27 February, 2019 Colombia

Éxito adds shopping centres to real estate trust in Colombia

Real Estate

Philippi Prietocarrizosa Ferrero DU & Uría (Colombia) has advised a fund owned by Bancolombia during the capitalisation of assets worth 153 billion Colombian pesos (US$48.9 million) in a real estate trust it shares with South American retail group Éxito.

Almacenes Éxito contributed four shopping centres to the trust it owns with PPU’s client, FCP Fondo Inmobiliario. Gómez-Pinzón is understood to have advised Éxito, but this could not be confirmed prior to publication.

The trust, Viva Malls, is majority-controlled by Éxito. Bancolombia, the manager of FCP, owns the remaining 49%.

Viva Malls now comprises 12 shopping centres and six commercial galleries, which are spread across the cities of Barranquilla, Riohacha, Puerta del Norte, La Ceja, Medellín and Envigado.

Éxito got backing from FCP for the Viva real estate trust in 2017, in one of the biggest transactions to take place in Colombia’s real estate sector at that time.

Counsel to Fondo Privado de Capital Fondo Inmobiliario Colombia:

Philippi Prietocarrizosa Ferrero DU & Uría (Colombia) 

 

Partner Juan Carlos Rocha and associates Silvia Avendaño, Juan Miguel Luna and Jaime Ramirez

Source: Latin Lawyer

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