TCA Tanoira Cassagne advised Madero Harbour S.A. as issuer and Banco de Galicia y Buenos Aires S.A. as arranger, placement agent and guarantee entity, on the issuance of: (i) series I class I notes for a nominal value of AR$ 2,064,146,049 (the “Series I Class I Notes”); and (ii) series I class II for a nominal value of US$ 663,855 (the “Series I Class II Notes” and, together with the Series I Class I Notes, the “Notes”). The Notes were issued under the Automatic Authorization Framework for Low-Impact Public Offerings.
The Series I Class I Notes are denominated and payable in Pesos, and will accrue interest at a variable nominal annual rate equivalent to the TAMAR rate plus a 4.50% margin, maturing on October 16, 2027.
The Series I Class II Notes are denominated in U.S. dollars and will be payable in Pesos, accruing interest at a fixed nominal annual rate of 8%, maturing on October 16, 2027
GNV is a developer group based in Buenos Aires, Argentina. Since the 90s it has stood out for its excellence in large-scale mixed-use projects. Initially it was linked to Real Estate through the marketing of properties for rent and sale. They managed to participate in the marketing of the main shopping malls in Buenos Aires and the country. Later, and for more than 20 years, it expanded its business to the area of project development.
Madero Harbour is the most significant mixed-use urban development project in the City of Buenos Aires, located in Dock 1 of Puerto Madero. It is designed to become a “new urban hub” due to the variety of private and public uses it offers, as well as transforming into a district in its own right and a regional destination.
Currently, development activities are carried out under the name GNV Group, with sales and marketing managed by Ginevra International Realty. Its flagship project is located in Puerto Madero, within the Madero Harbour complex. Recently, GNV Group expanded to Punta del Este, Uruguay, with the launch of the SLS Hotel & Residences tower.
Deal Counsel: TCA Tanoira Cassagne through a team led by Partners Alexia Rosenthal and Jaime Uranga; and Associates: Teófilo Trusso and Jimena Torres Marcelo.
