DLA Piper has advised Cognita, an international education group, on the development and sale of a building located in Cabrera de Mar (Barcelona) to Marquee Capital, a firm specializing in real estate investment. The asset is intended to become a new international school operated by The British School of Barcelona, a brand owned by Cognita.
The transaction, structured through a forward purchase model followed by a sale & leaseback, will allow Cognita to continue operating the educational center once construction is completed, under a long-term lease agreement. The property will be built on a 16,000-square-meter plot and will have capacity for around 750 students. In addition, it will obtain BREEAM Very Good environmental certification, in line with current sustainability standards.
The DLA Piper team involved in the transaction—primarily advising on the negotiation of the forward purchase and sale & leaseback agreements, as well as the transaction’s tax structure—was composed of José María Oliva, partner, and Fatima Rico-Villademoros, senior associate, both from the Real Estate practice, along with Miguel Baz, partner, and Alberto Lobato, senior associate, from the Tax practice.
Regarding the transaction, Fátima Rico highlighted: “This agreement underscores the growing interest of the real estate market in the educational segment within the universe of alternative real estate assets, which we believe still has significant potential.”
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