Adolfo Guerrero

Adolfo is a partner and the head of our Spanish real estate practice and the NPLs practice. He covers a full spectrum of real estate products, from real estate M&A to all types of NPLs. Adolfo advises on significant real estate transactions involving large corporates and assets such as shopping centres, major hotels, office buildings, logistic platforms, and sale and leasebacks. His varied client base includes financial sponsors, corporates and private equity investors. Adolfo has become one of the most sought-after R&I advisers in the distressed market.

Adolfo is ranked both by main legal directories, Chambers and Legal 500, as a “leading individual” in real estate. Clients describe him as “knowledgeable, responsive and very dedicated to getting the best outcome for his clients,” highlighting his “efficiency, creativity, and practical experience.” Market sources say he is very deal-oriented and that no detail escapes him, lauding his “smart and commercial approach to real estate situations,” as well as his proactive and hands-on nature.

Work Highlights

Highlights of Adolfo’s experience includes, among others:

• Advising W. P. Carey on the sale to the Junta de Andalucía of one of the largest portfolios of buildings in Spain that have been recently transacted (70 office buildings located in the Andalusia region). We also advised on the previous acquisition.

• Advising Intu Properties and CPPIB on the sales of Puerto Venecia and Parque Principado shopping centres Advising Banco Santander on (i) in the creation of a joint venture with Aedas, to develop and operate a flexliving asset in Valencia; and (ii) in the creation of a joint venture with Aedas, to develop and operate a flexliving asset in Valdemarin.

• Advising Banco Santander on (i) in the creation of a joint venture with Aedas, to develop and operate a flexliving asset in Valencia; and (ii) in the creation of a joint venture with Aedas, to develop and operate a flexliving asset in Valdemarin.

• Advising Orion on the sale of NH Sotogrande Hotel to Alantra Partners.

• Advising Union Investment Real Estate on the acquisition from Partners Group of a target company owning Hotel 1882, a hotel located in Barcelona, Spain, and the subsequent lease to Radisson Hotel Group.
• Advising W. P. Carey on the sale-leaseback with Fedrigoni for a portfolio of 16 industrial properties spread across Spain, Italy, and Germany, valued at approximately €280 million
• Advising Banco Santander S.A., as seller, on Project Othar (i.e. the sale of a portfolio of unsecured reperforming loans (RPLs).
• Advising Polus Capital and J.P. Morgan on the acquisition from Banco Santander of Project Zeta (i.e. a portfolio of 5 single names with a face value of €235m).
• Advising Fortress Investment Group on the acquisition of a NPL portfolio with an outstanding balance of €485m from Banco Santander, S.A. (Project Sir Barton). The portfolio consisted of two sub-portfolios of residential mortgages (Project Belmont) and SMEs loans (Project Churchill).
• Advising Fortress Investment Group on the acquisition of a NPL portfolio with an outstanding balance of €271m from Banco Santander, S.A. The NPLs were granted to individuals and mostly secured by residential real estate assets (most of them in Madrid, Barcelona, Malaga and Seville).

Adolfo joined Linklaters in September 2007 as a trainee.In 2012 he was seconded for six months to the Linklaters London office and later at British Land in London.

He is a preeminent real estate and NPL reference in the Spanish market. He is a sector leader and Head of the real estate practice in Madrid.
In addition, Adolfo regularly publishes opinion articles and columns and participates in broader articles in Spanish media, such as El Confidencial or Expansión, among others. Some of these publications are:

• Obstáculos en la transmisión de los créditos hipotecarios fallidos (El Confidencial, November 2023)
• La ley antidesahucios anticipa un alud de demandas por daño patrimonial al Estado (Expansión, December 2020).

Adolfo obtained a Law degree from Universidad Autónoma de Madrid. He completed his Law studies at IEB-ISDE, earning an LLM in International Law.

He speaks Spanish and English.