Pérez Alati, Grondona, Benites & Arntsen advised Vol-Pro S.R.L. (“Volsmart”) in its quality as Virtual Asset Service Provider, CFA Compañía Fiduciaria Americana S.A. in its quality as Trustee, Arg Capital S.A. in its quality as Organizer, Longo Elia Bursátil S.A. in its quality as Placement Agent, DMA Broker S.A. in its quality as Co-Placement Agent, and Coruba S.A. in its quality as Sale Agent, in the issuance of Trust Securities represented by Participation Certificates by the “Illa Belgrano I” Real Estate Financial Trust – Direct Investment Fund (the “Trust”), for a total amount of USD 4,150,330, under the “Briken” Global Program for Real Estate Fiduciary Securities and Direct Investment Funds.”.
The Trust is among the first trusts whose public offering has been authorized by the Argentine Securities and Exchange Commission (the “CNV” after its Spanish acronym) under the Special Regime for Collective Investment Products for Real Estate Development established in 2020 (the “Regime”). Furthermore, this transaction constitutes the first authorization granted by the CNV to a Financial Trust aimed at investing in a residential real estate development under construction (“pre-sale”) through the structuring of a money trust under the Direct Investment Fund scheme.
The proceeds from the placement of the Participation Certificates will be used to complete the construction of a building located at Av. Monroe and Av. del Libertador, which is expected to be finalized within 18 months. Upon completion of the project, the Trust will hold titles to nine functional units within the building, several parking spaces, and the commercial premises located on the ground floor. 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.
The Prospectus Supplement for the public offering of the Trust’s Participation Certificates was published on October 17th, 2025, and the issuance of the fiduciary securities was carried out on December 2nd, 2025. Longo Elia Bursátil S.A. and DMA Broker S.A. acted as Placement Agents for the fiduciary securities.
Deal Counsel
Pérez Alati, Grondona, Benites & Arntsen
Partners: María Gabriela Grigioni and Facundo Fernandez Santos; Associates: Marcos Vieito, Alejandro Polivanoff, María Sol Martínez, Violeta Okretic, Juan Hernán Bertoni, and Facundo Pérez.
