Cescon Barrieu advises on BRL 120m CRI issuance

Cescon Barrieu advised Valora Hedge Fund Fundo de Investimento Imobiliário de Responsabilidade Limitada, Aquisição de Unidades II Fundo de Investimento Imobiliário and Companhia Província de Securitização on a public offering of Real Estate Receivables Certificates (CRI) worth BRL 120 million.

The offering involved 120,000 CRIs of a single class and series, part of the 176th issuance by Companhia Província de Securitização, which acted as both Issuer and Lead Underwriter. The offering was conducted under the CVM160, and was addressed exclusively to professional investors. The CRIs are backed by real estate receivables arising from a Quota Purchase and Sale Agreement related to the senior subclass of Valora Edifícios Corporativos Feeder FII, owed by Aquisição de Unidades II Fundo de Investimento Imobiliário (Debtor) and assigned by Valora Hedge Fund Fundo de Investimento Imobiliário de Responsabilidade Limitada (Assignor) to the Issuer. The credits are further secured by a fiduciary assignment of quotas.

Cescon Barrieu advised the Assignor, the Debtor and the Issuer on all legal aspects of the offering, including the structuring of the transaction, advice on applicable corporate and capital markets legislation, the drafting and negotiation of the Securitization Agreement, the Real Estate Credit Assignment Agreement, the Quota Purchase and Sale Agreement, the Fiduciary Assignment of Quotas Agreement and other offering documents such as certificates and commencement and closing announcements, the review of corporate documents related to the offering, and the conduct of due diligence together with the issuance of a legal opinion.

The Cescon Barrieu team was led by Vitor Arantes and Marcelo Moura, both partners, with Filipe Andrade acting as Associate.