Firm Profile > Kuri Breña, Sánchez Ugarte y Aznar > Mexico City, Mexico

Kuri Breña, Sánchez Ugarte y Aznar

Banking and finance Tier 3

Best known for its robust regulatory practice, the 18-strong team at Kuri Breña, Sánchez Ugarte y Aznar has significant expertise handling both local and international transactional work, assisting with securitization and asset-backed structured finance; corporate finance; real estate, shipping and aviation financing; and debt restructuring plans, as well as in compliance issues. Noted practitioners of the team, which is praised for always seeking ‘the greatest benefit for the client’, include department heads Guillermo Garay, Daniel Kuri Breña and Bernardo Luna; Luna is particularly strong in project finance and infrastructure. Other noted practitioners are Rodrigo López, who has specific expertise in representing Mexican development banks; Luis Octavio Núñez; Álvaro Sarmiento; and Alejandro Sobarzo. Support comes from senior associates Silvia Roldán and Sandra Solís, who rejoined the firm from GE Capital in April 2019.


They have a wide knowledge and a lot of experience related to financing types and products, stock financing processes and are good negotiators

They always seek the greatest benefit for the client instead of trying to maximize the economic benefit for their firm

Regarding Luis Octavio Núñez, Rodrigo López: they always show great availability to attend our needs, propose efficient and innovative financing strategies and have the necessary preparation to carry out all processes in compliance with the legal framework.’

Mastery of technical and operational knowledge, in our case, for the structuring of stock exchange issues and bank loans

Excellent level of service and involvement in the projects

They respond immediately to queries and support the negotiation in an efficient manner. Bernardo Luna is a great negotiator and has a lot of experience in the banking sector

Key clients


Monroe Capital Management Advisors

Huf International


AB&C Leasing


Scotiabank Inverlat

Banco Nacional de Comercio Exterior (Bancomext)


Capital markets Tier 3

Demonstrating 'extensive experience related to types and products of equity financing, market capitalization processes and negotiating with different related parties in a transaction', Kuri Breña, Sánchez Ugarte y Aznar's 11-strong team advises issuers, dealers, corporations and other market participants on all areas of capital markets, especially structured financing transactions, and debt and equity securities issuances. It also has the 'knowledge of the regulations necessary to carry out said processes, including legal, stock and business matters'. Notably, it was a pioneer in the securitization of accounts receivable in Mexico, with founding partner Daniel Kuri Breña responsible for the first such transaction; his practice centers on securitizations and other structured finance across the energy, finance, telecom, automotive and sub-sovereign sectors, among others. Kuri Breña co-leads the practice with Álvaro Sarmiento Lapiedra, who focuses on debt and structured finance as well as ongoing securities work for new and recurring clients. Recent matters saw the pair advise Unirenta Arrendamientos on an MXN$600m securitization of accounts receivable derived from lease agreements. Other key practitioners include Luis Octavio Núñez, who advised longstanding client Vinte Viviendas Integrales on a private placement and $20m equity subscription by French investment promotion agency PROPARCO; Alejandro Sobarzo Hadad, who led advice to Docuformas on its $300m Rule 144A/Reg S senior notes offering; and Guillermo Garay. Experienced senior associates Miguel Vallejo and José Alejandro Casas Farías are both noted.


The attorneys have extensive experience related to types and products of equity financing, market capitalization processes and negotiating with different related parties in a transaction. Likewise, they have demonstrated extensive knowledge of the regulations necessary to carry out said processes, including legal, stock and business matters. It compares favorably with other firms, as they perceive their role to be the search for the greatest benefit for the company and not to maximize economic benefits for the firm.’

The subject is very specific and requires attention to detail, as well as the fulfillment of complex obligations. Punctual follow-up both at the authority level and with in-house lawyers is essential to bring the operation to a successful conclusion. Kuri Breña, Sánchez Ugarte y Aznar’s team is made up of specialized lawyers at a very high level, but who do not neglect personal attention to the operation and the doubts of their clients.

Key clients

Unirenta Arrendamientos

Corporación Financiera Atlas



Vinte Viviendas Integraes



Crédito Real

Real estate Tier 3

For some, the six-strong practice at Kuri Breña, Sánchez Ugarte y Aznar not only offers levels of attention that ‘exceed those of any other firm', but the lawyers also 'have a proven leadership in the real estate legal field’. The team covers leasing and real estate development; financing and securitisation of cash flows originating from real estate properties; joint ventures; and cross-border transactions including acquisition, divestitures, leasing and the development of industrial, hotels and commercial properties. Luis Octavio Núñez, praised by clients for his ‘excellent advice, response and courtesy’, leads the team with the firm's co-managing partner Guillermo Garay, who has profile and expertise in the sale and disposal of real estate. Support comes from finance expert Rodrigo López, and senior associate Elizabeth Tovar , who arrived in July 2019 from the former Romo Paillés.


