{"id":139406,"date":"2026-04-22T09:05:44","date_gmt":"2026-04-22T09:05:44","guid":{"rendered":"https:\/\/my.legal500.com\/guides\/?post_type=comparative_guide&#038;p=139406"},"modified":"2026-04-22T09:05:44","modified_gmt":"2026-04-22T09:05:44","slug":"argentina-real-estate-funds","status":"publish","type":"comparative_guide","link":"https:\/\/my.legal500.com\/guides\/chapter\/argentina-real-estate-funds\/","title":{"rendered":"Argentina: Real Estate Funds"},"content":{"rendered":"","protected":false},"template":"","class_list":["post-139406","comparative_guide","type-comparative_guide","status-publish","hentry","guides-real-estate-funds","jurisdictions-argentina"],"acf":[],"appp":{"post_list":{"below_title":"<div class=\"guide-author-details\"><span class=\"guide-author\">Beccar Varlela<\/span><span class=\"guide-author-logo\"><img src=\"https:\/\/my.legal500.com\/guides\/wp-content\/uploads\/sites\/1\/2026\/04\/Screenshot-2026-04-13-162724.jpg\"\/><\/span><\/div>"},"post_detail":{"above_title":"<div class=\"guide-author-details\"><span class=\"guide-author\">Beccar Varlela<\/span><span class=\"guide-author-logo\"><img src=\"https:\/\/my.legal500.com\/guides\/wp-content\/uploads\/sites\/1\/2026\/04\/Screenshot-2026-04-13-162724.jpg\"\/><\/span><\/div>","below_title":"<span class=\"guide-intro\">This country specific Q&amp;A provides an overview of Real Estate Funds laws and regulations applicable in Argentina<\/span><div class=\"guide-content\"><div class=\"filter\">\r\n\r\n\t\t\t\t<input type=\"text\" placeholder=\"Search questions and answers...\" class=\"filter-container__search-field\">\r\n\t\t\t<\/div>\r\n\r\n\t\t\t\r\n\r\n\r\n\t\t\t<ol class=\"custom-counter\">\r\n\r\n\t\t\t\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are the principal legal structures used for investment in real estate (e.g., limited partnerships and other fund vehicles, real estate investment companies, real estate investment trusts\/ unit trusts)?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>(a) Direct Ownership of Real Estate. The &#8220;real estate property right&#8221; (derecho real de dominio) is one of the limited in rem rights under the Argentine Civil and Commercial Code (the &#8220;Code&#8221;). Although property rights have no time limits, they must be exercised in accordance with the Code.<\/p>\n<p>(b) Participation as a Shareholder in a Company Owning Real Estate. This is the typical way to participate in the ownership of a property with a long-term commercial purpose, such as hotels, shopping centres, and office buildings. The most common corporate vehicles are the stock corporation (sociedad an\u00f3nima or &#8220;S.A.&#8221;) and the limited liability company (sociedad de responsabilidad limitada or &#8220;S.R.L.&#8221;).<\/p>\n<p>(c) Participation in a Real Estate Trust (Fideicomiso). This is the most common way of temporarily participating in the ownership of real estate, for example, during the construction of a project. Trusts are generally used as vehicles to guarantee parties&#8217; interests in real estate projects. In practice, trusts have been the most frequently used structures to counter the lack of banking finance in Argentina over the past decades.<\/p>\n<p>(d) Participation in a Financial Trust for Real Estate Development established under Law No. 27,440 (Fideicomiso Financiero para el Desarrollo Inmobiliario). Unlike closely held trusts described in (c) above, these are registered with the Argentine Securities Commission (Comisi\u00f3n Nacional de Valores, or &#8220;CNV&#8221;) and issue publicly offered trust securities (valores fiduciarios), which may be listed and traded on authorized markets. The trustee (fiduciario) must be an authorized financial entity or an entity registered with the CNV, and may itself exercise the functions of developer and real estate administrator, provided the scope of responsibilities is specified in the trust agreement and the trustee&#8217;s liability to third parties for breach of its legal obligations is not excluded. A technical auditor must be appointed to issue quarterly reports on construction progress.<\/p>\n<p>(e) Participation in a Closed-End Mutual Fund for Real Estate Development established under Law No. 27,440 (Fondo Com\u00fan de Inversi\u00f3n Cerrado) These vehicles are designed for the financing, income generation, investment, and\/or development of real estate activities, and their underlying assets must consist of the development, financing, acquisition, renovation, and\/or rental of real estate assets. These products are subject to CNV authorization, prospectus disclosure requirements, and ongoing reporting obligations, including quarterly reports by an independent technical auditor. They may issue units (cuotapartes) that grant investors the right to acquire functional units or equivalent square metres. While not yet widely used, these vehicles represent the closest regulated structure to a REIT available under Argentine law.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Do all these structures provide limited liability to the investors? If so, how is this achieved?