Agosto 15, 2018
Ingevec buys strategic land in Las Condes neighborhood.SHARE
BSVV advised Ingevec and CBS in the development, financing, structuring and urban aspects of a real estate project located in the neighborhood of Las Condes and in the negotiation to acquire the 3 properties where this project will be developed, owned by the insurance company "Vida Security", the lighting store "Eglo Iluminación" and José Manuel Castro, respectively.
With an investment of approximately US$21 million, the real estate project considers the development of a residential building of approximately 5,300 m2, a commercial area of approximately 800 m2 that will be acquired by Vida Security, and a commercial building, the latter corresponding to the current Showroom of Eglo Iluminación, all located in a common urban square, that includes commercial premises, departments, and parking lots.
The project was a challenge from the urban point of view, as it involved obtaining approval from the local authority to expand the Eglo Iluminación showroom integrating the commercial plaque, the residential building, the underground parking and the common areas.
Our firm was in charge of implementing a structure that would allow Eglo Iluminación to continue using its showroom during the whole construction period, and to acquire that building once the project has been received. On the other hand, the deal would allow Vida Security to sell one of the lands where the project will be developed and later to acquire the commercial plaque of the same one.
The real estate project will be subject to the Law on Real Estate co-ownership, and must establish a system of co-ownership that has to integrate the three players, but allowing them to remain totally independent in terms of administration, common expenses, and other considerations that may arise.
The project was financed by Banco Santander-Chile.