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Latin-America Guide

Real Estate — Brazil

Overview

BRAZIL: An Introduction to Real Estate Contributed by Ivandro Trevelim, Campos Mello Advogados

Brazilian Real Estate Market – a Brief Overview - 2018 [20/06/2018]

The Brazilian real estate market has experienced a period of gradual economic recovery in spite of the current political election scenario.

The country has reached the end of a previous economic cycle marked by a two-year recession that was very challenging for economic agents, with negative GDP, falling sales, an increase in the return of properties by buyers, and falling investment. The end of that cycle now allows for the current recovery in the economy and production, ushering in a new period of greater growth.

Therefore, despite the current scenario of increased tension and political upheaval, good opportunities can be found in various segments of the Brazilian real estate sector.

Accordingly, we have seen the return of positive results and growth in Gross Domestic Product, linked to structural reforms of great significance (providing the foundations for a resumption of economic growth) and the implementation of significant macroeconomic adjustments. The labour legislation reform, for example, was designed to promote greater rationality and balance in the sector.

Other positive factors have been gained that are contributing to the recovery of the economy as a whole, and the real estate market in particular. These include:
(i) a very sharp drop in the Basic Interest Rate (SELIC) to a historic low, benefiting investment in real estate, which once again has become attractive given reduced financing costs.
(ii) a drop in the annual inflation rate and stricter control of inflation by the Central Bank of Brazil.
(iii) the imposition by law of certain limits on government spending, seeking a better balance in Government public accounts.
(iv) the existence of vast domestic reserves that will help Brazil overcome more turbulent times in the global economy.

With these positive new aspects, the page on the previous recession is gradually being turned. It is also in the current changing global economy context that Brazil can show its ability and commitment to investment, given that the long-term positive economic fundamentals are also present, including: (i) historically repressed demand for real estate; and (ii) ongoing demographic growth putting further pressure on demand. These aspects, and the fact that real estate credit still accounts for less than 10% of GDP (in contrast to over 75% in other more mature and developed markets), point towards the possibility of future high growth for Brazil’s real estate market.

Good opportunities and deals are evident, particularly given that the national currency (real) is significantly devalued with the recent depreciation in the foreign exchange rate.

Accordingly, the combination of these factors will lead to good opportunities in Brazilian real estate sectors, such as:
(i) residential: highlights include compact and studio apartments, especially in large urban centres.
(ii) commercial and office buildings: a marked drop in the vacancy rate has been identified particularly in São Paulo, and from the perspective of agents and real estate developers there may even arise untapped demand over the next few years. The return of investment is already driving many real estate developers to launch new ventures.
(iii) hospitality: after major sporting events in Brazil, such as the World Cup and the Olympics in Rio de Janeiro, this sector continues to develop and attract resources.
(iv) logistics and warehousing: the need for warehouse space has increased substantially, as online retailers need storage units and delivery centres.

A recovery in the retail industry and shopping mall sectors has also been observed, with the return of consumer confidence regarding purchases of goods and property associated with some improvement in the economy as a whole.

The changes also include ongoing legislative innovations with new and necessary regulations, which may also drive the market. These include: (i) the change concerning concentration of acts in the title records of properties which may facilitate operations and lower costs and is also expected to make the legal procedure for the purchase of property safer, concentrating different information on the property record itself, resulting in an increase in the reliability of the deal. Nevertheless, a system of complete concentration of acts on the record has not been reached yet, since there are a number of situations that will not be included on the record and need to be analysed case by case. This innovation leads to a greater degree of security for buyers and also motivates any creditors to manoeuvre themselves more quickly to safeguard their rights.
(ii) the regulation of a new credit instrument called the Letra Imobiliária Garantida (LIG), based on covered bonds, should also help to capitalise the real estate sector, whereby the investor will be ensured priority in payment backed by a portfolio of real estate assets if the financial institution issuing the bill does not meet the agreed remuneration (i.e. the issuer must back the issue on properties that are separated from their equity, as a means to mitigate the risks of the transaction).

One issue of great anticipation is the required new legislation to make the acquisition of rural property with foreign capital more rational and organised. This discussion is currently underway in the National Congress, and, in the event it actually occurs, may provide for the entry of significant investment into Brazil with consequent development and opening of new jobs in the Agribusiness sector. Another highlight is the new regulations, also under discussion, that will organise the buyer’s ability to back out of property purchases and the return of housing units, thus helping to lessen legal uncertainty.