Excellent advice, response and courtesy. Excellent attention from Luis Octavio Núñez as well as Sandra Solis

The team of lawyers that make up the real estate and corporate area of the firm have accredited the highest academic and professional preparation for the attention of the matters that we have entrusted them with, also providing security and legal protection in the operations in which they advise us. In addition to the above, they have demonstrated their commitment to us, offering legal services of the highest quality and having as their guiding principles honesty and professional ethics

‘We dare to say that their standards of attention exceed those of any other firm, and they have a proven leadership in the real estate legal field. I would not recommend a different firm’

‘Luis Octavio Núñez Orellana, Rodrigo López and Mariela Hinojosa Rodríguez, are our advisors in real estate and corporate matters within the firm. All of them have proven preparation and expertise in this field’

Key clients

Vinte Viviendas Integrales


Graphic Packaging

Nissan Mexicana




Corporate and M&A Tier 4

Best known for its banking and capital markets' capabilities, Kuri Breña, Sánchez Ugarte y Aznar is also active in the corporate and transactional arena, notably on behalf of investment fund clients. The 19-strong practice group includes experienced partners Daniel Kuri BreñaLuis Octavio Núñez, Guillermo Garay and Jesús Sánchez Ugarte, and plays to its strengths when handling transactional matters such as M&A, private equity buyouts and joint ventures, particularly in relation to the real estate, infrastructure, manufacturing and finance sectors. 2019 saw the return of experienced senior associate Sandra Solís, from her in-house role as senior legal counsel at GE Capital; and the team was further strengthened with the mid-year hires of associates Elizabeth Tovar, from the former Romo Paillés, S.C., and Selene González from SAI Derecho & Economía S.C.

Key clients

Fuyao Glass Group Industries


Vinte Viviendas Integrales

Kuri Breña, Sánchez Ugarte y Aznar is a leading corporate law firm located in Mexico City that provides efficient, dynamic and personal services with a business perspective. Since its foundation in 1990, it has implemented some of the largest Mexican privatisations in the financial and industrial sectors; it has taken part in the design of important infrastructure projects and has conducted the negotiation and implementation of some of the most important financial restructurings in Mexico. The firm has robust its tax and antitrust capabilities lead by a highly regarded tax specialist and the former president of the Antitrust Regulatory Commission. With high ethical standards and commitment, the firm participates in the negotiation and implementation of mergers and acquisitions, private equity transactions, financings and equity and debt offerings in the public markets. The firm constantly innovates in structured financing and real estate transactions, as well as in antitrust matters.

Main areas of practice:

Mergers and Acquisitions

The firm takes an active role in the structuring and implementation of mergers, equity acquisitions, and the purchase and sale of going concerns. The firm offers services such as the preparation and negotiation of contracts, obtaining corporate authorisations, compliance with regulatory requirements and, in general, all aspects necessary to implement and close such transactions. The firm frequently advises clients in matters related to venture capital investments, private equity investments and in the implementation of other investment mechanisms, as well as in the sale of equity participations of such clients in Mexican companies.

Banking, Structured Finance and Restructuring

The firm engages in the drafting, negotiation and closing of credit agreements, debt restructuring agreements, financing plans, as well as other types of contracts related to project and bank financing. The firm has been involved in important securitisation and restructuring transactions concerning multinational companies as well a large number of states and municipalities.
KSA advises domestic and international financial institutions in all their commercial activities, as well as in corporate governance matters. The firm also works with foreign banks and other financial institutions in matters related to their operations in Mexico, including the establishment of representative offices and subsidiaries.


The firm advises Mexican companies and sovereign entities in the issuance of debt and equity securities, in Mexico, and in the international markets, in public or private placements. The firm has also advised groups of shareholders of Mexican companies in secondary offerings. In this area, the firm participates in securing the required approvals from the National Securities and Banking Commission and the listing of the securities. The firm performs due diligence, and participates in the drafting of offering memoranda, prospectus and other offering materials, negotiation of underwriting agreements, indenture trusts indentures and other related documents. The firm also advises issuers in connection with their reporting obligations and ruling requests.

