Shearman & Sterling advised UBS Limited, as sole global coordinator and joint bookrunner, Goldman Sachs International and Morgan Stanley & Co. International plc, as joint bookrunners, in connection with a €231 million rights offering by Hispania Activos Inmobiliarios, SOCIMI, S.A. (“Hispania”). Hispania intends to use the proceeds from the offering to enhance its property portfolio through the acquisition of properties in its pipeline and the refurbishment of existing assets.

Hispania is listed on the Madrid, Barcelona, Bilbao and Valencia stock exchanges and benefits from the Spanish REIT regime (SOCIMI). Hispania’s asset portfolio as of the end of the first quarter of 2016 was valued at approximately €1.463 million. Hispania is externally and solely managed by a company in the Azora Group, a private equity management fund that specializes in real estate investments.

The Shearman & Sterling team was led by partner David Dixter and included counsel Pawel J. Szaja and associate Oscar Lopez (all London-Capital Markets). Partner Simon Letherman, associates Lois Howarth and Gabriel Ng (all London-Tax) and partner Kristen Garry and associate Mike Daly (both Washington, DC-Tax) assisted on tax matters.