20 March 2005 – LAWFUEL – The Law News Network – Public offer by Met…

20 March 2005 – LAWFUEL – The Law News Network – Public offer by Metrovacesa for Gecina – Linklaters advises on the creation of the first continental pan-European real estate company and on the largest financing ever
to a Spanish company

Linklaters has advised Metrovacesa, Spain’s largest real estate company, in relation
to its cash public offer for 100 per cent of Gecina, France’s second-largest
publicly listed real estate company. On 14 March 2005, Metrovacesa acquired 30 per
cent of Gecina shares from AGF and Azur GMF.

Linklaters also advised Metrovacesa on the EUR 7,573,200,000 cross border financing
for the above block purchase and subsequent offer.

Linklaters’ corporate team was led by corporate partners Marc Loy and Bertrand
Cardi, in Paris. Other members of the team included corporate associates Simon
Charbit and Thomas Meli, tax partner Philippe Derouin and associate Edouard
Chapellier as well as competition partner Anne Wachsmann in Paris. Spanish law
aspects for the offer were run by corporate partner Alejandro Ortiz, based in
Madrid, and associate Ignacio Echenagusia, temporarily based in Paris.

Linklaters’ financing team was led out of Madrid by finance partner Conrado
Tenaglia, in Madrid. Other members of the Madrid team included Iñigo Berrícano, Ben
Crosse, Guillermo Yuste and Alexandra Whalley. French law issues in relation to the
financing of the tender offer were run out of Paris by a Linklaters team led by
Nathalie Hobbs and included Arnaud Fromion and Anne-Sophie Millot.

In a joint statement, partners Conrado Tenaglia, Bertrand Cardi and Marc Loy, who
led the Linklaters team, said:

“We are very pleased to have worked on such a complex and challenging transaction.
It required us to deliver English, French and Spanish legal advice in an integrated
and consistent way so that our client could achieve the block acquisitions and
launch the tender offer within what was a tight timeframe. It highlights the tight
teamwork of our international/domestic and corporate/finance practices throughout
our office network.”

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