Other areas should also generate new business opportunities in real estate, such as the current discussion to include adjustments to the new Zoning and Master Plans in the City of São Paulo which will affect new estate developments in the city, as well as the emergence of new sources of business, technologies and products to meet the changing needs of consumers.

In this new technological and participatory world now taking shape, very attractive new products that meet new demands, such as co-working and co-living projects, are emerging. The first covers a flexible working model in which the sharing of office space areas and resources takes place, bringing together people who do not necessarily work for the same employer or have the same area of operation. This subverts the traditional forms of work organisation and today accounts for a small fraction of existing offices but may account for up to 20% of the global total over the next 20 years. Co-living also presents itself as an important trend, reflecting the will for coexistence among people, especially the elderly, and covering the use of rooms with common services and areas of all kinds.

Brazil and its real estate market have been experiencing a gradual period of recovery in growth and investment, which, although not necessarily fast paced, has nevertheless been significant, in spite of the political electoral scenario. Great efforts are being made so that 2018 may be seen as the year of recovery and when the challenges of recent years were overcome. Therefore, there are many good opportunities in the Brazilian real estate industry, with the additional advantage that assets and real estate property are benefiting from a very favourable exchange rate.

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Campos Mello Advogados - Real Estate Department

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Band 1

第一等

Chambers Commentary (based on the Chambers research)

What the team is known for Stellar Rio-based team with outstanding expertise assisting leading national and foreign companies from the hospitality and construction sectors with the development of diverse real estate projects such as shopping centres, resorts and office spaces. Additional capabilities include financing as well as negotiating and drafting purchase, lease and use agreements. Argo Energia is a new client win.

Strengths Clients highlight the team's "technical expertise and ability to deliver creative solutions to close the deals."

Peers recognise the firm as "a relevant player in Rio de Janeiro which stands out in the development of new real estate projects and contractual matters."

Work highlights Advised Galt Investimentos on the BRL6 million acquisition of real estate properties to develop a residential project.

Notable practitioners

Seasoned partner Bernardo Buarque Schiller is renowned for representing national and foreign construction companies and developers in major real estate projects. Market commentators describe him as "a reference that influenced the sector with his innovative solutions," also highlighting his "extreme competence, swift services and incredible knowledge of all types of real estate transactions."

Theo Keiserman de Abreu is singled out by market observers for being "a pro-deal" and "sophisticated professional who offers solid expertise in the real estate sector but also complementary knowledge of corporate law." They add: "He is incredibly available to clients."

São Paulo-based partner Ivandro Ristum Trevelim advises clients on a wide range of real estate matters, from residential, commercial and industrial projects to financing transactions. Sources praise him, saying: "He combines academic knowledge with a practical approach."

Clients value up-and-coming partner Rafael Jordão Bussière's "technical expertise, as well as his skills and presence during negotiations," adding: "He provides impeccable legal advice." He is also described as "proactive" and "a growing name" in the sector.

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Duarte Garcia, Serra Netto e Terra Advogados - Real Estate Department

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Band 1

第一等

Chambers Commentary (based on the Chambers research)

What the team is known for Highly regarded practice group with long-standing presence in the real estate market. Advises major clients on large-scale local developments, offering particular prowess in shopping centres and residential blocks, as well as sports complexes and leisure resort projects. Additional capabilities handling mandates related to contracts, registrations and strategic disputes arising from real estate deals.

Strengths Interviewees single out the firm "as one of the best acting in the Brazilian real estate market" due to "the team's expertise in regulatory matters, contracts and the development of new projects."

One impressed client adds: "I always instruct them to handle strategic cases, in both the consultancy and litigation spheres. The team is very specialised and extremely knowledgeable about the sector."

Notable practitioners

Star individual Marcelo Terra continues to be unanimously recommended "as the biggest reference in the market." Commentators describe him as "an ace that besides knowing everything about real estate is humble and available when interacting with clients." Peers consider him "a highly respected name always able to deliver solutions" and "an icon that should take credit for all the things we are doing nowadays in this sector."

Up-and-coming partner Guilherme Terra is praised by sources as "super competent leading the cases." They also describe him as "a knowledgeable lawyer," with a client concluding: "I know I can count on him to provide precise and swift answers when required."

