Paolantonio & Legón and Beccar Varela Advise on the Launch of “Allaria Residencial CasasArg I”, the First Real Estate Closed-End Fund to be Approved Within the Scope of the Tax Amnesty Law

November, 2016 - Buenos Aires, Argentina

Buenos Aires, 14 November 2016. Paolantonio & Legón Abogados and Estudio Beccar Varela advised on the launch of the closed-end fund “Allaria Residencial CasasArg I”, for a nominal value of quota shares of up to US$400 million.

Allaria Residencial CasasArg I is the first real estate closed-end fund authorized by the Comisión Nacional de Valores (Securities Exchange Commission of Argentina) within the scope of its General Resolution Nº672 and the Tax Amnesty Law Nº27.260 (Ley de Sinceramiento Fiscal). The fund’s main investment objective is the development of residential properties throughout the country, in areas of high and medium density housing and middle class preponderance, through the direct acquisition of land or by investing in companies or other legal structures.

The fund’s quota shares have been ranked “A- (ccn)” by the Universidad Nacional de Tres de Febrero. The stated rank corresponds to funds that, in relation to funds of similar investment objectives, present good performance and administration capacity on the one hand, and operational and return capacity on the other.

In this transaction, Allaria Ledesma Fondos Administrados Sociedad Gerente de Fondos Comunes de Inversión S.A. acts as administration agent and main organizer of the fund placement; Banco de Valores S.A. as custody agent; Pando Asesores S.A. as developer and Lisicki, Litvin y Asociados as auditors and tax advisors of the fund.

The administration agent and the fund turned to Paolantonio & Legón Abogados (team composed by Martín E. Paolantonio, Pablo A. Legón and Santiago J. Cornes Sangiao), while the developer turned to Estudio Beccar Varela (team composed by Roberto H. Crouzel, Javier L. Magnasco, Luciana Denegri and María Victoria Pavani).

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