The total investment will be of US$ 30 million and the project consists in the acquisition, construction and sale of mid-income residential units in Montevideo.
PALADIN is an institutional real estate fund manager focused on the United States and Latin America, which sponsors and manages a number of private investment funds. PENINSULA is an asset management firm focused on real estate investments in Latin America, while ALTIUS is a leading Uruguayan real estate developer.
FERRERE, together with the Houston office of MORGAN, LEWIS & BOCKIUS, advised PALADIN in the legal and fiscal design of the joint venture and its implementation as well as with the due diligence of the five local real estate projects under development by PENINSULA and ALTIUS.
Martín Cerruti commented that: “This was an interesting cross-border deal in which we advised PALADIN in its first landing in Uruguay, where real estate projects are booming. In addition, a key difference of this project for PALADIN is that it targets a new class of development -the construction of social housing under a recent regime promoted by the Uruguayan Government that grants tax exemptions to developers-as a mean to provide housing solutions to mid-income families.”