About the Team (content provided by Duarte Garcia, Serra Netto e Terra Advogados)

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PMKA Advogados - Real Estate Department

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Band 1

第一等

Chambers Commentary (based on the Chambers research)

What the team is known for Pre-eminent practice group with noted strength in the financing of real estate projects. Regularly retained by financial institutions, investment funds and developers to assist with the structuring and negotiation of bank loans to support the acquisition and construction of assets, as well as the issuance of real estate receivable certificates, debentures and bonds. Offers further capabilities in corporate and M&A.

Strengths Sources single out the team's "extensive knowledge across all the real estate sub-areas," as well as its "creativity and ability to work together with the clients to find the best solutions."

Clients also value "the availability and seniority of the partners, who are always very up to date about what is going on in the sector."

Work highlights Assisted Hemisfério Sul Investimentos, Banco Itaú BBA and Kinea Investimentos with the public offering of real estate receivable certificates issued by Companhia Metrô Norte valued at BRL190 million.

Notable practitioners

Market commentators are full of praise for partner Alexandre Assolini's "combined knowledge of both real estate and real estate finance matters," describing him as "a great lawyer and talented negotiator." He offers extensive capabilities advising major national financial institutions and investment funds on capital markets and corporate issues arising from real estate transactions.

Head of department Fernando Maximiano assists national developers with the structuring of residential and commercial projects. Sources affirm that "he has a distinguished expertise and works with the counterparts to close the deal." A peer agrees, adding: "I have the best impression of his work and it is always very positive to find him on the other side of the table."

Clients praise partner Sérgio Kawasaki's "legal knowledge" and "entrepreneurial spirit." He has experience representing private equity and real estate funds in corporate and M&A matters related to the real estate sector, also assisting with tax issues arising from those transactions.

Up-and-coming partner Juliano Cornacchia is described by commentators as "a great professional" who stands out due to his "availability, proactivity and knowledge." He assists investment banks with the issuance of real estate-backed securities.

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Bicalho e Mollica Advogados - Real Estate Department

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Band 2

第二等

Chambers Commentary (based on the Chambers research)

What the team is known for Highly reputed firm advising leading national developers and construction companies on the structure and implementation of diverse projects such as hotels, sports facilities and residential blocks. Extensive expertise in the negotiation of purchase and sale, lease and build-to-suit agreements. Also handles land parcelling issues and the regularisation of titles.

Strengths Sources are full of praise for the team's "impressive legal knowledge and experience in the sector," adding that "they provide very detailed and thorough analysis, which is very reassuring for a client."

Market observers describe the firm as "as an established name in the sector which offers very specialised services."

Notable practitioners

Founding partner Rodrigo Cury Bicalho is identified by sources as a leading practitioner in this field due to his "vast expertise and great clientele." They add: "He is up to date, active and creative, particularly in pursuing new contractual solutions." He has been praised over the years for his impressive track record assisting relevant clients with real estate acquisitions and registry law matters.

Luciano Mollica is noted for his academic profile and track record in the real estate arena. Also recognised for his capabilities handling corporate matters related to real estate transactions. Sources describe him as "an active and well-known name in the legal market."

About the Team (content provided by Bicalho e Mollica Advogados)

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Koury Lopes Advogados - Real Estate Department

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Band 2

第二等

Chambers Commentary (based on the Chambers research)

What the team is known for Eminent practice group boasting particular strength in the regularisation of property titles, as well as the licensing of industrial units. Noted track record advising national and foreign clients on the development of complex projects such as shopping centres, hotels and theme parks. Carlton Hotelaria e Turismo and Rio Alto Energia are new client wins.

Strengths Sources say: "The team always provides in-depth advice and are very dedicated to maintaining clear and objective communication with the client."

Interviewees also underline the group's "high level of specialisation in the sector" and "the involvement of the partners in the cases," concluding: "The services always have a good quality standard."

Work highlights Assisted Suzano Papel e Celulose with the negotiation of agreements related to the purchase of various properties in the states of Maranhão, Tocantins and Pará. The aggregated value of the transactions was approximately USD245 million.

Notable practitioners

Senior statesman Pedro Cortez draws upon more than 45 years of experience to assist clients with the structuring of large-scale real estate developments, offering outstanding capabilities in complex registry issues. Market sources refer to him as "one of the biggest names in the Brazilian real estate field," adding: "He is rigorous, assertive and studious when handling the cases."

Up-and-coming partner Marc Stalder is described by sources as a growing name in the sector. An interviewee says: "Marc is great. He pursues a solution by explaining his clients' concerns but also being open to understand the other side of the deal."