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>(a) Corporate Vehicles (SA and SRL). Both stock corporations (SA) and limited liability companies (SRL) limit the liability of shareholders to their respective capital contributions. The SA is the most commonly used vehicle, both to limit liability and to benefit from the favourable tax treatment given to corporations.<\/p>\n<p>(b) Trusts (Fideicomisos). Argentine law expressly regulated trusts in 1995 with the enactment of Trust Law No. 24,441, imbuing trusts with one key quality: limited liability for the trustee. This same concept was further adopted by the Code in 2015. The Code establishes that trust property is treated separately from property belonging to either the trustee (fiduciario) or the settlor (fiduciante). These two protections \u2014 limited liability and asset segregation \u2014 have made trusts a popular component of real estate and project finance transactions. Investors participating in a trust as beneficiaries do not bear liability beyond their contributions to the trust estate, as the trust assets constitute a separate patrimony (patrimonio separado).<\/p>\n<p>(c) Mutual Funds. Investors in mutual funds are limited in their exposure to the value of their units (cuotapartes) in the fund.<\/p>\n<p>(d) Direct Ownership. Direct ownership of real estate does not, by itself, provide limited liability. The owner is personally exposed to liabilities arising from the property.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Does structure depend on sector (residential, industrial\/logistics, office, living, retail) or investment strategy (core, value-add, opportunistic)?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>In most cases, the decision on how to structure a real estate transaction is not taken by the investor alone but is often driven by the seller or the developer based on diverse issues, especially tax considerations.<\/p>\n<p>In practice, however, certain patterns can be identified. Participation as a shareholder in a company is the typical way to invest in a property with a long-term commercial purpose \u2014 such as hotels, shopping centres, and office buildings \u2014 where the investor seeks permanent equity participation. In contrast, real estate trusts are the most common vehicle for development projects (e.g., residential construction), where the investor&#8217;s participation is temporary and linked to the construction period. There is no statutory requirement linking structure to sector or investment strategy (core, value-add, opportunistic); the choice remains a commercial and tax-driven decision in each case.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Does the regulatory framework distinguish between different types of real estate funds (e.g., REITs vs. private real estate funds, development funds vs. income-generating property funds, open-ended vs closed-ended) and, if so, how?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The following regulatory distinction exists at a general level: closely and private held trusts (<em>fideicomisos ordinarios or fideicomisos financieros<\/em>) are governed by the Code and do not require regulatory authorisation; financial trusts (<em>fideicomisos financieros<\/em>) that make a public offering of their securities must be registered with and approved by the Argentine Securities Commission (Comisi\u00f3n Nacional de Valores, or &#8220;CNV&#8221;) and are subject to ongoing reporting and governance requirements. Similarly, mutual funds (<em>fondos comunes de inversi\u00f3n<\/em>) are regulated by the CNV, the Law No. 24,083 and its amendments.<\/p>\n<p>The CNV establishes a specific regulatory framework for \u201cCollective Investment Vehicles for Real Estate Development\u201d (<em>Productos de Inversi\u00f3n Colectiva para el Desarrollo Inmobiliario<\/em>). These products may be structured either as closed-end mutual funds or as financial trusts, and their object must be the financing, income generation, investment, and\/or development of real estate activities. The underlying assets must consist, directly or indirectly, of the development, financing, acquisition, renovation, investment, and\/or rental of real estate assets or through vehicles created exclusively for such purposes and\/or instruments with real guarantees. In addition, under these vehicles may be issued units or trust securities that grant the right to acquire or be adjudicated functional units or equivalent square metres, subject to equitable allocation and valuation mechanisms. For these vehicles involving real estate development, a developer and a technical auditor must be appointed; for those focused on real estate investment (e.g., rental income), a real estate administrator must be designated. Notwithstanding this specific provision, in practice these structures are not the most commonly used for financing real estate projects.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">How does the regulatory calculation of leverage apply to alternative investment funds that acquire real estate assets indirectly through non-listed companies? Are there any leverage limits that apply?