Alcogal advised Banca de Inversión Bancolombia (BIB) in the sale of the Soho Project, for US$350 million. The Soho project is the largest high-end luxury commercial real estate project in Panama, including two office towers, a hotel and a luxury shopping center. This is a unique transaction as it results from sanctions imposed by the Office of Foreign Assets Control (OFAC) of the Department of the Treasury on the Waked Group, which previously owned this project. The shares of the entity that owned the Soho Project were placed in trust with the Banco Nacional de Panamá with the purpose of selling the project for the benefit of its creditors. It is the first transaction of its kind in Panama and perhaps the most expensive real estate transaction ever in Panama.
The transaction closed in June 2017.
Partners Anibal Galindo and Eloy Alfaro, along with associates Patricia Cordero, Rita de la Guardia, and Eduardo Gomez, were in charge of this transaction.