B&E counsels Sura on the purchase of 50% of Prologistika

Barros & Errázuriz has advised Sura Asset Management on the purchase of a 50% stake in Prologistika SpA, owner of Chorrillos SpA

 Barros & Errázuriz has counselled Sura Asset Management S.A. in the negotiation and purchase of 50% of the shareholding in the company Prologistika I SpA, owner of 100% of the shares of the company Inmobiliaria y Constructora Chorrillos SpA.

This transaction was valued at 598,211.43 UF ($24,206.31 US dollars), was closed on 6 July 2021, and consisted of the negotiation and preparation of the transaction documents: share purchase and sale agreement, shareholders’ agreement, construction agreement, administration and management agreement, among others. As well as advising on the negotiation of the financing of the transaction with Scotiabank, which comprised a credit agreement and a share pledge agreement.

Chorrillos SpA is the owner of a real estate project of warehouses that is being developed in stages, with warehouses built and leased to third parties, warehouses under construction and other warehouses detailed only at the architectural project level. For this reason, the operation was complex due to the fact that although the purchase was made for the entire project, it will be consolidated in the unbuilt part as the construction is executed, it is received and the new warehouses that are executed are duly handed over for lease.

Likewise, the consultancy included the performance of a detailed Due Diligence in all corporate, real estate, urban, contractual, tax, labour, financial and other aspects necessary to provide the client with a reliable and complete situation of the company being purchased and its underlying assets.

B&E’s team was led by partner Patricio Solórzano Baez (pictured top right), assisted by senior associates Eduardo Tirado (pictured bottom right), Juan Ignacio Galdámez (pictured top left) and Fernanda Espinosa (pictured bottom left), as well as associates Camila May, Paula Riquelme, Matías Cunill, Francisca Astudillo, Martín Vial and María Hamilton.