Herbert Smith Freehills has advised Oaktree on its acquisition of the entire Spanish and Portuguese portfolio of assets (REOs and shares) and loans of FMS Wertmanagement Anstalt des öffentlichen Rechts.

The transaction was structured through the purchase of the loan portfolio held by FMS and the direct acquisition of the real estate assets held by FMS's debtors and their shares. The underlying assets acquired include the emblematic C/ Gran Vía 68 building in Madrid as well as a factory outlet centre and the retail warehouse located at Mega Park in Barakaldo.

The cross-practice team was led by Madrid partners Nicolás Martín and Pablo García-Nieto and involved lawyers from across several practice areas of the Madrid office due to the complexity of the transaction, which combined a loan purchase with several asset deals. Both were supported by of counsel Marta Esteban and associate Gonzalo Gil on the tax aspects of the transaction; senior associate Jaime San Román and associate Eugenia Zuleta de Reales covering the insolvency aspects; senior associate Deborah Dove and associate Yaiza Rodriguez on English law finance; partner Gonzalo Martín de Nicolás, senior associate Felix Hernández, associates Carmen Jara and Silvia Couret on Spanish law finance; partner Javier Ortega, associates Álvaro Gross and Alejandra Romero on real estate and associates Guillermo Uriarte and Beatriz de Basterrechea for corporate.

Stibbe Luxembourg and Campos Ferreira, Sá Carneiro & Associados also supported Oaktree in the transaction. FMS was advised by Marimon Abogados.