13 junio, 2019 Perú

Peruvian shopping centre gets project finance

Derecho Financiero, Bancario y Mercado de Capitales

Philippi Prietocarrizosa Ferrero DU & Uría (Peru) has helped shopping centre chain Mall Aventura get project finance to fund the construction of a new centre in northern Peru worth US$47 million.

Peruvian firm Lazo & De Romaña Abogados acted as counsel to the lenders, Credicorp Capital Servicios Financieros and Banco de Crédito del Perú. The deal was signed on 24 May.

The project finance included a leasing agreement for the land in Chiclayo – the city where the shopping centre will be built. The lease is secured by a cash flow trust agreement. Mall Aventura was also granted a surface rights agreement and a conditional rights assignment agreement.

Freddy Escobar, the partner at Lazo & De Romaña who led the deal, says structuring project financings in Peru is challenging due to overregulation, bureaucracy and taxes. “We had to assess how the intensive regulation of certain matters, such as protection of cultural heritage and the environment created risks,” he says. We then had to manage them in a way that protected the interests of the lender without affecting the business goals that we had.”

The Peruvian finance ministry recently announced that Peru would gain another 13 shopping centres between now and 2021, with a combined value of US$934 million.

Counsel to Mall Aventura

Philippi Prietocarrizosa Ferrero DU & Uría (Peru)

Partner Antonio Guarniz and associate Victor Bravo

Counsel to Credicorp Capital Servicios Financieros and Banco de Crédito del Perú

Lazo & De Romaña Abogados

Partner Freddy Escobar and associate Claudia Tavara

Fuente: Latin Lawyer

Link Publicación