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ECIPSA Group acquires 50% stake in Quality Invest
With an initial investment of $23 million, ECIPSA Group, Argentina’s largest residential real estate developer, has announced the continuation of its expansion plan in Buenos Aires.
ECIPSA Group acquired 50% of Quality Invest S.A., the company that owns the 15.9-hectare former Nobleza Piccardo property located on General Paz Avenue in the San Martín district.
The management of the site and the real estate development project will be in the hands of Grupo ECIPSA, the developer of the successful MilAires development in Villa Devoto, and which has more than 45 years of experience in nine Argentine provinces, and which in recent years has expanded to Paraguay, the United States and Israel to develop new projects.
The tract of land, formerly known as Nobleza Piccardo, was owned by the Lapidus family and IRSA. The latter sold its stake, thus enabling the new association that will develop a multi-purpose project designed for middle-class families.
Argentine law firm Marval O’Farrel Mairal advised the group of investors in the acquisition of Quality Invest SA 50% and its sale and association with Grupo ECIPSA. The transaction also involved the contracting of ECIPSA as developer of a real estate project in a 15.9-hectare area in San Martin, in Buenos Aires province.
Law firm Zang, Bergel & Viñes advised Grupo IRSA, and Richards, Cardinal, Tützer, Zabala & Zaefferer advised Grupo ECIPSA on its purchase of 50% of the shares and developer.
Marval’s team was led by partner Gabriel Matarasso, together with associates Carolina Fiuza and Teodoro Maria Rodriguez Cáceres.
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