Madrona Advogados advises Valora on CRI issuance
Madrona Advogados served as deal counsel to Valora Renda Fixa Estruturados, acting as underwriter, in the structuring, drafting and negotiation of a public offering of real estate receivables certificates (CRI).
The offering, carried out in a single series under the automatic registration procedure set by CVM 160 and aimed exclusively at professional investors, corresponds to the 618th issuance of Opea Securitizadora. The certificates were issued in registered and book-entry form, without physical certificates, under the terms of the Securitization Agreement.
The CRI are backed by real estate credits represented by Real Estate Credit Notes (CCI) arising from book-entry commercial notes issued privately in a single series as part of the 5th issuance of Porte Desenvolvimento Urbano S.A. These notes were fully subscribed and paid in by the securitization company. The proceeds raised will be allocated to future real estate expenses linked to the acquisition, construction and renovation of developments held by the issuer and its special purpose entities, with semi-annual reporting on the use of proceeds provided to the trustee in compliance with National Monetary Council Resolution No. 5,118.
The transaction is secured by collateral and an additional surety guarantee. Structurally, it combines commercial notes backing the CRI with a set of real estate and surety guarantees, along with monitoring mechanisms such as a minimum collateral ratio and periodic verification of the backing credits, features commonly seen in structured capital markets transactions in Brazil’s real estate financing sector. The deal was valued at BRL 16,100,000.00.
The Madrona Advogados team was led by partner Marcelo Cosac, together with Gabriela Ticianelli, Rafaela Teixeira and Victoria Fusita.
Other parties involved in the transaction included Porte Desenvolvimento Urbano, Porte Participações, Porte Lote 5 Empreendimento SPE, Marco Antonio Melro, Sandra Gaspar Vasconcellos Melro, Opea Securitizadora and Vórtx Distribuidora de Títulos e Valores Mobiliários.
