Bruchou acts in Landmark Developments’ first placement of trust securities
Bruchou & Funes de Rioja acted as deal counsel to Landmark Developments and TMF Trust Company (Argentina), in the inaugural issue and placement of tranche I of US$7,300,000,000 of trust debt securities at a fixed annual nominal rate of 1.95% under the Fideicomiso Financiero Individual Inmobiliario ‘Udaondo Buenos Aires’ for up to V/N US$ 600,000,000 (or its equivalent in other currencies or units of value).
TMF Trust Company (Argentina) participated as trustee and SBS Trading, together with Allaria, as arrangers and underwriters.
The National Securities Commission (Comisión Nacional de Valores) authorised the public offering of the Trust Securities on 24 September, and the Trust Securities were issued on 3 October. The Trust Securities were also admitted for trading on the Electronic Open Market.
The proceeds from the placement of the Trust Securities will be used to partially finance the construction of the real estate development ‘Udaondo Buenos Aires’ located in the former ‘Tiro Federal’ complex, in the Nuñez neighbourhood of the Autonomous City of Buenos Aires, Argentina (https://udaondobuenosaires.com/). In connection therewith, subject to compliance with the conditions set forth in the issue documents, the holders of the Trust Securities will have the possibility to exercise a conversion option to acquire eligible functional units of the real estate development.
Bruchou’s team was led by partners Matías López Figueroa (pictured left) and José María Bazán (pictured right) together with associates Leandro Exequiel Belusci, Ramón Augusto Poliche, Manuel Etchevehere, Quimey Lía Waisten, Pedro María Azumendi and Malena Tarrio.
