FERRERE assisted the real estate developer CasasUru on structuring the first issuance of equity participations of a trust to develop and sell low income housing in Uruguay. The certificates were issued by EF Asset Management who is the trustee of the CasasUru Financial Trust.
The issuance took place on the Uruguayan Electronic Stock Exchange, and for UI 135 million (indexed units) offered to investors the demand reached almost three times that amount (UI 408 million).
Two series of certificates were issued. One for investors in a public offering for UI 135 million and the other in a private placement for the developers for UI 4.5 million in exchange for properties they are transferring to the trust to develop the projects.
The government has promoted construction of low income housing in the past, but this is the first time the market is participating in a structure created to develop and sell this type of housing for a sector of the population that has had problems in accessing property ownership.