Real estate in Uruguay


Highly regarded firm Ferrere has established a leading real estate practice, which covers all matters in the market from urban developments and forestry sites to REITS and property acquisitions. The firm has a very strong presence in the agribusiness and forestry sectors, and with an office in Tacuarembó it can provide local contact to key clients there. This proved valuable in a recent highlight, where the team advised Agroempresa Forestal on the acquisition of part of the trust Bosques del Uruguay IV. 'Skilled tactical adviser' Carlos Falco is the practice head and dedicated partner in this area. His expertise covers real estate transactions and agribusinesses matters, as well as real estate-related litigation; a particular specialism is advising foreign investors on major residential developments in Punta del Este. The team also benefits from having a strong bench of senior associates: Florencia Taboas specialises in real estate in agreements for mortgages, pledges and leasing; and Diego Durán is a key contact for agribusiness matters. Laura Oliveros is noted for her 'excellent client focus and communication skills'.

Practice head(s):

Carlos Falco


The team really works as a team and they complement each other well. The response time is fast and they specifically answer the question,

I understand that their functions are very well divided, which promotes the specialisations of the professionals and the roles within their organisation. They are extremely professional teams. To this is added the good contribution through soft skills that is also a strength in its employees.

We have a close relationship with Ferrere and we consider them another member of our organisation.

They have the combination of being good professionals and really understanding the client’s interests and realising them.

Ferrere has a law firm culture to be admired and respected. It is a culture that was deliberately established by its founder Daniel Ferrere: a culture based on excellence, transparency, nurturing of talent, recognition of performance, and strongly focused on adding value for its clients. It is unusual, and it’s members are extraordinarily proud to be part of the Ferrere team.

Carlos Falco is a dynamic, strategic and extraordinarily action-oriented and skilled tactical adviser. He is intuitive, caring, and steady-handed, even when the going gets tough. It is a tremendous comfort to have Carlos in your corner.

Laura Oliveros has excellent client focus and communication skills, with strong legal analysis. She is forward thinking and solution oriented. She is a “go-to” lawyer.

Key clients

Kopel Sanchez

Agroempresa Forestal

Fideicomiso Forestal Bosques del Uruguay

Proa Carrasco

Global Forest Partners

Hughes & Rienzi

Bosques de las Serranías


Bouza Group

Independencia Fondos de Inversión (Independencia Investment Funds Chile)


Work highlights

  • Advising Agroempresa Forestal on the acquisition of part of the trust Bosques del Uruguay IV, consisting of 60,000 hectares of forestry land in Tacuarembó, Rivera, Cerro Largo and Treinta y Tres.
  • Acting for a foreign investor on the development of a three storey building in Carrasco (Sanlúcar).
  • Assisted a real estate developer with the acquisition of 7,000 sqm of land, one of the last vacant spots in the Rambla, where a three-tower project will be developed.

Guyer & Regules

Guyer & Regules has one of the largest real estate departments in the country and a wealth of experience across the full spectrum of matters, be it major residential or tourist developments, industrial plants, commercial centres or agribusiness land transactions. Its varied client roster includes domestic agribusiness giant UAG, as well as several of the country's largest REITs. A recent highlight saw practice co-head Federico Susena leading advice to Peninsula Rentals on its acquisition of 200 apartments and 50 houses in residential buildings and developments located in Montevideo and Canelones. Beatriz Spiess co-leads the department and is praised for 'her knowledge and mastery of regulations'. She specialises in the structuring, financing and promotion of real estate investments, and has particular expertise in agribusiness. Counsel Carolina Suárez has 16 years of real estate transaction experience, and fellow counsel María Fernanda González is focused on the forestry and agribusiness sectors.

Practice head(s):

Federico Susena; Beatriz Spiess


We feel very satisfied with the advice and service that they offer us.

Professionalism and technical soundness.

Beatriz Spiess stands out especially for her knowledge and mastery of regulations.

Key clients


Goldman Sachs

Grupo Éxito


REIT Tierras Irrigadas I and II

Mercura Capital

Fideicomiso Tierras del Litoral

Pires Benlian Desarrollos Inmobiliarios

Montes del Plata

Union Agriculture Group (UAG)


JHSF Fasano



REIT Fondo Montes del Este

Ingleby Farms

REIT Peninsula Rentals

Work highlights

  • Assisting REIT Peninsula Rentals with the acquisition of more than 200 apartments and of 50 houses in different residential buildings and developments in Montevideo and Canelones.
  • Advised Fideicomiso Financiero Tierras Irrigadas I and Fideicomiso Financiero Tierras Irrigadas II on raising a capital investment of up to $150m with the objective of acquiring rural land for agriculture exploitation.
  • Advised Almacenes Exito on the potential sale of a major supermarket chain in Uruguay, including the real estate aspects.


Posadas, Posadas & Vecino‘s real estate practice is one of the leading teams for advice on REITs in the country, and it also assists on a broad range of matters in the field, including urban and rural developments and Uruguay’s prominent agribusiness sector. The well-regarded Eduardo Ferrari focuses on financial transactions, loan structuring and real estate consultancy. He leads the department alongside Pablo Sequeira, who led one of the team’s standout REIT highlights in 2020, counselling Fideicomiso Verdenia – CWK Desarollos on all legal, tax and notarial aspects of structuring the construction of a residential complex in Carrasco. Notary public Federico Peñasco is another name to note. Since publication, Peñasco has been raised to the partnership – effective as of February 2022.

