Posadas > Montevideo, Uruguay > Firm Profile

RUTA 8, KM 17500, OF 115

Uruguay > Real estate Tier 1

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.

Uruguay > Banking and finance Tier 2

Tomás Gurméndez leads the banking and finance practice at Posadas, Posadas & Vecino and regularly counsels the lenders on some of the most high-profile projects in Uruguay, including UPM’s latest pulp mill construction, as well as significant highway projects. The team is also experienced in assisting developers, and outside of the projects sphere, secured and syndicated lending, structured finance and regulatory matters are also among its competencies. Regulated industries specialist Pablo Sequeira and recently appointed partner Andres Aznarez are key contacts, and senior associate Victoria Garabato is regularly involved in key mandates. Since publication, Garabato has been raised to the partnership - effective as of February 2022.

Practice head(s):

Tomas Gurméndez

Key clients

CAF Asset Management (CAF-AM)

Banco Santander España

Banco BBVA

Global Infrastructure Partners

Corporación Andina de Fomento (CAF)

Inter-American Investment Corporation (IIC)

Inter-American Development Bank (IDB)

BNP Paribas

Banco República Oriental del Uruguay

Banco Itaú Uruguay

Societe Generale



Banco Santander (Brasil)

Lombard Odier Uruguay

International Finance Corporation



Puente Corredor de Bolsa

República Administradora de Fondos de Inversión (República Afisa)

Work highlights

  • Advising Inter-American Investment Corporation and Global Infrastructure Partners on the senior financing of the construction of a pulp mill, granted by a group of senior lenders led by BID Invest and CAF, for approximately $855m.
  • Representing Inter-American Development Bank and Banco de la República Oriental del Uruguay in the due diligence of a highway PPP project, and in the drafting and negotiation of all financing agreements.
  • Acting for BBVA, Inter-American Development Bank, Inter-American Investment Corporation and Banco de la República Oriental del Uruguay in their capacity as senior lenders for the Circuito 6 highway project.

Uruguay > Corporate and M&A Tier 2

Posadas, Posadas & Vecino acts for key local clients as well as a number of multinationals with interests in Uruguay, taking a strong market share of cross-border M&A, as well as being retained by clients for day-to-day corporate governance matters. Vivendi Group sought the firm's services for the first time in 2020, with Tomás Gurméndez leading its acquisition of video game studio The Other Guys' Uruguayan subsidiary. Fernando de Posadas focuses on the forestry, mining, energy, agriculture and consumer goods sectors, and he leads the practice with Gurméndez and Tomás Guerrero, a civil and corporate law specialist with vast M&A experience. Lucía Carbajal has experience acting in some of the country's largest foreign direct investment projects, and is very active in M&A in the forestry sector. Transaction specialist Gerardo Caffera is a further name to note, and Lucía Barrios and Andres Aznarez also stand out; both were appointed partners in January 2021.

Practice head(s):

Tomas Guerrero; Fernando de Posadas; Tomas Gurmendez


These are professionals who quickly understand the client’s business and their input is based on an understanding of the law, so that the legal service is excellent but at the same time business-oriented.

Tomás Gurméndez is a model corporate lawyer. He is dynamic, accessible, knowledgeable about the law beyond his practice and focused on the client receiving the best service but with a framework of efficiency and speed.

Very knowledgeable. Very responsive. Perfect English.

Flexibility, adaptability to the client, to provide efficient solutions aimed at tackling the problem.

Fernando de Posadas, Lucia Carbajal, Gerardo Caffera – They are characterised by their flexibility, customer orientation, strategic thinking.

