Published in Latinlawyer.com, Tuesday, 20 May 2014.
Argentina’s Balbín & Pascual and Tavarone, Rovelli, Salim & Miani – Abogados have helped launch financial trusts worth a combined US$14.7 million to fund Buenos Aires’ first logistics hub.
CTC Administradora, the company developing the 37-hectare site in the capital’s south-west, received counsel from Balbín & Pascual, while the TMF Trust Company as trustee turned to Tavarone Rovelli. The transaction closed last week.
The deal saw two trusts launched. The first, worth US$4.8 million, has CTC shareholders as its settlors and was created following a transfer of shares. The second, worth US$9.9 million, has CTC as its settlor. CTC has assigned the second trust development and exploitation rights over the project.
The proceeds generated from the trusts will be used to construct the logistics hub, which was first tendered by the Buenos Aires’ municipal government in 2012. Officials hope that by creating a central point from which transport companies can load and offload goods, delivery times will improve and traffic flows will lighten in the capital’s congested southern quarter.
The transaction is the second deal reported on by Latin Lawyer that Tavarone Rovelli has taken on since the firm opened its doors in March.
Counsel to TMF Trust
Tavarone, Rovelli, Salim & Miani – Abogados
Partner Marcelo Tavarone and associates María Sol Ramoneda and Nicolás Peralta Ramos
Counsel to CTCAdministradora
Balbín & Pascual
Associate Juan Bussolini Miguez