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Due to the nature of local vehicles, there are no specific Argentine regulations imposing leverage limits on closed\u2011ended investment funds that acquire real estate assets indirectly through non\u2011listed companies. In the case of investment products authorized by the CNV, applicable investment and exposure limits are established in the fund\u2019s management mandates (<em>reglamento de gesti\u00f3n<\/em>), as approved by the CNV, or, in the case of financial trusts, in the investment purpose and restrictions set out in the relevant issuance documents.<\/p>\n<p>For real estate investment structures without a public offering, investment (and leverage) limits are generally defined by private contractual arrangements among the parties, considering market conditions.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are there specific reporting requirements for property-level performance metrics (net operating income, cap rates, occupancy rates)?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>There are no specific Argentine regulations requiring the reporting of property-level performance metrics such as net operating income (NOI), capitalisation rates, or occupancy rates for real estate funds. These metrics, while commonly used in more developed fund markets, are not mandated under Argentine law.<\/p>\n<p>Notwithstanding the foregoing, the CNV specifically requires that the prospectus of Collective Investment Vehicles for Real Estate Development include: (i) the investment plan with details on the characteristics and conditions of the real estate assets; (ii) a description of the developer and its track record; (iii) identification of the technical auditor; (iv) details of contractors and construction companies; (v) a schedule of estimated costs and projected cash flows; (vi) information on marketing and commercialization procedures; and (vii) valuation criteria and procedures for selecting real estate assets.<\/p>\n<p>In addition, the technical auditor must issue quarterly reports comparing projections with actual fund application, which must be published on the CNV\u2019s website quarterly.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are any disclosures required when properties are marked to market versus held at cost?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>There is no specific real-estate-fund regulation in Argentina requiring particular disclosures when properties are marked to market versus held at cost. General accounting corporate standards and CNV regulations apply to financial trusts and mutual funds, which require that financial statements disclose the valuation methodology applied. In practice, when acquiring shares in real estate developers, the analysis should include a review of the criteria used by the promoter to assess its projects, as those criteria may differ from the investor&#8217;s own accounting practices and result in differing valuations. In this regard, the CNV Normas require Collective Investment Vehicles for Real Estate Development to disclose in their prospectus the valuation criteria and the procedures for selecting and incorporating real estate assets.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Who can perform the valuation function for real estate funds?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Argentine law does not prescribe specific licensing or certification requirements for real estate valuers in the context of real estate funds. Property valuations are typically performed by independent appraisers, certified public accountants, or specialised real estate consultants. For financial trusts with public offerings and mutual funds, the CNV may require independent valuations, and the valuer&#8217;s qualifications and independence may be specified in the trust or fund documentation. The notary public (<em>escribano<\/em>) plays a role in real estate transactions in confirming the transfer price and conditions, but the economic valuation is left to specialised professionals.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">How often must valuations be performed and how does this differ between closed-ended and open-ended real estate funds?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>There is no specific Argentine statute prescribing the frequency of property valuations for real estate funds. For closed-end mutual funds or financial trusts, valuation frequency is typically governed by the fund&#8217;s offering documents and internal regulations, in line with general CNV requirements for periodic reporting, which includes the filing of financial statements. In practice, there are no open ended mutual funds for real estate development in Argentina.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are the liquidity management tools you would typically expect a manager to deploy for an open-ended real estate fund?