Key clients


GreenWood Resources

Liberty Mutual Investments


The Coca-Cola Company

BTG Pactual

Mega Pharma

Montes del Plata

AB Inbev

Mastercard International


Votorantim Group

Advent International

Terminal de Graneles Montevideo Obrinel


Stine Seed


Cía Hering


Ford Argentina

Cubico Sustainable Investments

Work highlights

  • Represented Ford Argentina in all aspects of a manufacturing agreement with local car manufacturer Nordex, including drafting and negotiation of contracts, permits and authorisations, and labour and customs matters.
  • Assisted Vivendi and Gameloft with all corporate acts related to the closing of the acquisition of The Other Guys, specifically regarding the target’s Uruguayan subsidiary.
  • Acted for Cointer Concesiones, Christophersen and DB International Operations in its successful bidding process to provide and operate rolling stock on the railway and provide rail transportation services for UPM.

Uruguay > Labour and employment Tier 2

The broad labour and employment offering at Posadas, Posadas & Vecino works together with the firm's dispute resolution team to handle contentious labour cases. Its diverse range of clients also seek the team's assistance in day-to-day employment law matters. The practice is jointly led by Gonzalo Gari, an experienced senior associate with a focus on disputes, and new addition Alejandro Castello. He joined the firm as senior counsel in August 2020, replacing former practice co-head Cecilia Demarco, who departed for Pérez Del Castillo & Asociados in July 2020. Senior associate Mariana Fernández is also a key contact, having moved from the corporate law team to concentrate almost exclusively on labour and employment matters, where she assists with the full range of issues.

Practice head(s):

Alejandro Castello; Gonzalo Gari


They have good leaders in legal and accounting matters and they give a good service to customer inquiries.

PPV are lawyers who respond quickly and know the issue.

Mariana Fernandez is a good lawyer and she responds quickly and efficiently.

Key clients

Julio César Lestido

Aerolineas Argentinas

Cargill Uurguay


Montes del Plata

GBT Grupo Biotoscana



Axionlog Uruguay


Work highlights

  • Advised Aerolineas on the negotiation of the termination of a services agreement with Sofivial.
  • Assisting Julio César Lestido with its restructuring process due to the Covid crisis, by which more than 25 employees were terminated through settlement agreements and severance packages.
  • Assisted Cargill Uruguay with all Covid-related labour and employment issues.

Uruguay > Projects and energy Tier 2

Posadas, Posadas & Vecino is best known for its strength in energy sector projects but has also developed a significant presence in infrastructure. In that respect, practice co-head Tomás Gurméndez has been leading advice to Inter-American Investment Corporation and Global Infrastructure Partner on their $75m structured mezzanine financing for a PPP railway project. Leading corporate partner Fernando de Posadas is the main contact on the transactional side, while Gerardo Caffera is noted for complex financing and foreign direct investment, especially in the natural resources industry. Senior associate Victoria Garabato stands out for her experience in the development, construction and financing of renewable energy projects. Since publication, Garabato has been raised to the partnership - effective as of February 2022.

Practice head(s):

Tomás Gurméndez; Fernando de Posadas


They know us a lot as a customer. They are a very competent team. They know a lot about our work area, energy and industrial processes.

It is a firm that excellently combines professionals with long experience and trajectory and new members with high standards of quality and service. This team is able to face the multiple challenges of the changing reality, looking for alternative solutions to its various clients, with reliability, commitment and responsibility.

The professionals of this firm work together with the client, side by side based on respect and trust, which allows us to achieve tailored products or results with better performances than other firms that work remotely with periodic feedback.

Experience in corporate advice and project financing. Quick response and effective advice.

The services provided by the area led by Tomás Gurméndez are excellent, with great knowledge of the business and reaching all external clients.

I want to highlight the work of Tomas Gurmendez and Magadalena Cuñarro.

Tomás Gurméndez has good experience in the energy sector and PPV gives a good service.

They have a very interesting track record in projects associated with energy.