Practice head(s):

Eduardo Ferrari; Pablo Sequeira


The Posadas team stands out for the experience of the firm and the leadership of Eduardo Ferrari.

Ultimately, firms are the people who make them up. And from that point of view, Eduardo Ferrari has all our confidence. He has a very practical and pro-deal vision in negotiations and analysis.

Key clients

Rafael Viñoly Architects

Pedidos Ya

Berkes Construcciones y Montajes



Lumin Group

Work highlights

  • Advised Fideicomiso Edificio Rambla and Rafael Viñoly Architects on the overall structuring of a land purchase and development for a large office building.
  • Assisting Fideicomiso Verdenia – CWK Desarollos with all legal, tax and notarial aspects of structuring the construction of a residential complex in Carrasco.
  • Advising Celtevik on purchasing land and developing a residential complex consisting of three towers in Manantiales, Maldonado.

Dentons Jiménez de Aréchaga

Dentons Jiménez de Aréchaga‘s well-regarded real estate finance practice is highlighted for its ‘clear, in-depth and comprehensive knowledge of the practice area‘. The team is particularly strong in acting for banks and financial institutions as lenders, and has been increasingly involved in more cross-border matters thanks to the wider Dentons network. Corporate partner Héctor Viana co-leads the practice with of counsel Carolina Damonte, who has broad experience advising financers of project developers, contractors, and sellers and buyers of properties. At the senior associate level, María José Rovira has a specialism in rural real estate sales and Aparicio Howard is noted for real estate disputes. Since publication, Damonte has departed the firm to practice freelance – effective May 2021.

Practice head(s):

Héctor Viana; Carolina Damonte


Dentons Jimenez de Arechaga has a solid work team with the capacity to handle all matters that are consulted on the most diverse matters of law.

A clear, in-depth and comprehensive knowledge of the practice area. Prompt response times.

Héctor Viana is very much a “hands-on” partner, notwithstanding the high skill level shown by his team.

Working with Dentons is a differential in the place we operate, at the time of the drafting of the contracts, the advice on the guarantees, and the relationship with the professionals acting for the clients, they are diligent, agile and extremely prepared. They have a great team.

Excellent professionals, not only in the technical, legal and academic areas, but also in the human field.

Knowledge of horizontal property laws and regulations. Knowledge of bankruptcy rules, knowledge of financial tools to be able to leverage real estate investments.

Key clients

Grupo Ivory

Diamantis Plaza

Banco Santander

Trump Group


Arcos Dorados Uruguay


Work highlights

  • Assisting a group of promissory owners to buy the asset pool of the promoters of Diamantis Plaza, Montevideo.
  • Assisting Banco Santander Uruguay with financing Joy Montevideo, a residential complex in Montevideo.
  • Advising Grupo Ivory on all stages of projects, from the fund raising and negotiations of collateral, to the permitting and construction agreements of the buildings, and up to final sales and administration of assets.

Hughes & Hughes

Hughes & Hughes is noted for representing buyers in real estate transactions, where it has a particular strength in rural sites. The team has expertise in domestic new land planning regulations, including land use and categorisation. The firm's standout client UPM continues to look to practice head Haroldo Espalter for assistance in real estate matters tied to its signature pulp mill project in Montevideo.

Practice head(s):

Haroldo Espalter

Key clients

UPM Forestal Oriental

San Miguel


Global Timber Resources

GTI 7 Investments Acquisitions Company

GTI 10 Investments Acquisitions Company

GMO Global Renewable Resources

The Rohatyn Group

Automotores Gildemeister



Conami Consortium

Work highlights

  • Advising UPM subsidiary Tebetur on analysing property title deeds and other real estate related aspects of its successful bid to build and operate a pulp warehouse and related port infrastructure within the Montevideo port.
  • Assisting Basirey, Nelit and Conami with all contracts and structured financing of the international public tender for the construction and maintenance of social-education infrastructure.
  • Advising Tile Forestal, a subsidiary of UPM group, on the development of a housing project in the vicinity of the site of UPM’s pulp mill project in Paso de los Toros.

Andersen Tax & Legal Uruguay

Andersen Tax & Legal Uruguay's real estate practice works alongside its corporate and finance departments to advise clients on property transactions. The team is also regularly called on for advice on tax and regulatory aspects of real estate projects. Structured finance and corporate law expert Carlos Enrique Schickendantz is the practice head.

Bergstein Abogados

Rural land acquisitions and farm reorganisations have been recent focuses of Bergstein Abogados' real estate department. While it primarily handles purchases, the team is also equipped to advise on REITs and financing; construction contracts and agreements; condominiums and conversions; and development, planning and land use. Associate Ana Claudia Marrero and corporate law and tax expert Jonás Bergstein coordinate the practice group.

Practice head(s):

Ana Claudia Marrero; Jonás Bergstein

Blanco & Etcheverry

Blanco & Etcheverry fields a transaction-focused real estate practice, which assists clients with the implementation and structuring of investment projects in different areas, including agribusiness, forestry, the dairy industry, logistics and shopping malls. Carlos Rodríguez Capurro and Agustín Etcheverry are the key contacts.