Adrian Gay Lasa
+52.55.3602.8019
Overview
Adrián Gay is an attorney in Holland & Knight's Mexico City office. Mr. Gay advises Mexican and international companies and financial institutions on matters related to financial and corporate finance transactions, including public bids, mergers and acquisitions, joint ventures, real estate, real estate investment trusts (REITs) and general corporate matters. He has broad experience in domestic and cross-border asset-backed securitizations, Mexican REITs, and future flow transactions involving accounts receivable, toll-road fees derived from federal and state concessions, commercial leases and tax contributions.
In addition, Mr. Gay advises clients in connection with structured loans, bridge financings and the design and implementation of financing structures for real estate, hospitality and infrastructure projects, including public-private partnerships. He is well versed in the procedures for filing with the Ministry of Finance, National Banking and Securities Commission, Ministry of Communications and Transports, Mexican Antitrust Commission, and other federal and local government entities.
Representative Experience
- Currently representing a fund that will finance a Mexican company focused in the acquisition of schools in Latin America with respect to all collateral and legal due diligence, including real estate assets
- Represented Fibra UNO in connection with a US$1 billion dual-tranche five-year sustainable revolving credit agreement; the unsecured revolving credit facility incorporates a sustainability-linked pricing grid that reduces the borrowing spread; the syndicated facility complies with the Loan Syndications and Trading Association's (LSTA) Sustainability Linked Loan Principles, and is the first of its kind for a Mexican issuer such as Fibra UNO
- Acted as counsel to the borrower (Parks), a company dedicated to the development, construction and commercialization of a wide range of real estate businesses, including industrial, commercial, corporate and mixed-use, in a syndicated loan facility for the development of two hotels in Chemuyil (Riviera Maya); the transaction involved complicated negotiations with Banco Sabadell, Bancoppel and Grupo Posadas who will act as hotel operators and managers for the project; besides the loan facility agreement, licensing, operation, leasing and construction agreements also have to be negotiated
- Represented Fibra UNO, Mexico's first publicly traded real estate investment trust (REIT), on its third global and landmark follow-on public offering, valued at US$2.5 billion
- Represented Fibra UNO in the first international debt issuance by a REIT in January 2014 for an aggregate amount of US$1 billion. The issuance of notes included two trenches of up to a 30-year term
- Represented Fibra UNO in the first Mexican debt issuance by a REIT in December 2013 for an aggregate amount of MX$8 billion in a program for up to MX$25 billion; this transaction represented the biggest debt issuance by a corporation in Mexico
- Represented Mexican underwriters (Bank of America, Banorte-IXE and Actinver) in Mexican Fibra Shop's initial public offering (IPO) valued at MX$5.4 billion; Fibra Shop is a REIT specializing in shopping malls; the securities were also placed in global markets in the U.S. and Europe under Rule 144A and Regulation S
- Represented Fibra Inn, Mexico's second publicly traded REIT focused on the hospitality industry, in its IPO valued at MX$3.4 billion; the securities were also placed in global markets in the U.S. and Europe under Rule 144A and Regulation S
- Represented Fibra UNO, Mexico's first publicly traded REIT, in its third global public offering before the Mexican Stock Exchange and in the international markets, valued at US$1.7 billion; under the terms of the deal, Fibra UNO offered 600 million CBFIs (shares), including an overallotment option; the deal marked the first time a company in Mexico performed a hot deal option for the base public offer amount
- Represented Fibra UNO in its IPO that raised MX$3.62 billion (US$300 million); additionally, certificates were issued to contributors of the real estate properties by means of a private placement, bringing the total value of the issuance to MX$8.27 billion (US$686 million); the securities were also placed in global markets in the U.S. and Europe under Rule 144A and Regulation S
- Represented Nacional Financiera, S.N.C. in the reopening and registration of the NAFTRAC Program related to the leading stock index in Mexico (BMV-IPC) for US$40 billion
- Represented Casa de Bolsa Banorte in the design and implementation of one of the biggest warrant programs in the history of Mexico
- Represented Casa de Bolsa Finamex in the registration of the first two programs of structured notes issued by a financial institution in Mexico for US$750 million