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Open-ended mutual funds investing in real estate would typically deploy liquidity management tools including maintaining a portion of the portfolio in liquid assets (e.g., cash, money market instruments, or listed securities), imposing minimum notice periods for redemptions, establishing redemption gates or caps per period, and retaining the ability to suspend redemptions temporarily under exceptional circumstances. However, given that open-end real estate funds are not very active in Argentina for real estate development, these tools are largely drawn from general mutual fund regulation and international best practices rather than from specific Argentine real-estate-fund market conventions.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are there any limits on the manager\u2019s ability to restrict redemptions in open ended real estate funds?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Under the general framework of mutual fund regulation (Law No. 24,083, as amended, and the CNV rules), the fund management company (<em>sociedad gerente<\/em>) of an open-ended fund must process redemptions in accordance with the terms established in the fund&#8217;s regulations (<em>reglamento de gesti\u00f3n<\/em>). The CNV may intervene if investor rights are not adequately protected. While there is no specific real-estate-fund regulation addressing this, the general framework allows for the temporary suspension of redemptions in extraordinary circumstances, subject to CNV oversight. The specific terms and limits must be set out in the fund&#8217;s constitutive documents.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are potential tools that a manager may use to manage illiquidity risks regarding the real estate assets of its fund (e.g., credit facilities, partial disposals, NAV financing)?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Managers of Argentine real estate vehicles may use a range of tools to manage illiquidity risks, including: securing credit facilities from banks or financial institutions; assigning project proceeds to a trust as a guarantee; negotiating partial disposals of real estate assets; engaging in pre-sales to final customers as a financing mechanism; structuring the investment through financial trusts that issue securities (including debt securities) in the capital markets; and using mortgages to obtain financing against real estate assets. NAV financing, as understood in more developed fund markets, is not a common tool in Argentina but could be structured contractually.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are there any other limitations on a manager\u2019s ability to manage its real estate funds (e.g., geographic diversification requirements, property type concentration limits, leverage restrictions)?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>There are no Argentine-specific regulatory requirements for geographic diversification, property type concentration limits, or leverage restrictions applicable to real estate fund managers, beyond what may be contractually agreed in the fund&#8217;s constitutive documents. The principal regulatory limitations relate to foreign ownership restrictions on rural land (including the 15% cap under Law No. 26,737) and to restrictions on the acquisition of real estate in border security zones. Although Presidential Decree No. 70\/2023 provided for the repeal of Law No. 26,737, its validity has been reinstated by means of a preliminary injunction currently in effect.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are managers or advisers to real estate funds required to be licensed, authorised or regulated by a regulatory body? And the real estate fund itself?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p><strong>(a) Managers and Advisers.<\/strong> There is no specific licence required to manage or advise a closely held real estate trust or a private real estate investment vehicle in Argentina. However, managers of mutual funds (fondos comunes de inversi\u00f3n) must be authorised by the CNV and are subject to ongoing regulatory supervision. Similarly, trustees of financial trusts with public offerings must be authorised financial entities or registered with the CNV.<\/p>\n<p><strong>(b) The Fund Itself.<\/strong> Closely held trusts are not required to register with any regulatory body. Financial trusts with public offerings and mutual funds must be registered with and authorised by the CNV. Companies (SA or SRL) used as investment vehicles must be registered with the relevant corporate registry (Inspecci\u00f3n General de Justicia in Buenos Aires or the equivalent provincial authority).<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are there different tiers to regulation applicable to local fund vehicles based on the size of the fund and\/ or the size of the manager?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>There is no tiered regulatory regime in Argentina based on the size of the fund or the size of the manager. Notwithstanding the foregoing, the capital requirements applicable to management companies increase proportionally to the volume of assets under management. The regulatory framework applies uniformly to entities of the same type \u2014 e.g., all financial trusts with public offerings are subject to the same CNV requirements regardless of size, and all mutual funds are subject to Law No. 24,083 and CNV regulations. Closely held trusts and private corporate vehicles operate outside the regulatory perimeter entirely.