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SubscribeCuatrecasas has advised Bancolombia S.A.,—as the leading structuring bank—and BBVA Colombia S.A., Banco de Bogotá S.A., Banco de Occidente S.A., and Banco Davivienda S.A., on structuring and closing a syndicated loan worth COP 1.4 billion to implement the Quora project, one of Colombia’s most ambitious mixed-use real estate developments.
The Quora project is classified as “a city within a city” because it has a built-up area of around 146,900 m2. The project is led and operated by Cimento Inmuebles Comerciales, a 50:50 joint venture between Grupo Amarilo—through Amarilo Inversiones—and its private equity fund, Yellowstone Capital Partners, and Spectrum (based in Guatemala).
Juan Carlos Puentes, Finance partner at Cuatrecasas, spoke about the transaction: “This transaction marks a milestone in the development of urban regeneration projects in Colombia. It is the first financing of its kind for a real estate project, combining project finance and construction loan structures. At Cuatrecasas, we are proud to have assisted local banks in this major commitment to make possible an initiative that will transform Bogotá and impact thousands of people.”
Quora will transform three blocks of the La Cabrera sector in the north of Bogotá, with a mixed-use development that will include 56,000 m2 of offices; 44,000 m2 of housing; 38,900 m2 of businesses; 3,000 m2 of hotels; a 5,000 m2 cultural center; and 18,400 m2 of public pedestrian space.
Santiago Cardozo, CFO of Cimento Inmuebles Comerciales, said: “Securing a syndicated loan of this magnitude, with five of Colombia’s leading financial institutions, is another step toward Bogotá’s transformation. We structured this transaction specifically for a project that is unique in Colombia. This gave us the strength to fulfill our promise to the city by providing a development where housing, offices, businesses, hotels, culture and public space coexist in one place, creating jobs and opportunities for the people of Bogotá.”
The project integrates different sectors in a single area of the city, boosting its economic and social activity. Designed under the Proscenio Partial Urban Renewal Plan, the closing of this financing reflects Quora’s 12 years of planning and consolidates over 260 plots to bring the project to fruition.
The firm’s advisory team was led by Juan Carlos Puentes, who was assisted by finance lawyers Juanita Calderón, Andrés Herrera, Lorenzo Lizarralde, Daniel Salazar, and Juliana Álvarez.
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