Key clients

CAF Asset Management Corp. (Caf-Am)

Banco Santander España

Banco BBVA

Global Infrastructure Partners

Corporación Andina de Fomento (Caf)

Inter-American Investment Corporation (IIC)

Inter-American Development Bank (IDB)

Administración Nacional de Usinas y Trasmisiones Eléctricas (UTE)

República Afisa

Brookfield Renewables

Terminal de Graneles Montevideo – Obrinel

Ventus Energia


EIG Global Energy

Votorantim Group

Grupo Cobra

Work highlights

  • Advised Inter-American Investment Corporation and Global Infrastructure Partner on the $75m structured mezzanine financing for a PPP railway project.
  • Acting for BBVA, Sabadell and Banco de la Republica Oriental del Uruguay as senior lenders financing the Circuito 6 highway PPP project.
  • Advising UTE and Rafisa on financing a 200km 500Kv transmission line.

Uruguay > Dispute resolution Tier 3

'Acting with great responsibility and professionalism', the litigation and arbitration department at Posadas, Posadas & Vecino acts in a diverse mix of matters, with contract breaches and class action lawsuits being areas of notable strength and ones that are seeing an increase in the local market. Bankruptcies are also a specialism, with practice co-head Valeria Techera leading advice to Gas Sayago on Uruguayan aspects of the bankruptcy of OAS. Alongside her, Luis Nin has over 30 years' experience assisting local and international clients in all forms of dispute resolution. Associate Nicolas Pallas is noted for civil litigation.

Practice head(s):

Luis Nin; Valeria Techera


What makes this practice unique is the coordination between directors and junior lawyers.

The litigation team has a wealth of experience. They are extremely robust.

What makes the firm’s lawyers stand out is their understanding of the case they are handling.

The plus of PPV is the understanding of the client’s needs. They have a lot of empathy with the customer.

They stand out for their high degree of commitment to managing the service they are providing us, acting with great responsibility and professionalism.

Communication channels have always been open, which has made it possible to solve urgent situations.

Key clients

Gas Sayago

Caterpillar Leasing Chile

Grupo Cobra

Compagnie Francaise D’ Etude et Entreprises

Fortune International Realty

Arquitecto Diego San Martin

Intendencia Municipal de Maldonado

Celulosa y Energía Punta Pereira


Work highlights

  • Represented Gas Sayago in the bankruptcy proceedings of the Uruguayan branch of OAS.
  • Acting for the municipality of Maldonado in the extra-judicial and judicial collection of real estate taxes.
  • Defending Grupo Cobra, Bow Power Energy and its Uruguayan subsidiary Vicentina in lawsuits brought by the local government of San José and by a group of landowners to cancel the construction of a transmission line.

Uruguay > Tax Tier 3

Posadas, Posadas & Vecino's full-service tax practice is particularly celebrated in the fields of international taxation and individual tax planning. To this end, the firm has an office in free trade zone Zonamérica, which is managed by tax practice co-head Raúl Vairo, who specialises in tax and commercial law and has vast experience advising local and international clients on establishing new ventures in the region. Alongside him in coordinating the tax department are Eduardo Ferrari, who is particularly active advising on the tax aspects of real estate projects, and public accountant Daniel González. Senior associate Guillermo Sena is a key contact for tax counselling and tax disputes.

Practice head(s):

Raúl Vairo; Eduardo Ferrari; Daniel González

Key clients

BTG Pactual


Pedidos Ya

Administración Nacional de Usinas y Trasmisiones Eléctricas (UTE)


Gas Sayago

Grupo Biotoscana




Mega Pharma

Work highlights

  • Advising Gas Sayago on tax aspects related to the sale of various assets, as well as on other tax aspects related to the closure of the project.
  • Assisting UTE with the day-to-day tax matters related to its development of the Valentines wind farm in Florida and Treinta y Tres.
  • Representing Cympay in a claim from the tax administration for over $1m.

With more than 95 years of history, Posadas, Posadas & Vecino (PPV) is one of the largest and most prestigious full-service firms in Uruguay. Since its foundation in 1926, the firm has had an international perspective, being the first Uruguayan firm to open branches within the country (Zonamerica and Punta del Este) and in Europe.

