Legal Advice on the Creation of Argentina's First REIT
We acted as legal counsel to Ciclo Nova Asset Management S.A. on the issuance of the first tranche of the closed-end real estate investment fund (Fondo Común de Inversión Cerrado Inmobiliario) "REIT Ciclo Nova," Argentina's first Real Estate Investment Trust (REIT), for a face value of AR$66,327,251,000 (approximately US$45,000,000). The offering raised US$45 million across 3,452 orders, and the fund's units are listed on BYMA under the ticker "REIT," marking a historic milestone that links the real estate market with the capital markets and allows retail investors to access, with subscriptions starting at AR$1,000, real estate investments traditionally reserved for large tickets.
“San Cristóbal Caja Mutual II” Financial Trust for AR$ 3,630,998,873
Deal counsel in the issuance and placement in Argentina of trust securities for AR$ 3,630,998,873 issued under the “San Cristóbal Caja Mutual II” Financial Trust, in which San Cristóbal Caja Mutual entre Asociados de San Cristobal Sociedad Mutual de Seguros Generales acted as trustor, TMF Trust Company (Argentina) S.A. acted as trustee, Banco Macro S.A. acted as arranger, First Corporate Finance Advisors S.A. acted as financial advisor and Macro Securities S.A.U. and San Cristobal Servicios Financieros S.A. acted as placement agentes.
“Grupo GEP Colservice I” Financial Trust for AR$ 16,050,426,390
Deal counsel in the issuance and placement in Argentina of trust securities for AR$ 16,050,426,390 issued under the “Grupo GEP Colservice I” Financial Trust, in which Colservice S.A. de Ahorro para Fines Determinados acted as trustor, collection agent and residual beneficiary, TMF Trust Company (Argentina) S.A. acted as trustee, Eco Valores S.A. acted as arranger and Banco De Galicia Y Buenos Aires S.A. and Eco Valores S.A. acted as placement agentes.
“San Cristóbal Caja Mutual I” Financial Trust for AR$ 3,545,479,639
Deal counsel in the issuance and placement in Argentina of trust securities for AR$ 3,545,479,639 issued under the “San Cristóbal Caja Mutual I” Financial Trust, in which San Cristóbal Caja Mutual entre Asociados de San Cristobal Sociedad Mutual de Seguros Generales acted as trustor, TMF Trust Company (Argentina) S.A. acted as trustee, Banco Macro S.A. acted as arranger, First Corporate Finance Advisors S.A. acted as financial advisor and Macro Securities S.A.U. and San Cristobal Servicios Financieros S.A. acted as placement agents.
“CFA CRÉDITOS VI” Financial Trust for $11,000,000,000
Deal counsel in the issuance and placement of trust securities in Argentina, for AR$ 11,000,000,000 issued under the “CFA CRÉDITOS VI” Financial Trust, in which Compañía Financiera Argentina S.A. (Efectivo Sí) acted as trustor, arranger, collection agent and placement agent; TMF Trust Company (Argentina) S.A. acted as financial trustee; Banco Patagonia S.A. acted as arranger and placement agent; Banco Comafi S.A. and Adcap Securities Argentina S.A. acted as placement agents.
Investment Mutual Fund “Fondo Común de Inversión Cerrado Inmobiliario Puerto Nizuc” and Issuance of Shares for AR$ 7,527,023,123
Counsels in the issuance and placement of a single class of shares for AR$ 7,527,023,123 (the “Shares”) for the investment mutual fund “Fondo Común de Inversión Cerrado Inmobiliario Puerto Nizuc” (the “Fund”). The Shares were issued on April 15, 2025.
The Fund was created for funding the real estate development of certain units located within one of the parcels of land within the urban development project named “Puerto Nizuc” in the Province of Buenos Aires.
IEB S.A. acted as the manager and arranger of the issuance; Banco de Valores S.A. served as the custodian, placement agent and arranger of the placement and issuance; Invertir en Bolsa S.A. acted as a placement agent and Nueva Marinas de Hudson Inversora S.A. acted as developer.
“CFA CRÉDITOS V” Financial Trust for AR$11,500,000,000
Deal counsel in the issuance and placement in Argentina of trust securities for AR$11,500,000,000 issued under the “CFA CRÉDITOS V” Financial Trust, in which Compañía Financiera Argentina S.A. (Efectivo Sí) acted as trustor, arranger, collection agent and placement agent; TMF Trust Company (Argentina) S.A. acted as financial trustee; Banco Patagonia S.A. acted as arranger and placement agent; and Banco Comafi S.A., Adacap Securities Argentina S.A and Facimex Valores S.A. acted as placement agents.
“Total Assets III” Financial Trust for AR$10,000,000,000
Deal counsel in the issuance and placement in Argentina of trust securities for the aggregate of AR$ 10,000,000,000 issued under the “Total Assets III” Financial Trust, in which Crédito Directo S.A acted as trustor, TMF Trust Company (Argentina) S.A. acted as trustee, Banco de Servicios y Transacciones S.A. acted as arranger, placement agent and settlement agent, and Macro Securities S.A.U., Nuevo Banco de Santa Fe S.A., Banco Patagonia S.A., Banco de Valores S.A., Banco Mariva S.A., Industrial Valores S.A., Adcap Securities Argentina S.A., Deal S.A., and Nación Bursátil S.A. acted as placement agents.
“CFA CRÉDITOS IV” Financial Trust for AR$9.500.000.000
Deal counsel in the issuance and placement in Argentina of trust securities for AR$9.500.000.000 issued under the “CFA CRÉDITOS IV” Financial Trust, in which Compañía Financiera Argentina S.A. (Efectivo Sí) acted as trustor, arranger, collection agent and placement agent, TMF Trust Company (Argentina) S.A. acted as financial trustee, Banco Patagonia S.A. acted as arranger and placement agent and Banco Comafi S.A, Adacap Securities Argentina S,A and Facimex Valores S.A acted as placement agents.
Investment mutual fund “Fondo Común de Inversión Cerrado Inmobiliario Puerto Nizuc” and issuance of shares for AR$ 10,000,000,000
Counsels in the issuance and placement of a single class of shares for AR$ 10,000,000,000 (the “Shares”) for the investment mutual fund “Fondo Común de Inversión Cerrado Inmobiliario Puerto Nizuc” (the “Fund”). The Shares were issued on October 19, 2023.
The Fund’s was created for funding the real estate development of certain units located within one of the parcels of land within the urban development project named “Puerto Nizuc” in the Province of Buenos Aires.
IEB S.A. acted as the manager and arranger of the issuance; Banco de Valores S.A. served as the custodian, placement agent and arranger of the placement and issuance; Invertir en Bolsa S.A. acted as a placement agent and Nueva Marinas de Hudson Inversora S.A. acted as developer.