Ashurst has acted for US private equity firm Sun Capital Partners and UK closed life insurance business Pearl Group, of which Sun Capital is the largest shareholder, in the acquisition of
Ashurst has acted for US private equity firm Sun Capital Partners and UK closed life insurance business Pearl Group, of which Sun Capital is the largest shareholder, in the acquisition of 1,152 freeholds comprising substantially all the Spanish bank branch network of Banco Santander for EUR2.04bn.
All of the branches have been leased back to Banco Santander under long-term leases of between 45 and 47 years, with the bank having a repurchase option.
Equity and subordinated debt was provided by Sun Capital, Drago Real Estate Partners and Pearl Group, while bank finance was led by BNP Paribas and Allied Irish Bank.
The Ashurst team involved the firm’s London and Madrid offices and their respective real estate, finance, tax and corporate departments. The team was led by London real estate partner Gerald Kelly with London international finance partner Helen Burton, Madrid real estate partner Cristina Calvo, Madrid tax partner Eduardo Gracia, London tax partner Ian Johnson, London corporate partner Susan Roy and Madrid international finance partner Gonzalo Jimenez-Blanco.
Says Kelly: ‘This deal demonstrates again Ashurst’s European real estate practice’s ability to deliver high value complex transactions in a demanding timetable across offices and disciplines and we are delighted to have been involved in another landmark transaction.’
Sun Capital Partners is a private investment firm focused on leveraged buyouts, equity, debt, and other investments and has invested in and managed more than 170 companies worldwide with combined sales exceeding USD35bn since its establishment in 1995. The firm has offices in Boca Raton, Los Angeles and New York and affiliates in London, Tokyo and Shenzhen.