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">How does the appointment of a property and asset manager typically work for a real estate fund? Are there any regulatory requirements to be aware of?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>There are no specific regulatory requirements in Argentina governing the appointment of property or asset managers for real estate funds. The appointment and terms of engagement of asset managers and property managers are typically set forth in the relevant contractual documentation, such as the trust agreement, the fund\u2019s constitutive documents or, where applicable, shareholders\u2019 agreements.<\/p>\n<p>In the case of products authorised for public offering, such appointments are typically resolved by the relevant corporate bodies\u2014by board resolution in the case of closed-end funds (FCIs cerrados), and by the parties to the trust in the case of financial trusts. In all cases, the trustee (<em>fiduciario<\/em>) and the management company (sociedad gerente), as applicable, must be duly registered with the Comisi\u00f3n Nacional de Valores (CNV).<\/p>\n<p>In the trust context, the trustee is responsible for managing the trust assets in accordance with the terms of the trust agreement and the applicable CNV regulations, and is required to act as a prudent businessperson on the basis of the trust placed in it. The trustee may delegate certain property management functions to third parties. In the case of mutual funds, while the management company (<em>sociedad gerente<\/em>) and the custodian company (sociedad <em>depositaria<\/em>) are required by law, there is no separate regulatory requirement applicable specifically to property managers.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What service providers are required by applicable law and regulation for real estate funds (e.g., property valuers, asset managers, property managers, custodians)?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>For financial trusts with public offerings, the CNV requires additional service providers, including a trustee authorised by the CNV, an independent auditor, the control and review agent (<em>Agente de Control y Revisi\u00f3n)<\/em>, and a rating agency (if applicable). For mutual funds, the law requires a management company (<em>sociedad gerente<\/em>) and a custodian company (<em>sociedad depositaria<\/em>).<\/p>\n<p>Also, for real estate investment vehicles structured as closed-end mutual funds or financial trusts, the CNV rules additionally require the designation of: (i) a developer (<em>desarrollador<\/em>), in the case of development projects; (ii) an independent technical auditor (<em>auditor t\u00e9cnico<\/em>), responsible for issuing quarterly reports on construction progress; and (iii) a real estate administrator (<em>administrador inmobiliario<\/em>) in the case of income-generating or investment-focused vehicles. The prospectus must also include details of the insurance policies covering the project from commencement to completion, including third-party liability and contractor personnel insurance. In the case of financial trusts for real estate development, the appointment of a control and review agent (<em>Agente de Control y Revisi\u00f3n<\/em>) may be waived if a technical auditor has been appointed.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are there local residence or other local qualification or substance requirements for the real estate investment fund and\/or the fund manager and\/or the property and asset manager to the fund?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>There are no specific local residence requirements for real estate investment funds or their managers in Argentina. However, foreign companies wishing to perform regular activities in Argentina must register either a branch or a local subsidiary; if they fail to do so, their activities risk being unenforceable, and their representative may be held jointly liable. Stock corporations (SA) and limited liability companies (SRL) must be organised under Argentine law and have their registered office in Argentina. Trustees of financial trusts and managers and custodian for closed-ended funds with public offerings must be Argentine-authorised entities registered with the CNV or the Central Bank, as applicable. There is no local substance requirement specific to real estate fund vehicles beyond these general rules.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What rules apply to foreign managers or advisers wishing to manage, advise, or otherwise operate funds domiciled in your jurisdiction?