Rafael Molina represents Spanish and international clients in their most sophisticated transactions at the intersection of corporate, finance, and real estate law. 

Leveraging more than two decades of experience, Mr. Molina guides international investors, developers, financial institutions, and promoters on negotiating a wide range of real estate transactions and corporate matters, involving:

  • Real estate M&A across asset classes, including hotels, data centers, retail and leisure centers, office buildings, logistics and industrial, and residential
  • Structured finance and securitizations
  • Single names, loan-to-own, and workouts and restructurings
  • Servicers
  • Performing loan (PL), re-performing loan (RPL), and non-performing loan (NPL) portfolios

He approaches negotiations with confidence and a sophisticated understanding of his clients’ interests, ready to devise complex structures that facilitate deal execution. Mr. Molina also regularly advises global private equity houses and investment funds on real estate as an asset class and related large-scale financing work.

Mr. Molina serves on the board of the University of Navarra.

Mr. Molina’s recent signature experience includes advising:

Real Estate M&A

  • Activum on:
    • Selling the Hard Rock Hotel in Madrid to Arlaes Management
    • Acquiring Hotel Nobu, located in Barcelona’s emblematic Torre Catalunya, from Selenta Group 
  • Pradera on acquiring a portfolio of six hypermarkets and retail galleries leased to Eroski
  • Blackbrook Capital on acquiring a portfolio of 22 supermarkets
  • Cerberus on:
    • Acquiring 80% of BBVA’s real estate business
    • The takeover bid for 100% of the shares of Optimum RE, a Spanish REIT
    • Acquiring three logistics real estate assets across Spain from Invermik, with a total built area of approximately 100,000 square meters
    • The €3.4 billion acquisition of 80% of Banco Sabadell’s real estate portfolio
  • Apollo on creating a hotel platform and that platform’s acquisition of several hotels, including a hotel complex in Málaga from Meliá Hotels International
  • Intriva Capital Partners on acquiring the Hotel Byblos in Malaga from listed company Aycos Grupo Inmobiliario 
  • Tristan Capital Partners on its joint venture with Acciona to develop an office complex in Barcelona


  • Activum on:
    • The financing to develop the first Hard Rock Hotel in continental Europe
    • The credit facility provided by Banco de Sabadell to refinance the acquisition costs and finance the development costs of the Hampton by Hilton Hotel in Barcelona
  • A syndicate of lenders on the financing for the acquisition of Aelca by Vía Célere, a Värde Partners portfolio company
  • A financial entity on the €150 million equipment lease receivables financing for Portuguese operator Liqui.do
  • Pictet on acquiring and subsequently financing two buildings in Paseo de la Castellana (Madrid)

Loan Portfolio Transactions

  • Cerberus on:
    • Acquiring a portfolio of consumer and SMEs NPLs secured by 2,300 real estate assets from Unicaja Banco
    • Acquiring and financing a portfolio of NPLs acquired to Kutxabank and CajaSur
  • A financial entity on acquiring a €300 million portfolio of performing and sub-performing consumer loans
  • Intriva Capital Partners on acquiring an NPL portfolio from Bankinter

Bar Qualification

  • England and Wales (Solicitor)
  • Spain (Abogado)


  • MCJ, New York University, 1991
  • LLB, Universidad de Navarra, Pamplona, Spain, 1989