between one firm and another, and in this case we must highlight the relevance, availability and knowledge of Ismael Fernández Antón. Ismael is widely recognised in the sector and his participation in complex transactions of all kinds gives him the background and key experience to provide comprehensive and effective advice.’

‘They are a highly coordinated team, and everyone assumes their role in the project at hand in a very efficient way. They are one of the best teams in the Spanish real estate sector with a very proactive approach to the client’s vision.’

‘Clearly the leadership and client service approach of their partner Ismael Fernández Antón, which is deeply rooted in the team, makes them a very competent legal team with a very good understanding of the client’s needs based on the different projects they deal with.’

‘Very well-organised team, with excellent resource management. Focus on detail.’

‘Agility and quality in their answers (fast and very good). Very well-researched topics. Excellent management of the issues. Clear, concise explanations when the difficulty of the subject allows it, and technically good.’

Key clients

Culmia

Henderson Park

Lighthouse Capital

Aviva Investors

ASG Iberia Advisors

Castellana Properties SOCIMI

Savills IM& Samsung

Invesco Real Estate

August Collection

Work highlights

  • Advising ASG Iberia Advisors on the sale of 100% of the share capital of three Spanish companies.
  • Advising Culmia in connection with the sale of a surface right over five plots of public land located in the Autonomous Community of Madrid to Bankinter under a forward purchase turn-key basis.
  • Advising Henderson Park on the acquisition of the shopping centre Islazul in Madrid from Nuveen/NPS.

Spain > Banking and finance Tier 3

Ashurst LLP‘s banking and finance department in Spain possesses a ‘very high level of technical understanding of complex legal and structuring matters’, offering expertise to both lenders and borrowers in leveraged and structured finance, asset-backed deals, export and trade finance, and securitisations. The team is particularly active in the financing of infrastructure and energy projects and has a strong track record in real estate finance. José Christian Bertram leads the department and is a reference for structured finance mandates. English-qualified partner Nick Pawson is experienced in managing cross-border transactions, including acquisition and leveraged finance, corporate lending, and refinancings. Irian Saleta Martínez is active in financing deals in the energy and real estate sectors.

Practice head(s):

José Christian Bertram

Other key lawyers:

Nick Pawson; Irian Saleta Martínez; Aitor Errasti; Manuela Sanz; Sam Tetlow

Testimonials

A deep knowledge of the market and how to solve blocking situations.’

‘Nick Pawson and Sam Tetlow make a great team that combines knowledge of English law with the Spanish market, seeking a balance.’

‘Very high level of technical understanding of complex legal and structuring matters.’

‘Personable, commercial, adaptable, diligent.’

‘José Christian Bertram is a partner with great knowledge of the market who is fully involved in the transactions, and leads the negotiations practically and effectively to find the positions of both sides and successfully close the projects.’

Key clients

Henderson Park

ING

Lighthouse Properties Plc

Banco Santander, S.A.

Savills IM & Samsung SRA

Sonnedix

BlackRock

Xenia Capital

Macquarie

BNP Paribas

Fiera Real Estate

CaixaBank, S.A.

Work highlights

  • Advised BNP Paribas and a syndicate of five other international banks (Banco Santander, Intesa San Paolo, First Abu Dhabi Bank, Abu Dhabi Commercial PJSC and Sumitomo Mitsui Banking Corporation), as lenders, on a on a €548m facility to Abu Dhabi Future Energy Company PJSC – Masdar in relation to the financing of the acquisition from Enel Green Power España S.L.U. of up to 50 per cent stake in a portfolio of solar PV assets with an operating installed capacity of c. 2 GWp.
  • Advising a syndicate of banks on the financing of Alantra Solar renewable platform by a syndicate of banks.
  • Advised ING on the first project finance transaction for the development of a biomethane plant in Spain.

Spain > Commercial, corporate and M&A Tier 3

Singled out for its experience in the energy, infrastructure, real estate, financial services, insurance and tech sectors, Ashurst LLP handles M&A, joint ventures and corporate restructurings for a diverse roster of clients, including domestic and international companies, investors and private equity funds. Jorge Vázquez – the Madrid office managing partner and global co-head of the corporate division – is proficient in M&A and PE deals, restructurings, distressed deals and commercial matters. He oversees the practice that also features Pedro Ester, a key adviser to industrial clients, insurance companies and real estate investors, and Andrés Alfonso, who focuses on transactions in the energy and infrastructure sectors.

