The Client, a foreign company, that was intending to invest in Spain in order to acquire a rustic estate, engaged our Office to provide advice and arrange the negotiations required to acquire various registered estates, spanning an area of approximately 1,504 Ha., that were also found to be included in a Natural Park and that, therefore, by reason of the its location in the Natural Park, the governing autonomous Administration had a legally recognised right to preferred acquisition.
The Client also needed advice for its own formalisation of the private contract and subsequent deed of sale in order to carry out all the necessary guarantees for the acquisition of the estates.
The transaction was successfully concluded through the signing of the corresponding public deed of sale, once notification had been received from the Administration in which it had renounced its right to preferred acquisition.
The amount of the direct investment reached the sum of 11,280,000€ (excluding taxes).
Afterwards, our Office has continued advising the Client in relation to the possible legal actions to be brought before the local Administration as a consequence of an administrative resolution which categorised a private road that is within and passes through the acquired estates, as belonging to the catalogue of public domain goods of the local municipality Entity where the estates are located.
The sale and purchase agreement was satisfactorily concluded for the Client, and presently there are various recreational estates being set up in this zone, being one of the most attractive areas in Spain for these types of investments.