- Advised Fibra HD (FIBRHD.MX) in its debt issuance of MX$1.2 million (approximately US$66,000) under its long-term placement program; Fibra HD is a Mexican REIT that acquires, owns and operates real estate properties, including industrial, commercial, office and university properties
- Represented Fibra UNO on its international offering of US$1 billion in senior notes; the offering was divided into two tranches: 1) US$400 million at a rate of 4.869 percent maturing in 2030, and 2) US$600 million at a rate of 6.39 percent maturing in 2050; both were issued in accordance with Rule 144A and Regulation S pursuant to the U.S. Securities Act of 1933
- Represented Fibra UNO on its international offering of US$650 million in senior notes; the issuance included the reopening of up to US$375 million at 4.950 percent yield to maturity, due in 2030, and US$275 million at 6.250 percent yield to maturity, due in 2050; both were issued in accordance with Rule 144A and Regulation S under the U.S. Securities Act of 1933
- Represented Fibra UNO in the reopening of US$500 million in bonds to be used for general corporate purposes, including debt repayment and acquisitions; the issuance includes the reopening of up to US$200 million in senior unsecured notes at a 5.25 percent yield, due in 2026, and US$300 million at a 6.96 percent yield, due in 2044
- Currently representing a fund that will finance a Mexican company focused in the acquisition of schools in Latin America with respect to all collateral and legal due diligence, including real estate assets
- Represented Fibra UNO on a property and land acquisition totaling US$841 million to acquire "Titan Portfolio" consisting of 74 industrial properties (1.2 million square meters in gross leasable area) and a land reserve (approximately 1 million square meters) in Mexico from real estate developer Finsa
- Served as regular counsel to Fibra UNO in the acquisitions of real estate portfolios, including Torre Mayor, GICSA and MRP
- Counseled Fibra Inn, Fibra Educa, Fibra Plus and Fibra HD in the acquisition of its acquisition portfolio and other portfolios
- Represented Fibra Inn in the acquisition of four hotels in Chihuahua City for nearly US$40 million. The team also helped the company in the authorization from the Federal Economic Competition Commission (Comisión Federal de Competencia Económica)
- Acted as counsel to the borrower (Parks), a company dedicated to the development, construction and commercialization of a wide range of real estate businesses, including industrial, commercial, corporate and mixed-use, in a syndicated loan facility for the development of two hotels in Chemuyil (Riviera Maya); the transaction involved complicated negotiations with Banco Sabadell, Bancoppel and Grupo Posadas who will act as hotel operators and managers for the project; besides the loan facility agreement, licensing, operation, leasing and construction agreements also have to be negotiated
- Representing the owner/developer of a high-end boutique hotel located in Polanco (most valuable zone in Mexico City) in the sale of a hotel development and potentially operated by Aqua (Grupo Posadas)
- Representing the owner in the refinancing for the development of two hotels operated by IHG in Chemuyil, Yucatan
- Represented the developer in the negotiation of agreements (operation agreement, marketing and license agreement and technical services agreement) for the operation of a hotel/residencies complex in Mexico City to be operated by Pendry
- Represented the developer in the negotiation of agreements (operation agreement and technical services agreement) for the operation of a hotel/residencies complex in Puerto Vallarta to be operated by Hyde
- Represented Mexican real estate investment trust Fibra Inn in the acquisition of four hotels in Chihuahua City for nearly $40 million, including a Hampton Inn by Hilton, a Courtyard by Marriott and two City Express hotels; the team also assisted the company gain authorization from the Comisión Federal de Competencia Económica (COFECE), the Mexican antitrust commission, for the purchase
- Advised Parks Desarrolladora in the negotiation of a joint venture to develop the tallest tower in Latin America (housing and mixed uses), including the structuring of development vehicles
- Acted as counsel in a syndicated loan facility for the development of two hotels in Chemuyil (Riviera Maya)
- Represented Fibra Inn in connection with its MX$1.2 billion debt offering; Fibra Inn is a Mexican trust formed primarily to acquire, develop, operate and rent a broad range of hotel properties in Mexico
- Represented Fibra Inn, Mexico's second publicly traded REIT focused on the hospitality industry, in its IPO valued at MX$3.4 billion; the securities were also placed in global markets in the U.S. and Europe under Rule 144A and Regulation S
- Acted as counsel in a syndicated loan facility for the development of two hotels in Chemuyil (Riviera Maya)Advised Fibra Inn and Mexican Structured Equity Securities (CKD) in the authorization process before the Federal Commission of Economic Competition for the joint venture acquisition of a hotel in Monterrey, Mexico
