Ishtar Sancho

Ishtar Sancho


Ishtar has more than 20 years of experience in tax advice in national and international transactions and is part of the international taxation group of the Firm. 

She has advised on international tax planning transactions and tax issues related to national and international financing and re-financing deals, capital markets and debt issues and liability management. She advises in asset finance and structured operations processes. She has a deep understanding and is very experienced in advice to national and international financial institutions.

She has participated on the tax aspects and restructuring issues in venture capital operations carried out in Spain, in mergers, acquisitions and group restructurings advising on the tax implications and structuring issues.

In addition, Ishtar advises on property taxation, the investment and divestment in real estate assets, and provides tax advice in relation to the acquisition and sale of both secured and unsecured debt packages, performing loan portfolios and non-performing loan portfolios.


Representative matters

Blackstone Real Estate Debt Strategies (BREDS) on the tax and legal aspects of the financing granted to Brookfield for the acquisition of Selenta Group and its hotel Portfolio.

The financial entities on the takeover of Hispania including the refinancing of the hotel portfolio.

Signal Capital Partners both on the structuring of the Joint Venture with Banco Santander and on the acquisition of the luxury hotel Sheraton La Caleta for c.EUR80m.

APG, on the tax aspects of the creation of a joint venture with Renta Corporación for the creation of the Socimi Wellder, specialized in residences for the elderly.

BBVA in connection with the refinancing of Metro Ligero del Oeste (MLO).

A multinational financial institution, BBVA and Caixabank in connection with the financing to Forestalia Renovables in the construction and development of wind farms in Aragon for 300MW.

Banking syndicate (arrangers, lenders, and hedging Banks) on the setting up of a new €1.2 billion financing in Europe for Phoenix Tower International.

Bookrunners and underwriters on the debt financing for the EUR5 billion acquisition of Vodafone Spain by Zegona. The financing marks one of the largest committed financing of its kind in Europe in 2023.

Megaworld on the acquisition and lease of Torre Espacio in Madrid, one of the real estate transactions with highest value over the last years, with a value in excess of EUR 500m.

Published Work

  • Anuario Fiscal para Abogados, 2015
  • Anuario Fiscal para Abogados, 2012
  • Anuario Fiscal para Abogados, 2010 
  • Anuario Fiscal para Abogados, 2009

Leadership Positions And Professional Affiliations

  • Madrid Bar Association
'Up and Coming'. Interviewees highlight Ishtar Sancho's English language skills and her ability to give 'very clear, practical advice'
Chambers & Partners 2019
Clients have praised her for providing 'excellent advice on the spot'
Chambers & Partners 2019


  • Ranked in Chambers & Partners 2024 – Clients highlight her saying her: "Ishtar has good experience and it is a pleasure to work with her.“ "Ishtar Sancho is extremely practical, commercial and a tough negotiator. She is sharp and such a good communicator." 



Spain, Ilustre Colegio de la Abogacía de Madrid, 2005


Law Degree, Universidad de Navarra, 2002


Catalán, English, Spanish
A&O Shearman was formed on May 1, 2024 by the combination of Shearman & Sterling LLP and Allen & Overy LLP and their respective affiliates (the legacy firms). Any matters referred to above may include matters undertaken by one or more of the legacy firms rather than A&O Shearman.