Pérez Alati, Grondona, Benites & Arntsen advised Vol-Pro S.R.L. ("Volsmart") in its quality as Virtual Asset Service Provider, record owner, and specialized entity in distributed ledger technology; CFA Compañía Fiduciaria Americana S.A. in its quality as Trustee; Arg Capital S.A. in its quality as Organizer; and Coruba S.A. in its quality as Sale Agent, in obtaining the authorization for the digital representation of the Trust Securities issued by the "Illa Belgrano I" Real Estate Financial Trust - Direct Investment Fund (the "Trust"), in accordance with Resolution RESFC-2026-23510-APNDIR#CNV, dated April 8, 2026, of the Board of Directors of the Argentine Securities and Exchange Commission (the "CNV" after its Spanish acronym), and the Sandbox Regime established by CNV General Resolutions 1069/2025, 1081/2025 and 1087/2025.
The Trust was the first authorized by the CNV aimed at investing in a residential real estate development under construction ("pre-sale") through the structuring of a money trust, and it holds titles to nine departments, several parking spaces, and a commercial premises to be located on the ground floor of a building under construction at Av. Monroe and Av. del Libertador. All such assets will be sold in due course so that the beneficiaries of the Trust may receive their corresponding proceeds on a pro rata basis according to their participations. Consequently, the authorization obtained represents the first regulated tokenization of an urban real estate development carried out in Argentina.
The issuance document for the digital representations was published on the Financial Information Highway of the CNV on May 20, 2026. The date on which the Trust's investors will be able to request the digital representation of the Trust Securities they hold will be announced shortly.
Deal Counsel
Pérez Alati, Grondona, Benites & Arntsen
Partner: María Gabriela Grigioni; Associates: Marcos Vieito, Violeta Okretic and Juan Hernán Bertoni.
