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.