PPV’s leading position is built on its ability to support clients in highly complex business transactions, advising multinational corporations, financial institutions and local companies in a broad range of practice areas. The firm prides itself on keeping its tradition in the practice of law, providing personal attention to clients with great involvement from all partners in the cases handled. PPV’s professionals are highly specialized, most of them having studied abroad or worked for international firms.

Main areas of practice
Banking and finance: PPV represents some of the major multinational banks operating in Uruguay, having participated in most major banking and financing transactions, including syndicated lending, structured finance and project finance. The firm represents multilateral institutions in their lending activity in Uruguay and also counsels many representative offices of foreign banks and international brokerage firms doing business in Uruguay.

Corporate and M&A: the firm has a well-established and highly reputed corporate and M&A team, which has handled some of the most relevant transactions in recent years in a wide range of industries. It also assists local and foreign clients with regular commercial and corporate advice.

Dispute resolution: PPV has sound experience in litigation, handling civil and commercial litigation, insolvency, reorganization and bankruptcy matters, and administrative proceedings. PPV also advises clients in local and international arbitration cases, some members also having participated as arbitrators and expert witnesses. It has vast experience in class action disputes involving a considerable number of plaintiffs.

Energy and natural resources: in recent years, PPV has participated in a large number of relevant energy matters, including renewable energy projects (wind, solar and biomass sources), mining, and oil and gas, representing both developers and financing institutions. The firm has considerable experience in public biddings launched by the Uruguayan national electricity company.

Labor: the labor team advises on individual and collective matters related to employment and social security law, including handling trade union relations and collective bargaining agreements.

Tax and accounting: the firm has traditionally been very strong in assisting foreign clients, both personal and corporate, in tax and accounting matters. The firm’s tax and accounting team has grown considerably and branched out into more specialized activities, such as back office services for foreign entities.

Real estate: PPV has a strong real estate practice, representing developers and investors in different types of transactions including social housing, leisure, tourism, rental offices and urban construction. The firm has broad experience in structuring real estate agribusiness transactions, such as forestry and agriculture.

International work: in recent years PPV has been involved in a large number of deals, including M&A, bond issues, cross-border lendings, project financing, leisure, mining, agricultural, forestry, energy and telecommunications.

Managing partners Tomás Guerrero
Managing partners Francisco Obes
Managing partners Eduardo Ferrari
Managing partners Fernando de Posadas
Senior contacts Eduardo Ferrari
Banking and finance Tomás Gurméndez
Corporate and M&A Fernando de Posadas
Corporate and M&A Tomás Guerrero
Corporate and M&A Tomás Gurméndez
Dispute resolution Luis Nin
Energy, natural resources Fernando de Posadas
Energy, natural resources Tomás Gurmendez
Labor Luis Nin
Labor Gonzalo Gari
Tax and accounting Daniel González
Tax and accounting Raúl Vairo
Dispute Resolution Valeria Techera
Labor Mariana Fernandez
Fernando De Posadas photoMr Fernando De PosadasPartner. Has significant experience in Corporate and Commercial Law becoming one of…
Eduardo Ferrari photoMr Eduardo FerrariPartner. Head of Notarial Department. Real Estate, Corporate and Tax Law.
Gonzalo Gari photoMr Gonzalo GariAttorney at Law. Renowned international publications such as Chambers & Partners have…
Tomás Guerrero Costa photoMr Tomás Guerrero CostaCivil, Corporate and Tax Law. Wide experience in mergers and acquisitions processes,…
Tomas Gurméndez photoMr Tomas GurméndezPartner. Mr. Gurméndez works in the Area of Corporate Law, highly specialized…
Luis Nin Estévez photoMr Luis Nin EstévezPartner. Mr. Nin heads the Litigation and Legal Consultancy Departments.
Pablo Sequeira photoMr Pablo SequeiraPartner and Board Member. Corporate and Financial Law, and in Capital Markets…
Other fee-earners : 127
Total staff : 250
English (fluent)
Meritas International Law Firms
Chambers & Partners
Partners : 20