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Foreign companies wishing to manage, advise, or otherwise operate funds domiciled in Argentina must comply with the Corporations General Law No. 19,550, as amended, which requires foreign companies performing regular activities in Argentina to register either a branch or a local subsidiary. If a foreign company fails to register and carries out regular activities, the company&#8217;s activities risk being unenforceable and its representative may be held jointly liable. Foreign investors and managers are granted the same rights under the Argentine Constitution as local investors and may invest in any economic or productive activity, with the exception of certain restricted sectors such as rural land, border zones, energy, and broadcasting. Foreign exchange restrictions, which have been a significant concern in recent years, should also be carefully reviewed, as they may affect the ability to repatriate profits abroad.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What is the typical level of management fee paid for real estate funds? Does it vary by sector or investment strategy (core, value-add, opportunistic)?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>There are no market-standard published management fee benchmarks for real estate funds in Argentina, as the market for dedicated real estate funds remains relatively underdeveloped. For closely held trusts, management fees are freely negotiated between the parties in the trust agreement. In practice, the trustee&#8217;s fee is often a percentage of the trust assets or a fixed amount, negotiated on a deal-by-deal basis. For mutual funds, the management fee is disclosed in the fund&#8217;s offering documents and is subject to CNV oversight. Fees do not typically vary by sector or investment strategy in a standardised way, as each transaction is bespoke. Given the expected development of the capital markets, fee structures are likely to evolve in line with international practice.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What is a typical carried interest type in real estate funds? Is there a common approach to hurdle\/preferred return, catch-up provision, or other condition based on property-specific benchmarks? If so, please explain.<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Carried interest, hurdle rates, preferred returns, and catch-up provisions, as understood in the international private equity and real estate fund context, are not commonly applied in Argentine real estate trusts. The economics of a closely held trust are defined by the trust agreement, which specifies the distribution waterfall among the parties (typically, the land contributor, the capital contributors, and the developer). The most common approach is for the trust agreement to specify a percentage split of proceeds upon completion of the project, rather than a carried interest structure per se. As the market for private real estate funds develops, it is expected that international waterfall structures (including preferred returns, catch-up mechanisms, and carried interest) will become more prevalent.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are typical management fees for real estate funds paid during and after the investment period, and how do these vary (if at all) in terms of the basis of the fee?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Given that Argentine real estate trusts are generally project-specific and closely held, management fees are not typically structured with a &#8220;during&#8221; and &#8220;after&#8221; investment period distinction as found in international fund vehicles. The trustee&#8217;s fee is generally agreed as a fixed or percentage-based amount for the duration of the trust. For mutual funds, the management fee is typically calculated as an annual percentage of assets under management and disclosed in the fund documentation. As dedicated real estate fund vehicles grow, a more international fee structure (with reduced fees post-investment period, or fees calculated on invested capital vs. committed capital) is expected to emerge.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are there any particular requests investors in real estate funds are likely to ask for in their side letters?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Side letters are not commonly used in the context of Argentine closely held trusts, as the trust agreement itself governs the relationship among all parties and is typically negotiated bilaterally or multilaterally before closing. However, in more institutional fund structures (e.g., closed-end mutual funds or financial trusts with multiple investors), investors may request specific provisions covering: preferential co-investment rights; most-favoured-nation clauses; fee discounts; enhanced reporting or information rights; specific key-person provisions; and restrictions on the manager&#8217;s ability to call capital or make certain investments. These requests would generally be addressed in side agreements or amendments to the fund documents. \u00a0Notwithstanding the foregoing, in the case of public offering vehicles, the offering documents constitute the primary mechanism through which investor protections and standard market requirements are implemented.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Can real estate funds be marketed to non-professional (retail) investors in your jurisdiction? If so, is this a particular form of real estate fund and what are the regulatory requirements?