Real estate in Uruguay


For one source, FERRERE is a ‘fundamental partner in our company’s decision-making process’. The group strikes the right note for its ‘teamwork’, ‘professional attitude’ and ‘interdisciplinary team’, with its ability to proactively consult internally on cross-department issues a recurring theme. The firm covers the waterfront on real estate matters, with strong skill sets in sale and purchase transactions, agribusiness issues, real estate funds, financing and dispute resolution. Its diverse client base is equally broad and spans domestic and multinational investors, developers and lenders. Carlos Falco heads the group and has an emphasis on transactions in the high-end residential and commercial sectors. Impressive senior associates Diego Durán and Florencia Taboas are also recommended for real estate matters.

Practice head(s):

Carlos Falco


The professional and human team at Ferrere is highly trained in all areas, advising us on the different stages of our business. They have become a fundamental partner in our company’s decision-making process.

Teamwork is one of the strongest qualities of the firm, given that our queries are very varied and often generalist in nature. The team frequently reaches out to obtain the appropriate answers, consulting internally with different specialists.’

What makes this team stand out is its excellent availability to answer queries and its consistently service-oriented and professional attitude.

The team quickly provides all the information available, advises us on alternatives, and ensures the final satisfaction of the client regarding the result obtained.’

It has strong knowledge of regulations, a very high level of acquired experience, is very well positioned in the market with high penetration of public and private organisations, and houses a solid interdisciplinary team, which allows us to carry out sophisticated transactions.’

Calling on the advice of this firm is key when evaluating new projects, as well as meeting the needs that arise in the management of the businesses in our portfolio.

We believe that the team contributes value to the development of our business plan. The synergy acquired over the years between FERRERE and our organisation is very high, helping us to achieve the projected results.’

The partners with whom we have the most activity are Carlos Falco and Diego Rodríguez, although due to the complexity of our businesses we have contact with other partners and they all share the same organisational culture.’

We would highlight the excellent work done by associate Florencia Taboas.

Key clients

Agroempresa Forestal / Fideicomiso Forestal Bosques del Uruguay

Proa Carrasco (L’eclat developers)

Global Forest Partners

Hughes & Rienzi



Diamantis Plaza Lofts & Towers

Bouza Group

Independencia Fondos de Inversión


Work highlights

  • Advised Corporación Interamericana de Inversiones, Inter-American Development Bank and Corporacion Andino de Formento on the $100m financing for the design, construction and operation of 42 educational centres.
  • Acted for developer Hughes & Rienzi on the acquisition of land for their Vilago Lake Residences project.
  • Advised L’eclat on the structuring and construction of a 38-unit residential building.
  • Advised the France-headquartered Orpea Group on transactions in Uruguay, including on the acquisition of the residential centre LAR Centro Residencial.

Guyer & Regules

The ‘organised and deadline-compliant team’ at Guyer & Regules ‘always finds a way to achieve a closing’, according to satisfied clients. The deep and broad practice stands as one of the largest teams in the market and provides expertise in all key pillars of commercial, residential and agribusiness matters. A strong showing in property finance, including funds, is supported by extensive experience in development, investment, leasing, and sale and purchase transactions. Federico Susena heads the team and his practice spans the full range of corporate finance and development matters. Other key contacts include seasoned real estate specialist John Leaman and Beatriz Spiess, who provides ‘high attention to detail’. Counsels María Fernanda González and Carolina Suárez are also recommended.

Practice head(s):

Federico Susena


Guyer & Regules has a very solid team with the skills to advance issues favourably in many situations. It always finds a way to achieve a closing.

The team has great technical capacity coupled with a strong will to work. It is a very solid team professionally.

Lawyers are always accessible and explain complex and new topics in ways we can understand.’

It has specialists in each area and maintains very close relationship with clients. They provide a quick response to our questions.

We have worked with other offices, but we have not returned. We are very satisfied with Guyer & Regules.’

A responsible, organised and deadline-compliant team, which is strong in terms of timing and clarity.’

Guyer has many different disciplines in house (legal, tax, auditing) which makes it a “one stop shop”. Lawyers are very responsive and deliver a high quality of work.

For real estate we work with Federico Susena and María Fernanda González.’

Demonstrates very good team work and is cordial and professionally correct, especially María Fernanda González.

For real estate we work with Beatriz Spiess who stands out for her solidity and execution. Always provides high attention to detail and dedication to the client.’

Key clients

Fideicomiso Tierras Irrigadas I & II

Mercura Capital Gmbh

Fideicomiso Financiero Tierras del Litoral

Grupo Maderas

Montes del Plata (Arauco and Stora Enso)

Union Agriculture Group (UAG)


JHSF Fasano


Fideicomiso Financiero Fondo Montes del Este

Ingleby Farms

Fábrica Nacional de Papel (FANAPEL)

Fideicomiso Financiero Peninsula Rentals

Hancock Natural Resources Group


Fideicomiso Financiero Terraligna

Coca-Cola FEMSA


Work highlights

  • Advised REIT Peninsula Rentals on the $57m acquisition of more than 220 apartments in Montevideo.
  • Acted for financial trusts Fideicomiso Financiero Tierras Irrigadas I and Fideicomiso Financiero Tierras Irrigadas II on the acquisition of rural land for agriculture exploitation.
  • Advised Fideicomiso Financiero Tierras del Litoral on the establishment of a real estate trust for investment in rural land.
  • Advised Fideicomiso Financiero Fondo Compass, which is currently developing five residential condominium projects, on day-to-day real estate matters.