 Real Estate

The firm is involved in a variety of transactions related to the acquisition, sale, lease and development of real estate, including the financing and securitisation of cash flows originating from real estate properties.
The firm’s experience includes the design and implementation of legal structures for the purchase, sale or lease of real property for resorts, as well as for commercial or industrial purposes, using structures such as trusts, ‘sale and lease-back’, usufruct and development and management agreements, among others.

Antitrust and International Trade

The firm has experience in anti- trust matters and has represented domestic and international clients in important cases before the Federal Antitrust Commission, related to mergers, acquisitions and investigations on monopolistic practices. The firm has also developed an important practice on international trade, including the representation of Mexican and foreign companies in connection with investigations on predatory commercial practices and subsidies. The practice includes the participation in procedures before the Ministry of Economy and international panels.


KSA has represented both international and domestic clients in infrastructure projects including energy, telecommunications, toll roads, mining and steel industries and in securing all governmental approvals necessary to operate or finance these projects, including setting up partnerships or joint venture agreements and corporate structures for financing and investment.

Foreign Investment

KSA is usually involved in drafting and negotiating all kinds of agreements to structure business combinations, joint ventures, shareholders agreements and other documentation in connection with the participation of foreign investors in business entities.

Arbitration and Alternative Dispute Resolution

The arbitration practice includes advising clients in all phases of arbitration proceedings and, if necessary, coordination of attorneys with experience in other areas of law, based in Mexico or abroad. The attorneys of the firm advise clients in arbitration proceedings conducted through the International Chamber of Commerce and other organisms of high reputation.

Tax Consulting

With a team of recognized experts in tax consulting, the firm advises clients on the tax matters that arise on a daily basis in their businesses. The firm also advises clients in tax consulting regarding mergers and acquisitions, corporate restructuring, financing and other operations, both domestic and international.

Tax and Administrative Litigation

The firm has experience advising clients in the implementation of defensive measures against tax authorities, including the use of revocations, annulments, appeals and constitutional remedies. The firm defends its clients against disputes arising from governmental activities through any public agency, including those derived from public contracts, the granting of concessions, authorisations or the imposition of fines and other sanctions. The firm’s services include handling review procedures by tax or administrative authorities that give rise to actions affecting its clients.

Procurement & Compliance

The team has advised government or public entities through whole tender processes. It has advised on appropriate procurement mechanisms, assisted in drafting tender documentation, and provided advise in legal issues that arise when the tenders are evaluated. For private entities, the firm assisted on responding to government tenders, preparing submissions, and negotiating various government contracts. The Compliance practice focuses on anti-bribery, anticorruption, anti-money laundering and data protection. The firm advise entities in specific issues once they arise as well as risk prevention, by reviewing current practices, developing and implementing enhanced compliance processes, and monitoring the changes and improvements.


Kuri Breña, Sánchez Ugarte y Aznar regularly advises domestic and international crowdfunding platforms, digital wallets, challenger banks, exchanges, payment facilitators and private equity and venture capital funds, as well as commercial banks and non-bank financial institutions involved in the Fintech sector. Our services include advice on regulatory and compliance matters under the Mexican Fintech Law and regulations, applications and related filings to obtain authorization from the Mexican regulator to operate as a fintech entity, and general corporate and contractual matters.



Department Name Email Telephone
Securities Alvaro Sarmiento Lapiedra
Securities Daniel Kuri Breña Romero de Terreros
Infrastructure and Procurement Bernardo Luna Guerrero
Banking, Structured Finance and Restructuring Alejandro Sobarzo Hadad
Mergers and Acquisitions Guillermo Garay
Real Estate Luis Octavio Núñez Orellana
Antitrust and International Trade Jesús Sánchez Ugarte
Tax Consulting and Tax & Administrative Litigation Julio Freyssinier Isoard
Fintech Rodrigo López Márquez
Photo Name Position Profile
 Daniel Kuri Breña photo Daniel Kuri Breña Founding Partner
Mr Julio Freyssinier Isoard  photo Mr Julio Freyssinier Isoard Partner
 Guillermo Garay photo Guillermo Garay Partner
 Alejandro Sobarzo Hadad photo Alejandro Sobarzo Hadad Partner
Mr Rodrigo López Márquez  photo Mr Rodrigo López Márquez Partner
 Álvaro Sarmiento Lapiedra photo Álvaro Sarmiento Lapiedra Partner
Mr Bernardo Luna Gutiérrez  photo Mr Bernardo Luna Gutiérrez Partner
Mr Luis Octavio Núñez Orellana  photo Mr Luis Octavio Núñez Orellana Partner
 Jesús Sánchez Ugarte photo Jesús Sánchez Ugarte Founding Partner.
Partners : 9
Total staff : 33