About the Team (content provided by Koury Lopes Advogados)

The team have a unique expertise in real estate business, matters range from real estate development, leasing agreements, acquisitions, agribusiness and real estate finance transactions, to hotel projects, real estate aspects of telecommunications infrastructure, underwater cable systems stations, industrial plants, shopping malls and others. The team is regarded as leaders in the regularization of urban and rural properties in Brazil.

The team’s activities also include:

  • Structuring of real estate transactions, including national / foreign investments in real property 
  • Built-to-Suit and Sale-Lease Back agreements.
  • Structuring and development of real estate enterprises of multiple or personal use, such as malls, hotels, theme parks, industrial condominiums, residential and miscellaneous real estate developments.
  • Structuring of agro-industrial real property leasing negotiations, rural partnerships, constitution of Forest Reserve areas, and rural products collateral securities.
  • Negotiations of purchase and sale, swap, donation, free lease, assignment of surface rights, among others.
  • Property holding rectification and related regularization procedures.
  • Real estate title due diligence and review, zoning and planning procedures and legislation, as well as property litigation.

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Pinheiro Neto Advogados - Real Estate Department

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Band 2

第二等

Chambers Commentary (based on the Chambers research)

What the team is known for Highly regarded full-service firm with extensive skills negotiating acquisitions of urban and rural real estate assets, as well as lease, leaseback and build-to-suit agreements related to commercial properties. Also structures transactions using a variety of financing mechanisms, such as special purpose companies, real estate investment funds and private equity funds.

Strengths Interviewees highlight the team's "extensive knowledge of the sector," adding: "They are able to understand the real needs of the client and always seek to provide the best strategic advice."

Others sources also comment: "Their multidisciplinary team enables a very efficient handling of the cases."

Work highlights Represented Fosun in the BRL437 million purchase of the Sucupira Tower through the acquisition of the SPV that held direct ownership of the property.

Notable practitioners

Co-head of practice Luciano Garcia Rossi is described by commentators as "a very competent and experienced lawyer" who has "a great specialisation in transactions involving rural properties." He also assists domestic and foreign clients with the development of commercial projects and financings involving real estate receivable certificates.

Market observers describe partner Franco Musetti Grotti as "a very helpful lawyer that invests his time with the client." They go on to add: "He provides a comprehensive and swift service with attention to detail," "delivering superior results during negotiations." He is focused on complex acquisitions of urban and rural assets.

"Great" associate-to-watch Martina Zajakoff is praised by sources, who describe her as "intelligent" and add: "She has a deep understanding of the law" and "good commercial skills." She focuses on acquisitions and financing.

About the Team (content provided by Pinheiro Neto Advogados)

In addition to our firm’s well-established real estate practice, in 2004 we created a multidisciplinary team focused on real estate financing, with professionals from the real estate, capital market, banking and corporate practices. This fully integrated approach has allowed us to provide advice on the most complex real estate financing transactions carried out in Brazil. The firm has extensive experience in complex build-to-suit and sale lease-back transactions, financial transactions backed by real estate securities (LCIs, CCIs and LHs), securitization of real estate receivables (CRIs) and structuring of investment funds related to real estate activities (FIIs, FIDCs and FIPs).

Our real estate team has been involved in some of the country’s largest real estate deals, advising Brazilian and foreign clients. Pinheiro Neto Advogados is structured to advise on the full spectrum of real estate deals, including acquisitions and dispositions, mergers, land subdivisions, real estate guarantees, real estate due diligences and advice on real estate transactions and urban development matters.

The team has extensive expertise on:

  • Rural properties.
  • Shopping malls.
  • Construction contracts.
  • Tourism and hospitality.

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Stocche Forbes Advogados - Real Estate Department

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Band 2

第二等

Chambers Commentary (based on the Chambers research)

What the team is known for Dynamic team with a long-standing involvement in the real estate market. Typical mandates include the acquisition of rural and urban properties and the structuring of new developments, including commercial, residential and mixed-used projects. Impressive skills in the regularisation of titles. Clientele includes leading national developers and construction companies.

Strengths Market sources describe the team as "highly-qualified, experienced and able to strategically present solutions to complex problems."

Clients also appreciate the lawyers' "close collaboration with the corporate and tax departments, which makes the firm an excellent choice to handle super-sophisticated transactions."

Work highlights Advised Radar Propriedade Agrícolas on the BRL136 million acquisition of three rural properties located in Sud Mennucci and Mirandópolis.

