Real estate in Uruguay
A ‘leading real estate firm’, FERRERE possesses a ‘strong and broad practice’, which spans sale-and-purchase transactions, property finance, development matters and real estate litigation. Sadly, it is mourning the loss of senior litigator Julio Iribarne, who passed away suddenly in July 2019; a 'fine attorney', he led on the team's recent advice to Diamantis Plaza Lofts & Towers regarding a $62m residential project development. Carlos Falco is a ‘very strong and effective lawyer’ and acted in conjunction with the corporate group to advise Latin American development bank, CAF, on the construction and installation of its regional headquarters in Montevideo. Diego Durán, who advised a group of local investors on the $6m development of a parking lot, and Florencia Taboas, are also recommended - both are senior associates.
Guyer & Regules stands out for its ‘very complete team’, which draws upon ‘specialists in each sub-sector of real estate’ including real estate investment, property finance, project development and leasing matters. Group co-head Federico Susena is noted for his ‘deep and extensive experience in the Uruguayan market’ and advised new client Camposol on the acquisition of around 850 hectares of rural land from Citrícola Salteña — associate María Fernanda González assisted with that work. Susena, with support from ‘experienced and responsive’ associate Carolina Suárez, also advised REIT Peninsula Rentals Uruguay on the acquisition of 60 apartments in Montevideo. The ‘broad practice’ also benefits from the senior expertise of practice co-lead John Leaman (‘a great lawyer’) and newly promoted partner Beatriz Spiess.
The ‘very reliable’ group at Posadas, Posadas & Vecino has an enviable track record in both investment and development matters, with real estate trusts standing out as a notable sweet spot. Indeed, clients commend it for its ‘dedicated teams in both the notarial and trusts areas, which is rare in Uruguay’. Among its highlights, group co-head Pablo Sequeira advised CWK Desarrollos on the $19m construction of a major residential complex in Carrasco. Eduardo Ferrari, who co-leads the practice, is noted as ‘pro-deal, practical and sophisticated’; he provides ongoing advice to internet-based food provider PedidosYa on its real estate acquisitions. The group is also well versed in retail, leisure and industrial real estate projects. Associate Federico Peñasco, who is the key relationship contact for clients such as Berkes Construcciones y Montajes, is also recommended.
The ‘very committed’ group at Hughes & Hughes finds favour for its ‘broad real estate practice’ but is arguably best known for its specialist expertise in rural transactions. Group head Haroldo Espalter is a ‘respected and experienced practitioner’ and is advising Finland’s UPM-Kymmene Oyj, through its local subsidiaries, on the potential construction of a major pulp mill and related infrastructure. Juan Carlos Oreggia Carrau (‘very professional and responsive’) is also a key contact.
Jiménez de Aréchaga, Viana + Brause
Jiménez de Aréchaga, Viana + Brause’s group is best known for real estate finance, due largely to its close relationship with Banco Santander, and it also advises on project development, leasing matters, and property sales and acquisitions. In a headline deal, corporate finance partner Fernando Jiménez De Aréchaga advised Santander on an $11m loan to the Lecueder Group for the construction of the Carrasco Boating project — impressive of counsel Carolina Damonte provided support on that work. In a significant development, in early September 2019 the firm announced a tie-up with global firm, Dentons.
Andersen Tax & Legal Uruguay
Blanco & Etcheverry
Blanco & Etcheverry has made significant inroads into the mature Montevideo legal market since its inception a decade ago. On the real estate side, this has translated into an impressive portfolio of clients from across the agribusiness, forestry, logistics and retail sectors. Carlos Rodríguez Capurro recently advised Trust Chacras del Golf I & II on the development and financing of a real estate project in La Barra.