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Real estate funds structured as closed-ended mutual funds (<em>fondos comunes de inversi\u00f3n<\/em>) regulated by the CNV may be marketed to retail investors, subject to compliance with the registration, disclosure, and reporting requirements under Law No. 24,083, as amended, and CNV regulations. Financial trusts with public offerings may also be marketed to retail investors through the Argentine capital markets, provided the offering is duly registered with the CNV. Closely held trusts, by their nature, are not offered to the general public and are not marketed to retail investors. There is no specific &#8220;retail real estate fund&#8221; form in Argentina; the regulatory framework for retail distribution is the general framework for publicly offered securities and mutual funds.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are there additional restrictions on marketing real estate funds to government entities or similar investors (e.g. sovereign wealth funds) or pension funds or insurance company investors, given their typical allocation targets for real estate?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>There are no specific Argentine regulations imposing additional restrictions on the marketing of real estate funds to government entities, sovereign wealth funds, pension funds, or insurance companies as a category. Argentine pension funds (Administradoras de Fondos de Jubilaciones y Pensiones) were nationalised in 2008, and the state pension fund (ANSES \u2014 Administraci\u00f3n Nacional de la Seguridad Social) is subject to its own investment rules, which may limit its exposure to certain asset classes. Insurance companies are regulated by the Superintendencia de Seguros de la Naci\u00f3n and are subject to investment limits by asset class. These restrictions, however, are not specific to real estate funds but are general investment allocation rules applicable to each type of institutional investor.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What sustainability due diligence or disclosure requirements and ongoing compliance obligations apply to managers of real estate funds?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Argentina does not have a sustainability disclosure regime specific to real estate fund managers comparable to the EU&#8217;s SFDR or similar regulations. However, the CNV Rules require that the prospectus for Real Estate Development vehicles (trust or closed-ended fund) contains specific disclosures on: (a) regulatory matters, including all licences and regulatory approvals required from the relevant jurisdiction\u2019s authorities, specifying which have been obtained and which remain pending; and (b) environmental matters, including compliance with all applicable national, provincial, and municipal environmental laws, ordinances, and regulations in the location where the project is to be developed.<\/p>\n<p>Also, several environmental laws and regulations apply broadly to real estate activities and, by extension, to fund managers investing in real estate:<\/p>\n<p>(a) Environmental Framework Law (Law No. 25,675). This law regulates minimum environmental protection standards and requires Environmental Impact Assessments (EIAs) for projects with potential significant environmental effects and mandates public participation. It also provides for environmental insurance for activities that may generate environmental damage of collective incidence..<\/p>\n<p>(b) National Climate Change Law (Law No. 27,520). This law sets minimum environmental standards on climate change. Through Resolution No. 146\/23 of April 2023, the Ministry of Environment approved the new National Climate Action Plan (PNAyMCC), which systematises national climate policy outlines measures and instruments to be implemented until 2030, and includes the promotion of corporate GHG inventories and alignment with climate-related disclosure standards (e.g. TCFD), although these are not yet binding on private actors.<\/p>\n<p>(c) Escaz\u00fa Agreement (Law No. 27,566). Argentina ratified the Regional Agreement on Access to Information, Public Participation, and Access to Justice in Environmental Matters in Latin America and the Caribbean (the Escaz\u00fa Agreement), approved by Law No. 27,566, which entered into force on 22 April 2021. This agreement guarantees access to environmental information, public participation, and access to justice in environmental matters. While it does not impose direct disclosure obligations on fund managers, it strengthens transparency and stakeholder engagement requirements.<\/p>\n<p>(d) Provincial Regulations. Provinces may enact supplementary environmental legislation, including environmental permitting, liability regimes and site remediation obligations. For example, the Province of Buenos Aires enacted Law 11,723 (General Environmental Law) that establish the provincial environmental framework, including the requirement to obtain an Environmental Impact Statement for projects with potential environmental effects. In addition, in the Matanza-Riachuelo Basin, a specific organism -Autoridad de Cuenca Matanza Riachuelo (ACUMAR)- impose ongoing environmental reporting obligations on operators, which may be relevant for real estate assets located within the basin.