Notable practitioners

Alexandre Laizo Clápis joins the highest band after years of praise describing him as "an extremely skilled professional" and "a problem-solver." Clients are impressed by his dedication to cases, saying: "Clápis is amazing, restless. During intense negotiations, he is always the hands-on lawyer," and "he is committed to directly assisting us in a swift and efficient way." He excels in registry law matters.

Sources single out partner Fernanda Rosa's "great technical knowledge of real estate matters and ability to provide creative solutions," adding: "She is proactive and flexible which enables the deal." She focuses her practice on the acquisition of urban properties for development purposes.

About the Team (content provided by Stocche Forbes Advogados)

The Real Estate law team at Stocche Forbes is widely recognized as one of the most experienced and sophisticated in Brazil.

The department handles all types of transactions and matters involving real estate law, and has been
involved in many of the most complex and challenging projects undertaken in Brazil.

The team assists clients in respect of acquisitions of rural and urban properties, with particular focus on identifying risks arising out of the preceding title chain and proposing effective remedies to address any such issues. Our expertise also covers real estate development (incorporação imobiliária) and the formation of condominiums (instituição em condomínio), typical and non-typical leases, built-to-suit projects, all types of collateral overreal estate properties, surface rights and other issues.

In addition, the real estate law department works in close coordination with other areas of the firm,
such as tax, corporate, project financing and environmental, both to support such practices in connection with the review of real estate law matters, as well as to draw on their expertise for the structuring and negotiation of real estate investments.

In particular, the real estate law department participates actively and in coordination with the firm’s
banking and capital market team in transactions involving the securitization of real estate receivables or formation of real estate investment funds.

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Veirano Advogados - Real Estate Department

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Band 2

第二等

Chambers Commentary (based on the Chambers research)

What the team is known for Experienced Rio-based team advising on the structuring of new projects in both residential and commercial spheres, excelling in mandates related to leisure resorts, hotel chains and shopping centres. Equipped to assist with the corresponding due diligence and contracts, as well as financing and licensing matters. Also represents clients in sector-specific disputes.

Strengths Clients say: "The team is highly specialised and committed and always presents a solution."

Sources also value "the partners' availability, as well as the assertive and objective content of their advice."

Work highlights Advised Pestana Hotel Group on the regularisation of a hospitality project in the city of Salvador.

Notable practitioners

Co-head of department Rodrigo de Castro draws upon more than 20 years of experience advising clients on real estate developments, having particular expertise in hospitality projects. Market sources describe him as a "dedicated and hard-working lawyer," often praising his "reasonable" and "very calm" attitude during negotiations.

Clients describe Raphael Moreira Espírito Santo as "a lawyer with solid experience in the real estate sector," highlighting his ability "to provide well-grounded advice." He acts for clients on hotels and resorts projects, assisting with the corresponding due diligence and contracts.

About the Team (content provided by Veirano Advogados)

Veirano Advogados’ real estate practice is dedicated to structuring complex real estate projects, in tune with the continuous evolution of the Brazilian market. Composed of experienced lawyers with extensive track record assisting Brazilian and foreign corporate groups, our team advises clients through all the stages of real estate transactions, working in synergy with other practice areas in the Firm.

Our team is skilled in strategizing with clients on the legal aspects involved in the execution of a diverse range of real estate transactions, including:

  • Business, commercial and residential developments​
  • Hospitality and leisure developments
  • Hospitals and medical facilities
  • Industrial plants
  • Infrastructure projects
  • M&A operations specifically related to real estate aspects
  • Malls
  • Projects developed through public and private partnerships
  • Purchase and sale of forest assets
  • Purchase and sale of urban and rural properties

The Firm advises sophisticated companies on structuring joint ventures, special partnerships (SCP), specific purpose companies (SPE), and consortiums, being highly experienced in creating real estate and equity investment funds, as well as in structuring transactions involving built-to-suit, sale leaseback agreements and surface property rights.

In addition, we also:

  • Conduct real estate due diligence​
  • Evaluate the feasibility of real estate acquisitions
  • Provide legal opinions on a variety of themes in the real estate segment

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CaselliNavarro Advogados - Real Estate Department

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Band 3

第三等

Chambers Commentary (based on the Chambers research)

What the team is known for Recently established firm with an experienced team handling an array of real estate issues. Lengthy track record representing construction companies, developers and investors in the purchase, sale and lease of assets. Advises on the structuring and financing of real estate ventures including shopping centres, office blocks and residences.