Posadas, Posadas & Vecino

Posadas, Posadas & Vecino’s trusts offering is much admired, with one source asserting that compared to other firms in the market, it ‘has the most experience in trusts’. Other strings to its bow include its development and agribusiness expertise. The firm advises across the full spread of retail, leisure, commercial and industrial transactions and leans on other departments to provide supplementary advice in corporate, natural resources and project finance matters. Real estate head Eduardo Ferrari is ‘very technically proficient’ and is noted for his commercial, corporate and tax experience. Pablo Sequeira, who spearheads the trusts practice, and talented associate Federico Peñasco are also recommended.

Practice head(s):

Eduardo Ferrari; Pablo Sequeira


What makes this real estate practice unique in Uruguay is the responsibility with which it manages the work, added to its professionals’ personal touch.’

Comparing PPV with other Uruguayan firms, in my opinion, it has the most experience in trusts, an increasingly popular investment structure in the country.’

Eduardo Ferrari is very technically proficient when it comes to real estate development and is also extremely trustworthy — he is an excellent professional in all his aspects.’

I have not found such a reliable lawyer as Eduardo Ferrari in other firms; he is very smart, trustworthy, with a lot of business sense and a lot of experience in cross-border transactions.’

Key clients

Lumin Group

Rafael Viñoly Architects

CWK Desarrollos


Berkes Construcción y Montajes


Gabriel Cassinelli Iharour

Work highlights

  • Advised Lumin Group on the negotiation of a $75m loan agreement, including a mortgage on 120,000 hectares of land.
  • Acted for Rafael Viñoly Architects and Fideicomiso Edificio Rambla on the development of the Rambla Building project.
  • Advised CWK Desarrollos on the legal, tax and notarial aspects of the construction of the Verdenia residential complex.
  • Acted for Celtevik on the development of a residential complex consisting of three towers in Manantiales.

Dentons Jiménez de Aréchaga

Dentons Jiménez de Aréchaga houses a robust real estate finance practice, which leverages its close relationship with Banco Santander to advise on major construction financings. The team also counts real estate developers, managers and acquirers among its clients. Key contacts include experienced of counsel Carolina Damonte and senior associate Aparicio Howard.

Practice head(s):

Hector Viana


We valued their capacity to mobilise so many parties, with so many diverse interests, as well as their ability to interpret clearly and urgently — this was vital for our transaction.’

Demonstrated strong commitment, respect and dedication to solve the matter, combined with good deadline compliance.

Lawyers were able to face confrontations decisively, without neglecting professionalism, and prioritised well.’

Key clients

Grupo Ivory

Gallinal Family

Banco Santander


Claro (AM Wireless)

Arcos Dorados Uruguay (McDonald’s)

Uruguayan American School

Trump Group

Work highlights

  • Advised Grupo Ivory on the construction of a $30m residential complex in Montevideo.
  • Acted for Banco Santander on the $9m construction financing of the ‘Joy Montevideo’ residential complex.
  • Advised the Gallinal Family on the sale, through private tender, of a major property in Montevideo.

Hughes & Hughes

Hughes & Hughes’ real estate practice is particularly active in rural land matters, where it routinely advises trophy client UPM Kymmene on its real estate transactions. Other strong suits include infrastructure development and planning regulations. Corporate and project finance partner Haroldo Espalter heads the department.

Practice head(s):

Haroldo Espalter

Key clients

UPM Forestal Oriental

San Miguel

Akuo Energy — Glymont

Global Timber Resources

GTI 7 Investments Acquisitions Company C/O Global Forests Partners

GTI 10 Investments Acquisitions Company C/O Global Forests Partners

GMO Renewable Resources

The Rohatyn Group TRG)

Work highlights

  • Advised Tebetur, a subsidiary of UPM group, on the real estate aspects of its pulp mill and port infrastructure project.
  • Acted for Tile Forestal, a subsidiary of UPM, on the development of a housing project in the vicinity of UPM’s pulp mill development.
  • Advised the winning consortium on the PPP contract for the construction and maintenance of social education infrastructure, including 44 kindergartens and 15 childcare centres.

Andersen Tax & Legal Uruguay

Andersen Tax & Legal Uruguay’s real estate practice often works hand-in-hand with its corporate finance department to advise on M&A and financing transactions. It is also highly active in tax-related matters and regulatory issues. Carlos Enrique Schickendantz manages the department.

Key clients

Sallustro Company & Innovare

Canadian Bank Note Company

Breeders & Packers Uruguay (BPU)

Neutral – JH Partners

Zensho Holdings


GDM Seeds


Park Place Technologies

Work highlights

  • Advised Chasmer on the financing of a major irrigation project involving significant real estate aspects.
  • Acted as local counsel to global data centre giant, Park Place Technologies, on its acquisition of the Latin American operations of CMG-Nicsa.

Blanco & Etcheverry

Real estate is a core area for Blanco & Etcheverry and the multidisciplinary practice advises on a broad mix of agribusiness, logistics and retail-related matters. Litigator Carlos Rodríguez Capurro co-heads the group alongside corporate and finance partner Agustín Etcheverry.

Practice head(s):

Carlos Rodriguez Capurro

Key clients

Chacras del Golf





Estancias Del Lago


Criba Uruguay

Work highlights

  • Advised Chacras del Golf I and II on the structuring, implementation and financing of a real estate development under the Urbanization Condominium Regime in La Barra.
  • Acted for Nietre on a real estate development project on the coast of Rocha.