Rafael Molina represents Spanish and international clients in their most sophisticated transactions at the intersection of corporate, finance, and real estate law. 

Leveraging more than two decades of experience, he guides international investors, developers, financial institutions, and promoters on negotiating a wide range of real estate transactions and corporate matters, involving:

  • Real estate M&A across asset classes, including hotels, data centers, retail and leisure centers, office buildings, logistics and industrial, and residential
  • Structured finance and securitizations
  • Single names, loan-to-own, and workouts and restructurings
  • Servicers
  • Performing loan (PL), re-performing loan (RPL), and non-performing loan (NPL) portfolios

Rafael approaches negotiations with confidence and a sophisticated understanding of his clients’ interests, ready to devise complex structures that facilitate deal execution. He also regularly advises global private equity houses and investment funds on real estate as an asset class and related large-scale financing work.

He serves on the board of the University of Navarra.

Rafael’s recent signature experience includes advising:

Real Estate M&A

  • Aedas Homes on the acquisition of Promociones y Propiedades Inmobiliarias Espacio (PRIESA) from Grupo Villar Mir
  • Avenue Europe on the sale of a majority stake in a group of companies which own and operate 7 hospitality assets located in Calviá (Mallorca) to ADIA, including several restaurants, night clubs and a shopping center
  • Activum on:
    • Selling two plots of land for the development and construction of two data centers in Vicálvaro and Meco (Madrid) 
    • Selling the Hard Rock Hotel in Madrid to Arlaes Management
    • Acquiring Hotel Nobu, located in Barcelona’s emblematic Torre Catalunya, from Selenta Group 
  • Bank of America and Oak Hill Advisors on the sale of Hotel Presidente (Ibiza) to Meridia Capital 
  • Pradera on acquiring a portfolio of six hypermarkets and retail galleries leased to Eroski
  • Blackbrook Capital on acquiring a portfolio of 22 supermarkets
  • Cerberus on:
    • Acquiring 80% of BBVA’s real estate business
    • The takeover bid for 100% of the shares of Optimum RE, a Spanish REIT
    • Acquiring three logistics real estate assets across Spain from Invermik, with a total built area of approximately 100,000 square meters
    • The €3.4 billion acquisition of 80% of Banco Sabadell’s real estate portfolio
  • Apollo on creating a hotel platform and that platform’s acquisition of several hotels, including a hotel complex in Málaga from Meliá Hotels International
  • Tristan Capital Partners on its joint venture with Acciona to develop an office complex in Barcelona

Finance

  • KKR as lender in the asset back financing to acquire lease receivables originated by Drivel Revel, a car leasing and rental company 
  • Waterfall Asset Management in a senior facilities agreement to refinance the acquisition of four portfolios of NPLs and REOs
  • Goldman Sachs on the financing for the acquisition of six performing and re-performing loan portfolios by Balbec Capital Management
  • Activum on:
    • The financing to develop the first Hard Rock Hotel in continental Europe
    • The credit facility provided by Banco de Sabadell to refinance the acquisition costs and finance the development costs of the Hampton by Hilton Hotel in Barcelona
  • A syndicate of lenders on the financing for the acquisition of Aelca by Vía Célere, a Värde Partners portfolio company
  • A financial entity on the €150 million equipment lease receivables financing for Portuguese operator Liqui.do
  • Pictet on acquiring and subsequently financing two buildings in Paseo de la Castellana (Madrid)

Loan Portfolio Transactions

  • Apollo on the acquisition of a portfolio of secured NPLs from CaixaBank (Project Oxygen)
  • Cerberus on: 
    • Acquiring a portfolio of NPLs in Spain from Caixabank (Project Backgammon)
    • Acquiring a portfolio of consumer and SMEs NPLs secured by 2,300 real estate assets from Unicaja Banco (Project Aloe)
    • Acquiring and financing a portfolio of NPLs acquired to Kutxabank and CajaSur (Project Lezama)
  • A financial entity on acquiring a €300 million portfolio of performing and sub-performing consumer loans
  • An investment bank on the proposed acquisition of a €500 million performing consumer loan portfolio   

Bar Qualification

  • England and Wales (Solicitor)
  • Spain (Abogado)

Education

  • MCJ, New York University, 1991
  • LLB, Universidad de Navarra, Pamplona, Spain, 1989

Industries