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Covid-19 coronavirus: Real Estate and Covid-19 – The questions we are being asked in Spain

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Urretavizcaya Jimena
Jimena Urretavizcaya

Partner

Madrid

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de Vicente Santiago
Santiago de Vicente

Partner

Madrid

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Hormaechea Juan
Juan Hormaechea

Partner

Madrid

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15 April 2020

This note discusses a number of issues and queries that are arising in the commercial real estate investing and lending markets in Spain as a result of the Covid-19 pandemic.
We have made a general analysis of the issues set out below, but it must be noted that each issue is usually the subject of extensive negotiation and its outcome largely dependent on the agreed contractual terms. 

As a result, our conclusions on each of the scenarios considered below must be analysed taking into account the actual terms and conditions of the relevant sale and purchase/construction/lease/finance documents (as applicable) and the factual circumstances applying to each of the cases.

This note assumes the position under an English law financing (following LMA recommended form) backed with Spanish real estate. Should the financing be subject to Spanish law, the analysis on certain matters would vary.

As such, this note provides only a general analysis of issues likely to arise and it is not intended to provide legal advice in respect of any specific situation. 

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