<\/p>\n<p>(e) General Sustainability Due Diligence. While it is not yet common practice to carry out environmental surveys before a purchase of real estate in Argentina, the warranties and representations section of purchase agreements usually includes a separate section on environmental aspects. As international ESG standards become more prevalent and Argentina opens further to international capital markets, sustainability due diligence and disclosure requirements for real estate fund managers are expected to evolve significantly.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are there any mandatory energy efficiency reporting or carbon footprint disclosure requirements?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Argentina does not currently have a comprehensive, economy-wide mandatory regime requiring energy efficiency reporting or carbon footprint disclosure specifically applicable to the real estate sector. However, a progressively expanding regulatory framework\u2014comprising climate legislation, energy policy instruments, and building standards\u2014already imposes or anticipates obligations that are increasingly relevant for real estate developers and funds.<\/p>\n<p>At a national level, Law No. 27,520 (<em>Ley de Presupuestos M\u00ednimos de Adaptaci\u00f3n y Mitigaci\u00f3n al Cambio Clim\u00e1tico Global<\/em>) establishes the general framework for climate policy.<\/p>\n<p>The National Climate Action Plan (<em>Plan Nacional de Adaptaci\u00f3n y Mitigaci\u00f3n al Cambio Clim\u00e1tico <\/em>\u2013 PNAyMCC), approved by Resolution No. 146\/2023, reinforces this trajectory through sectoral measures. Notably, it promotes (i) the future incorporation of carbon footprint disclosure in Certificates of Technical Competence (<em>Certificados de Aptitud T\u00e9cnica \u2013 CAT) <\/em>for innovative construction technologies (TS-26); (ii) the integration of energy efficiency and renewable energy in public housing (TS-27); and (iii) the adoption of climate-related disclosure standards aligned with TCFD and corporate GHG inventories (FT-05 and FT-07). It also includes targets for improving thermal insulation and energy labeling of residential buildings (TE-02). It should be noted that, the measures set forth in the PNAyMCC do not, in themselves, create directly enforceable or binding obligations for private or public actors. Rather, they constitute policy guidelines and planning instruments that require subsequent implementation through specific regulatory, legislative, or administrative measures in order to become legally enforceable.<\/p>\n<p>Complementarily, Decree No. 140\/2007 created the National Program for the Rational and Efficient Use of Energy (<em>Programa Nacional de Uso Racional y Eficiente de la Energ\u00eda<\/em><em> &#8211; PRONUREE<\/em>) that promotes the rational and efficient use of energy and envisages the development of efficiency standards and certification schemes, subject to further implementation.<\/p>\n<p>In this context, Resolution No. 5\/2023 created the National Housing Energy Labeling Program (PRONEV), which establishes a unified energy efficiency labeling system for residential buildings. Although currently voluntary at the national level, provinces may adopt it as mandatory through local building codes. Additional instruments include the Sustainable Housing Seal (Resolution No. 75\/2019) and the Minimum Quality Standards for Social Housing (Resolution No. 59\/2019), which incorporate energy efficiency and sustainability criteria, particularly in publicly funded projects.<\/p>\n<p>In practice, the market increasingly relies on voluntary international certifications such as EDGE, LEED, and DGNB, particularly in projects financed through sustainable bonds under CNV guidelines.<\/p>\n<p>In sum, while no general mandatory disclosure regime exists, Argentina is progressively moving toward greater regulation of energy efficiency and carbon footprint disclosure in the real estate sector.<\/p>\n<p><em>This guide reflects the legal and regulatory framework in force in Argentina as of April 2026 and is intended as a general overview. Given the dynamic nature of the Argentine regulatory environment, readers are advised to seek updated counsel on specific transactions.<\/em><\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\r\n<div class=\"word-count-hidden\" style=\"display:none;\">Estimated word count: <span class=\"word-count\">5258<\/span><\/div>\r\n\r\n\t\t\t<\/ol>\r\n\r\n<script type=\"text\/javascript\" src=\"\/wp-content\/themes\/twentyseventeen\/src\/jquery\/components\/filter-guides.js\" async><\/script><\/div>"}},"_links":{"self":[{"href":"https:\/\/my.legal500.com\/guides\/wp-json\/wp\/v2\/comparative_guide\/139406","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/my.legal500.com\/guides\/wp-json\/wp\/v2\/comparative_guide"}],"about":[{"href":"https:\/\/my.legal500.com\/guides\/wp-json\/wp\/v2\/types\/comparative_guide"}],"wp:attachment":[{"href":"https:\/\/my.legal500.com\/guides\/wp-json\/wp\/v2\/media?parent=139406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}