OM Palermo
NorthBaires acquired all of TGLT’s participation in Newbery 3431, the owner of the OM Palermo real estate project, and assigned to TGLT the right to receive 30 units to be built in OM Palermo. As guarantee for the completion of the project, NorthBaires pledged the acquired shares in favour of TGLT.
Simultaneously with this transaction, TGLT pledged in favour of Banco Itaú Argentina its rights to receive the units in OM Palermo as replacement collateral of a Loan Facility originally secured with a pledge on TGLT’s participation in Newbery 3431.
OM Recoleta
NorthBaires entered into a swap with TGLT whereby it acquired TGLT’s participation in American Pavilion, the owner of the OM Recoleta real estate project, in exchange for the right to receive three units in the project.
Simultaneously with this transaction, TGLT pledged in favour of Banco Itaú Argentina its rights to receive the units in OM Recoleta as replacement collateral of a Loan Facility originally secured with a pledge on TGLT’s participation in Newbery 3431.
The Bomchil team advising NorthBaires comprised senior associate Francisco Zappa and associate María Victoria Genoni, while the team advising Banco Itaú Argentina comprised senior associate María Victoria Tuculet and associate Luciano Zanutto. Both teams were led by partner Fermín Caride. Leonardo Andres Micucci and Luisina Rossi participated in the transaction as internal advisors of the bank.
TGLT was advised by Pérez Alati, Grondona, Benites & Arntsen, through a team comprised by partner Diego Serrano Redonnet and associates Nicolás Aberastury and Adriana Tucci. Daniel Antúnez participated as an internal counsel of TGLT for the transaction.