Practice head(s):

Jorge Vázquez

Other key lawyers:

Pedro Ester; Andrés Alfonso; Tannia Rodríguez; Camilo Luna; Isabel Matute

Testimonials

‘Professionalism and trust.’

‘Among the qualities that stand out are professionalism, absolute availability, flexibility to adapt to the needs of the transaction and the trust that they generate in the client. We highlight Pedro Ester and Camilo Luna.’

‘Knowledge of the sector, as well as the diversity of departments that support the transaction.’

‘Their willingness and dedication to the project, as well as their knowledge and approach to the business in question.’

‘The team we have worked with on the various transactions was made up of the people necessary for the efficiency of the project. In other words, the composition of the team was perfect to be able to resolve any type of doubt in the time and manner necessary. I would highlight the response times and the availability of the team, since for reasons of urgency we have had to call urgent meetings and the team has always been available, as well as the quality of the advice has been outstanding.’

‘Compared to lawyers from other firms, the quality of advice, the availability of the lawyers and the legally complex solutions they have reached have been decisive in being able to carry out the different projects entrusted to them. I would also highlight their great negotiating skills. I would especially like to mention Jorge Vázquez and Camilo Luna.’

Key clients

Cerberus Capital Management

Iridium Concesiones de Infraestructuras S.A. (ACS Group)

Equitix European Infrastructure Fund

Heritage B, B.V.

DeA Capital

Entelgy Consulting

Bp

N-SUN ENERGY S.L. (Alantra Solar, Amundi, Reichmuth)

Lighthouse Properties PLC

Sonnedix

CBRE H2O Rivas Holding N.V.

Work highlights

  • Advising Heritage B, B.V. on the sale of its 97.38% interest in Teka Industrial, S.A. to Midea Electrics Netherlands, B.V.
  • Advised Entelgy Consulting on the sale of 100% shares in the cybersecurity company Innotec System, S.L.U. to Accenture.
  • Advised BP on a joint venture with Iberdrola for the development of a large-scale production of green hydrogen in Spain, Portugal and the United Kingdom, with a total capacity of up to 600,000 tonnes per year.

Spain > EU and competition Tier 3

Ashurst LLP‘s team frequently advises on complex and high-profile transactions, securing merger clearance from competition authorities in Spain and globally. The team excels in obtaining first and second-phase clearances, approvals subject to commitments, and handling referrals involving the EC. Litigation work continues to grow, particularly in damages claims, where the team represents both claimants and defendants. Team head Rafael Baena’s practice encompasses merger control, abuse of dominance, and cartel investigations. Javier Torrecilla and Peter Turner-Kerr are integral to the team’s success.

Practice head(s):

Rafael Baena

Other key lawyers:

Javier Torrecilla; Peter Turner-Kerr; Teresa Prado; Patricia Valenzuela

Testimonials

‘Understanding the market in which one operates is essential to ensure that assessments and approaches correspond to existing needs. Also, the teaching capacity, which allows an approach to information and teams always generating value and mutual benefit.’ 

‘Rafael Baena and Javier Torrecilla can apply pragmatic approaches that help the client make decisions. Their involvement ensures that the teams understand and internalise the proposals.’ 

‘First and foremost, what makes this firm strong is the team’s great expertise and knowledge of the subject matter. Their strengths are the number of times they have been involved in other similar cases and the experience they have gained from doing so.’ 

‘Rafael Baena is everything an in-house lawyer looks for in an external collaborator: deep and reliable knowledge of the subject, good references, respect among his colleagues, accessibility, availability and direct and easy dealings.’ 

Key clients

Union of European Football Associations

Swiss Life Holding AG

Albia Gestión de Servicios

Fédération internationale de football association

Altadis

Vontobel Holding AG

Cerberus Capital Management

Deutsche Bank

Hewlett-Packard

Elsamex

Work highlights

  • Representing UEFA in connection with all the litigation around the Superleague project.
  • Assisted Vontobel Holding AG in the regulatory clearances in Spain of the acquisition of control of Ancala Partners LLP.
  • Advised Albia in its successful abuse of dominance complaint before the regional competition authority of the Basque Country.

Spain > Insurance Tier 3

Ashurst LLP‘s insurance capabilities are centred on M&A transactions of insurance and reinsurance companies, insurance distribution and bancassurance agreements, and regulatory mandates. Insurance and reinsurance companies, banks and other financial institutions feature on the group’s client roster. Corporate practitioner Pedro Ester oversees the practice and draws on experience in bancassurance matters and M&A and private equity transactions. María José Menéndez retired from the partnership in October 2023, but continues to support the firm on an advisory basis.

