Bancolombia’s Joint Venture With CCLA Group

Posse Herrera Ruiz represented Bancolombia, while Garrigues represented CCLA Group in the deal.

Bancolombia entered in the joint venture agreement with CCLA Group that will create a novelty platform for the development, construction and operation of multifamily housing projects for rent.

The JV aims to develop a portfolio of mid to high-rise buildings, with the objective of developing 5,000 units in the next five years. Additionally, this JV positions CCLA and Bancolombia among the leading institutional multifamily investors, developers and operators in the country.

CCLA Group, a partnership between CIM Group and Compass Group, is focused on owning, developing and operating real estate in Latin America.

Bancolombia is a financial group with 146 years of history, and with a presence in Colombia, Panama, Guatemala and El Salvador. It offers a portfolio of financial and non-financial products and services to more than 20 million clients.

Posse Herrera Ruiz represented Bancolombia with a team led by Jose? Alejandro Torres (Picture) and Andre?s Montoya, which included Cristina Va?squez (Director), Camilo Lovera and Juan Pablo Garci?a.

Garrigues represented CCLA Group with Camilo Gantiva (Counsel), Melissa Castro and Andre?s Melo.

Involved fees earner: J. Melissa Castro Rojas – Garrigues; Camilo Gantiva – Garrigues; Andrés Felipe Melo Paz – Garrigues; Camilo Lovera – Posse Herrera Ruiz; Juan Pablo García – Posse Herrera Ruiz; Andrés Montoya – Posse Herrera Ruiz; José Alejandro Torres – Posse Herrera Ruiz; Cristina Vásquez – Posse Herrera Ruiz;

Law Firms: Garrigues; Posse Herrera Ruiz;

Clients: Bancolombia; CCLA GROUP;