Madrid—Dentons’ Spanish real estate team has completed the acquisition of three shopping malls located throughout Spain by Incus Capital Advisors from Morgan Stanley Real Estate Funds (MSREF).
The transaction is considered as a unique deal in the very distressed Spanish commercial real estate sector.

The Dentons team put together a structure which made it possible for Incus Capital Advisors to buy the shopping malls through the bank debt in the relevant owning companies. It was a challenging, pioneering “loan-to-own” strategy that worked out well for both buyer and seller (and for the senior lender also).

Dentons Madrid advised Incus Capital Advisors and proved its mastery in debt trades in the commercial real estate sector. Madrid partner Jesús Varela lideró esta operación.

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