Practice head(s):

Pedro Ester

Key clients

Nationale Nederlanden

Deutsche Bank

AEGON

PIB Group

JP Morgan

Certa Insurance

Generali Investment Partners SGR S.p.A

BMS Group

CaixaBank S.A.

Reale Mutua

Mediterráneo Vida

Elliott Advisors

Aviva

VidaCaixa, S.A.U. de Seguros y Reaseguros

Elliott Advisors UK Limited

doValue S.p.a.

Canada Life Assurance Company

Santalucía

Pelayo Seguros

Work highlights

  • Advised an international client on the coverage of a warranties and indemnities insurance policy for an approximate value of €30m.
  • Advised BMS Group on the vendor’s due diligence, management incentive package and various regulatory issues in relation to the acquisition by Eurazeo of up to 34% in BMS Group.

Spain > Private equity Tier 3

Supported by an English finance law team in Madrid, Ashurst LLP leverages its cross-border capabilities to provide critical advice to lenders and borrowers involved in private equity transactions. The team notably focuses on buy-outs and fund structuring deals. Jorge Vázquez has extensive experience advising investment funds on M&A and private equity transactions. José Christian Bertram‘s practice spans a range of structured finance deals essential to the establishment and operation of investment funds.

Practice head(s):

Jorge Vázquez

Other key lawyers:

Jose Christian Bertram; Pedro Ester; Eduardo Gracia; Nick Pawson; Javier Hernández Galante; Irian Martínez

Key clients

Cerberus Capital Management

Bank of Ireland

DeA Capital

Agilitas Private Equity

Banco Santander

Inspired

Work highlights

  • Advised Cerberus on the sale of 100% of Haya Real Estate S.A.U.
  • Advised Bank of Ireland and a syndicate of Lenders on the amendment of VASS Technology facilities.
  • Advised DeA Capital on the acquisition of a 92.85% stake in Quimi Romar S.L.

Spain > Projects and energy Tier 3

Ashurst LLP’s energy transition and projects team brings ‘real proactivity, availability, knowledge, and problem-solving skills’ to energy companies, project operators, and investors. Practice head Andrés Alfonso is a key adviser to project developers and operators on M&A, joint ventures, and investments across the energy and infrastructure spaces. Within the solar power sector, banking and finance specialists Nick Pawson and José Christian Bertram lead the team in assisting major domestic sponsors and lenders in acquisition and project finance mandates.

Practice head(s):

Andrés Alfonso

Other key lawyers:

Testimonials

‘Ashurst has in-depth knowledge of a company’s way of working and is knowledgeable about the internal decision-making process, which makes project management much easier.’

‘The team is specialised in energy law, in particular in the negotiation of EPC contracts for energy infrastructure. The team is fully identified with the client’s position, supporting at all times with agility, diligence and professionalism and providing legal experience specialized in this type of projects.’

‘The team brings real proactivity, availability, knowledge, and problem-solving skills.’

‘Due to the commitment and breadth of the team, they are able to support a client in complex situations and against time.’

‘Andres Alfonso is a great professional. He looks for solutions and knows how to value the importance of the points of discussion in order to establish a successful negotiation strategy.’

‘They know the sector very well and provide a close service to the client. Andres Alfonso and Alfonso Gonzalez Espejo are the outstanding partners in energy.’

‘Irian Saleta Martinez and Andrés Alfonso provided excellent service and dedication throughout the landmark financing process. The attention to detail and the involvement of the partners sets them apart from the market.’ 

‘From the most junior to the partner, they are 100% involved in the matters on which they advise.’

Key clients

BNPP

N-Sun Energy (Alantra, Solarig, Amundi, Reichmuth)

Mirabaud

Equitix

ING

bp

Grupo Ekhi

Cobra (Vinci)

Sonnedix

Banco Sabadell

Repsol

Cobega

Verdalia

Greenvolt

Peninsula

Work highlights

  • Advised Banco Santander, Intesa San Paolo and BNP Paribas, as Lenders, on a on a €548m facility to Abu Dhabi Future Energy Company PJSC – Masdar in relation to the financing of the acquisition from Enel Green Power España S.L.U. of up to 50 per cent stake in a portfolio of solar PV assets with an operating installed capacity of c. 2 GWp.
  • Advised Equitix on the acquisition from Capital Energy of 90% of a holding company that holds two SPVs, owning each of them a wind farm to be hybridised with a solar project.
  • Advised ING on the first project finance transaction for the development of a biomethane plant in Spain.

