IRSA Propiedades Comerciales S.A.’s $138.2 Million Shares Offering


Zang, Bergel & Viñes, Simpson Thacher & Bartlett, Salaverri, Dellatorre, Burgio & Wetzler Malbran and Davis Polk & Wardwell.

IRSA Propiedades Comerciales S.A. (“IRSA CP”) announced today that IRSA Inversiones y Representaciones Sociedad Anónima (“IRSA”) has commenced a secondary public offering of 7,000,000 common shares, par value Ps.1.00 per share, which will be represented by American Depositary Shares (“ADSs”), each representing four common shares. The ADSs will be offered and sold in the United States. IRSA CP is not offering any shares of common stock in the offering and will not receive any proceeds from the sale of shares in this offering. In addition, none of IRSA CP’s officers or directors are selling any common shares or ADSs beneficially owned by them in the offering

The offering of these securities is being made outside of Argentina pursuant to an effective registration statement on Form F-3 filed on October 10, 2017. The offering will be made only by means of the F-3 and a prospectus supplement. J.P. Morgan is serving as underwriter for the offering.

IRSA CP owns, develops and manages commercial real estate properties, which consist primarily of shopping malls and office buildings throughout Argentina. IRSA CP is currently the largest owner and operator of shopping malls and one of the largest owners of office buildings and other commercial properties in Argentina in terms of gross leasable area and number of rental properties according to data published by the Argentine Chamber of Shopping Malls. With several projects under development, IRSA CP owns 16 shopping malls, with an aggregate 341,289 square meters of gross leasable area and 6 office buildings, with an aggregate 86,497 square meters of gross leaseable area as of June 30, 2017.

Zang, Bergel & Viñes advised IRSA Propiedades Comerciales e IRSA Inversiones y Representaciones Carolina Zang, Pilar Isaurralde and Cecilia Pasman.

Simpson Thacher & Bartlett advised IRSA Propiedades Comerciales e IRSA Inversiones y Representaciones David Williams (Picture), Jaime Mercado, Jonathan Cantor, Mariano Peró, Luis Pellerano and Javier Rivera-Alvarado.

Salaverri, Dellatorre, Burgio & Wetzler Malbran advised JP Morgan with Roberto Lizondo (Picture) Marcos G. Linares and Josefina Ryberg.

Davis Polk & Wardwell advised JP Morgan with Maurice Blanco, David H. Schnabel, Pedro J. Bermeo and Marisa T. Kirio.

Involved fees earner: Carolina Zang – Zang, Bergel & Viñes Abogados; Cecilia Pasman – Zang, Bergel & Viñes Abogados; Pilar Isaurralde – Zang, Bergel & Viñes Abogados; Roberto Lizondo – Salaverri, Dellatorre, Burgio & Wetzler Malbrán; Marcos Linares – Salaverri, Dellatorre, Burgio & Wetzler Malbrán; Josefina Ryberg – Salaverri, Dellatorre, Burgio & Wetzler Malbrán; Maurice Blanco – Davis Polk & Wardwell; Pedro Bermeo – Davis Polk & Wardwell; Marisa Kirio – Davis Polk & Wardwell; David Schnabel – Davis Polk & Wardwell; David Williams – Simpson Thacher & Bartlett; Jaime Mercado – Simpson Thacher & Bartlett; Luis Rafael Pellerano – Simpson Thacher & Bartlett; Javier Rivera-Alvarado – Simpson Thacher & Bartlett; Jonathan Cantor – Simpson Thacher & Bartlett;

Law Firms: Zang, Bergel & Viñes Abogados; Salaverri, Dellatorre, Burgio & Wetzler Malbrán; Davis Polk & Wardwell; Simpson Thacher & Bartlett;

Clients: JP Morgan; IRSA Propiedades Comerciales S.A. ;