On October 19, 2021 TGLT S.A. (“TGLT”) and various entities of the NorthBaires Group (“NorthBaires”) carried out a restructuring of assets related to the “OM Palermo” and “OM Recoleta” real estate projects.
OM Palermo
TGLT transferred to NorthBaires all of its shareholding in Newbery 3431, the holding company of OM Palermo (https://northbaires.com.ar/emprendimientos/om-palermo/). Simultaneously, NorthBaires assigned to TGLT 30 functional units and complementary units in OM Palermo in payment of the loans originally granted by TGLT in favor of Newbery 3431. The rights with respect to units were pledged by TGLT in favor of Banco Itaú Argentina, in replacement of the Pledge on the shares of Newbery 3431 owned by TGLT, which had been timely granted as guarantee of the Credit Lines Agreement entered into between said parties.
OM Recoleta
TGLT exchanged with NorthBaires its entire stake in América Pavilion, the holding company of OM Recoleta (https://northbaires.com.ar/emprendimientos/om-recoleta-callao/). The rights regarding the units were pledged by TGLT in favor of Banco Itaú Argentina, in replacement of the pledge on the shares of Newbery 3431 owned by TGLT, which had been timely granted as guarantee of the Credit Lines Agreement entered into between said parties.
Pérez Alati, Grondona, Benites & Arntsen advised TGLT on both transactions and Bomchil, through two teams, advised NorthBaires and Banco Itaú Argentina.
Counsel to TGLT S.A.
Pérez Alati, Grondona, Benites & Arntsen
Partner: Diego Serrano Redonnet
Associates: Nicolás Aberastury and Adriana Tucci
In-house counsel to TGLT:
Daniel Antunez
Counsel to NorthBaires:
Bomchil
Partner: Fermín Caride
Associates: Francisco Zappa and María Victoria Genoni
Counsel to Banco Itaú Argentina S.A.
Partner: Fermín Caride
Associates: María Victoria Tuculet and Luciano Zanutto
Internal legal advisor to Banco Itaú: Leonardo Andres Micucci and Luisina Rossi
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