Spain > Capital markets: Debt Tier 4

The capital markets group at Ashurst LLP is highly skilled in handling transactional, advisory, and regulatory derivatives matters. Known for being 'attentive and proactive', the team demonstrates expertise in complex financial instruments, including deal-contingent swaps, synthetic power-purchase agreements, equity derivatives and Spanish-governed master agreements for financial transactions (CMOF). The team also regularly works with leading Spanish banks on the creation of trading platforms for regulated emissions allowances and voluntary carbon credits. Practice head Irian Saleta Martínez stands out for her 'extensive knowledge of the sector, technical level, and excellent customer service'.

Practice head(s):

Irian Saleta Martínez

Other key lawyers:

Manuela Sanz; Ignacio Piñeiro; Javier Altemir

Testimonials

‘They are an attentive and proactive team. They take care of their clients. They are available and coordinate international matters from the reference office. We have worked with Madrid, London and Australia and the experience in all cases is unbeatable. Close, accessible and professional.’

‘We regularly work with Irian Martínez. He has extensive knowledge of the sector, technical level and excellent customer service.’

‘They are in line with other international firms, but their practices are more suited to what the market demands.’

‘Personal treatment and knowledge of the subject.’

Key clients

Banco Santander

CaixaBank, S.A.

ING

Adidas

Solarpack

Sacyr

Engie

Acciona

Natwest

Intesa Sanpaolo

Credit Suisse

Sonnedix

Société Générale

Goldman Sachs

ANZ

Unicaja

BNP Paribas

Instituto de Crédito Oficial (ICO)

Roadis

BBVA

Work highlights

Spain > Restructuring and insolvency Tier 4

The restructuring group at Ashurst LLP handles pre-insolvency matters, including refinancings and distressed M&A transactions, as well as insolvency proceedings. Investment banks, distressed investors, hedge funds, lending banks, private equity houses and services companies routinely feature on its client roster. Managing partner Jorge Vázquez steers the practice and specialises in corporate, private equity and restructuring transactions. Also noted is José Christian Bertram, who handes acquisition finance, restructurings and refinancings.

Practice head(s):

Jorge Vázquez

Other key lawyers:

José Christian Bertram; José Antonio Rodríguez

Testimonials

‘The Ashurst team has extensive experience in this type of transaction and has a top-level international team, which makes it very easy to work with them on transactions involving players from various jurisdictions.’

‘Jorge Vázquez and José Christian Bertram have the ability to adapt to the circumstances of each specific case.’

Key clients

Barclays Bank

Caixabank

Goldman Sachs

Thomas Cook

Cerberus

Haya Real Estate

Heritage

LynxCap Group

MHR

Boussard & Gavaudan

BlackRock

Xenia Capital / Xenia Spain Real Estate Finance

Jefferies International Limited

Bank of America

Work highlights

  • Advised Boussard & Gavaudan on the restructuring of Telepizza.
  • Advised Cerberus on the sale of Haya Real Estate and of the outstanding shareholder loan interests to Intrum Holding Spain and Intrum AB.
  • Advised Heritage B on the sale of its 97.38% interest in Teka Industrial to Midea Electrics Netherlands.

Ashurst is a leading global law firm with over 500 partners and a further 2,000 lawyers working across 11 different time zones. The firm’s in-depth understanding of its clients and commitment to providing exceptional standards of service has seen it become a trusted adviser to local and global corporates, financial institutions and governments on all areas of commercial law.

Ashurst has 31 offices in 18 countries and offers the reach and insight of a global network, combined with the knowledge and understanding of local markets. As a global team, Ashurst has a reputation for successfully managing large and complex multi-jurisdictional transactions, disputes and projects and delivering integrated solutions that provide strategic value for clients.

The firm’s people are its greatest asset and bring together global teams of experts across legal, risk consulting and NewLaw to deliver end-to-end solutions and provide the incisive advice clients need. Our focus is on getting to the heart of clients’ commercial goals and on striving to go beyond matters of the law to deliver practical, holistic solutions.

Ashurst Risk Advisory is law firm Ashurst’s consultancy business. Launched in Australia in 2020 and expanded into the UK in 2022, the 100 strong team of highly experienced, specialist risk consultants, provide integrated and holistic solutions to clients navigating the complexities of conducting businesses globally.

With offerings aligned to financial services regulation, workplace health and safety, ESG and sustainability, data and analytics and cyber and strategic risk, the global team help to guide clients through their most important opportunities and challenges.


  • Tax