Viramonte & Acuna and Tanoira Cassagne advise on the creation of the first real estate Closed-end Investment Fund in
Viramonte & Acuna Abogados and Tanoira Cassagne Abogados advised Dracma S.A. and Banco Comafi S.A., respectively, in the creation of the first real estate Closed-end Investment Fund “DRACMA FONDO COMÚN DE INVERSIÓN CERRADO INMOBILIARIO” (the “Fund”). The Fund was approved by the Argentine securities and exchange commission (the “CNV”) through a resolution dated September 02, 2021.
The Fund has a term of five (5) years from the date of issuance of the shares corresponding to this first period of subscription.
The maximum issuance amount of the Fund is US$ 60,000,000 (US Dollars sixty million).
The Fund is orgnized for the exclusive purpose of providing profitability to the shareholders by investing in the acquisition, refurbishment, investment and / or income of real estate assets and / or through vehicles created exclusively for the development of real estate projects.
Each share gives the right to one (1) vote, to participate in the distribution of profits that may be decided by the Administrator as provided in the Regulations and to participate in the proceeds that may exist at the time of the liquidation of the Fund.
Dracma S.A. took part in the transaction as Managing Company of the Fund and Banco Comafi S.A. as Depositary Company of the Fund.
Banco Comafi S.A. also participated as placement agent.
The shares of the Fund will be listed in Bolsas y Mercados Argentinos S.A.
Legal Advisors of the Managing Company and the Fund: Viramonte & Acuna Abogados: Partner Gustavo Viramonte and Associate Marcia Ocana.
Legal Advisors of the Depositary Company and the placement agent: Tanoira Cassagne Abogados: Partner Alexia Rosenthal and Associates Ignacio Nantes and Mariana Troncoso.