Bruchou & Funes de Rioja | View firm profile
Bruchou & Funes de Rioja acted as deal counsel in the recent issuance and inaugural public offering in Argentina of trust securities secured for a nominal value of 24,100,000 UVA, at a fixed annual nominal rate of 7%, which includes a structure of fixed and variable amortizations that can be postponed, providing the trust structure with greater flexibility (the ‘Trust Securities’). The trust assets assigned to the Trust are the purchase agreements entered into by the trustor under the real estate development ‘MilAires’, which is developed by Grupo ECIPSA and is located in the district of Devoto, City of Buenos Aires (https://milaires.com/).
TMF Trust Company (Argentina) S.A. participated as trustee, the Fideicomiso Inmobiliario Naasé, as trustor (the ‘Trustor’), ECIPSA Holding S.A. as guarantor, Balanz Capital Valores S.A.U. as organizer and placement agent, and Banco Supervielle S.A. and Banco de la Ciudad de Buenos Aires as placement agents.
The obligations of the Trustor within the framework of the Trust are jointly guaranteed by ECIPSA Holding S.A., which, in turn, has issued promissory notes in favor of the Trust.
The Argentine Exchange Commission (the ‘CNV’) authorized the public offering of the Trust Securities on December 16, 2024, with the same being issued on December 26, 2024, and admitted for listing and trading on the Mercado Abierto Electrónico S.A. and on Bolsas y Mercados Argentinos S.A.
Additionally, on September 9, 2024, the Trust issued initial trust securities without a public offering for a nominal value of 18,500,000 UVA, which were delivered in kind to subscribe part of the Trust Securities.
Grupo ECIPSA is a business holding company comprised of developers and trustees in the real estate market, with a presence in six countries. With more than 45 years of experience, it has over 100 consolidated projects, more than 13,500 units delivered, and over 2,000 hectares developed.
Bruchou & Funes de Rioja acted as legal advisor for the transaction through the team led by partner José María Bazán along with associates Leandro Exequiel Belusci, Quimey Lía Waisten, Sofía Maselli, and Branko Serventich.
TMF Trust Company (Argentina) S.A. was advised by in-house lawyers Leonardo Pirolo, Tomás Bruno and Rosario Tapia.
Grupo ECIPSA was advised by in-house lawyers Germán González and Sandra Alvarez.