- Represented a U.S. financial institution in a cross-border financing in Mexican pesos for a timeshare property in Ixtapa Zihuatanejo, Guerrero
- Represented the seller in the sale of one of the most representative luxury hotels in the Riviera Maya, valued at US$40 million
- Represented Fibra Inn in the negotiation of the terms and conditions of the hotel operation agreement for multi-brand hotels
- Represented the U.S. Stanford Bank Receiver to handle matters related to Mexican Stanford entities and operations
- Represented a U.S. financial institution in the cross-border financing for the construction of a small luxury hotel in Acapulco
- Represented a U.S. financial institution in the US$50 million cross-border financing for the development of a timeshare resort in Los Cabos, Baja California Sur
- Represented the settlor (an Evercore subsidiary) and trustee (Protego Trustee Division) in the structured finance of oil revenues monetization for the benefit of Mexico's 32 states, including Mexico City, for approximately US$3 billion; the transaction was rated by Standard & Poor's and Fitch Ratings as AAA on the local scale
- Assisted Estrategia Financiera, the financial advisor for the state of Baja California Sur, in a MX$1 billion structured loan as well as the implementation of the first local infrastructure fund constituted after the Mexican National Infrastructure Fund (Fonadin)
- Represented the agent in the securitization of local taxes of the state of Oaxaca, Mexico
- Advised Fibra UNO (FUNO11.MX) in its US$700 million follow-on equity offering, the fourth international issuance by the company since its initial public offering (IPO) in 2011
- Represented Fibra Plus on its debut in the capital markets. The Mexican real estate investment trust (FIBRA) announced its IPO, raising MX$1.5 billion; Fibra Plus is the 11th FIBRA to be listed on the Mexican Stock Exchange; Fibra Plus shares (CBFIs) were listed at MX$15 each; Punto Casa de Bolsa and Finamex participated as lead and co-lead underwriters, respectively
- Acted as deal counsel to Fibra Inn (FINN13) in the issuance of US$53 million in bonds expiring in 2021; the issuance will allow the Monterrey, Mexico-based real estate company to collect up to US$265 million in the future
- Represented Mexican real estate investment trust Fibra Inn in the acquisition of four hotels in Chihuahua City for nearly $40 million, including a Hampton Inn by Hilton, a Courtyard by Marriott and two City Express hotels; the team also helped the company gain authorization from the Comisión Federal de Competencia Económica (COFECE), the Mexican antitrust commission, for the purchase
- Advised Fibra UNO in setting up a drop-down fund worth US$387 million (MX$6 billion), the largest yet in the Mexican real estate development sector
- Represented Fibra HD in its MX$1,500 billion (US$100 million) IPO, which was registered with the Mexican Stock Exchange as the 10th FIBRA to go public since legal reforms made FIBRAs possible in 2011
- Represented Fibra Educa (MxEDUCA18) in its debut on the Mexican Stock Exchange on June 27, 2018; despite difficult market conditions created by the Mexican presidential election, Fibra Educa raised almost MX$9.43 billion (nearly US$500 million) and its real estate certificates (CBFIs) were listed at MX$20 each; this is the first FIBRA established to primarily acquire, own, develop, lease and operate real estate assets predominantly in the educational sector in Mexico
- Represented Asurion México in the implementation of an insurance product in collaboration with Alliance Mexico that consists in the granting of insurance against theft, loss or damage of cellular phones through Telcel, the leading Mexican cell phone provider
- Represented the selling party First American Title Insurance Mexico in the sale of 100 percent of their shares as well as the related services business to the buyer Netzer Seguros
Credentials
Education
- Instituto Tecnológico Autónomo de México (ITAM), J.D.
- The University of Texas School of Law, LL.M.
Bar Admissions/Licenses
- Mexico
Honors & Awards
- The Best Lawyers in Mexico, Capital Markets Law, Real Estate Law, 2024, 2025
- The Legal 500 Latin America, Next Generation Partners, Real Estate, 2022-2025; Capital Markets, 2017, 2018, 2020
- Leaders League, Mexico: Real Estate, 2023, 2024
- IFLR1000, The Guide to the World's Leading Financial Law Firms, Notable Practitioner, Capital Markets, 2019-2021; Rising Star Partner, Capital Markets, 2023, 2024
- Chambers Latin America – Latin America's Leading Lawyers for Business guide, Capital Markets, Associates to Watch, 2015-2017
- The Legal 500 Latin America, Rising Star, Capital Markets, 2019
- The Legal 500 Latin America, Banking and Finance, Capital Markets, Real Estate, 2019
Spoken Languages
- English
- Spanish