Strengths Clients say: "The partners are directly involved in the cases and understand the business aspects involved, being also very available to assist with urgent matters."

Work highlights Assisted Luni Negócios Imobiliários with the structuring of a transaction regarding the commercial lease of apartments located in a residential building.

Notable practitioners

Sources praise Lúcia Frias's "technical profile," saying: "If you need someone to analyse the situation of a property or the risks of a transaction, Lúcia is the one." She has a strong track record in the sector, with past experience working in-house at a large real estate developer and noted expertise in contractual and registry matters.

Founding partner Alexandre Tadeu Navarro focuses his practice on the structuring of real estate transactions, and has complementary strength advising on related tax matters. Market commentators highlight his "business-oriented view that allows him to broadly understand the commercial aspects of the transactions he handles."

Associate-to-watch Juliana Rubiniak is endorsed by sources as "a very dynamic lawyer," who "presents innovative solutions, simultaneously avoiding risks for the clients." Interviewees add: "She is hard-working and up to date."

About the Team (content provided by CaselliNavarro Advogados)

Overview

With a dynamic and experienced team, CaselliNavarro is well prepared to advise clients – national and foreign organizations and individuals – on all types of real estate transactions. The group’s professionals act swiftly and with precision to resolve clients’ demands, while also preventing conflicts and contingencies in all types of real estate transactions, including urban and rural acquisition and disposition of properties, real estate guarantees for fundraising in the financial and capital markets, structuring of residential and commercial developments, industries, hotels, resorts, sport developments, hospitals, shopping centres and condominiums, in all their forms.

The team is renowned for structuring, negotiation and the implementation of complex real estate transactions designed in accordance with specific demands and clients’ interests.

A Multidisciplinary Practice

The work the Real Estate Team develops is highly collaborative, in accordance with CaselliNavarro’s practice culture of working on every single deal from a global perspective, with other practice areas bringing legal analysis from a variety of viewpoints to the table. This multidisciplinary approach enables the firm to present the most suitable and safe alternatives to achieve clients’ business goals.

The firm’s recognized experience in real estate finance, tax and capital markets combined with negotiation skills have added great value to projects in all the different segments of the real estate market.

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Gustavo Padilha Advogados - Real Estate Department

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Band 3

第三等

Chambers Commentary (based on the Chambers research)

What the team is known for Rio de Janeiro-based team widely recognised for its extensive expertise assisting national companies with shopping centres and condominiums. Regularly sought out by commercial real estate developers and construction companies to advise on the negotiation and drafting of lease, build-to-suit and sale-and-leaseback agreements.

Strengths Clients highlight the team's "dedication, high level of specialisation and confidence."

Work highlight Advised Trisul on the acquisition of several properties, assisting with the corresponding due diligence and regularisations.

Notable practitioners

Market sources recommend Gustavo Pinheiro Guimarães Padilha for his "impressive skills in handling complex negotiations," adding: "He is a great lawyer, very experienced." He possesses solid expertise advising on the development of shopping centres, assisting with due diligence and the negotiation of purchase or lease agreements.

Celio Kelab specialises in real estate acquisitions and has a solid track record advising clients on registry and licensing matters. Sources often praise his activity in shopping centre projects, describing him as a "pro-deal lawyer" who "always make an accurate evaluation of the risks."

About the Team (content provided by Gustavo Padilha Advogados)

Our firm has great expertise and recognition for its presence in the real estate market, and has consolidated itself as a law firm with multidisciplinary approach.

Throughout the years Gustavo Padilha Advogados has developed its own approach to identify its clients’ needs, being always aware of the peculiarities of each case, as well as the real estate market, players and businesses. The solid experience of Gustavo Padilha Advogados translates in innovative legal structuring and tailor-made solutions to a vast array of real estate related transactions, such as partnerships, constructions, shopping malls, etc. 

Gustavo Padilha Advogados’ partners actively and constantly participate in each project of their clients – regarded as a partnership with their clients – thus fostering healthy complicity in the business. This specific culture is fundamental to achieving the clients aims in the ever changing real estate market, providing legal services of the highest quality.

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Lilla, Huck, Otranto, Camargo Advogados - Real Estate Department

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Band 3

第三等

Chambers Commentary (based on the Chambers research)

What the team is known for Well-known practice group frequently sought out for its expertise in matters involving rural assets such as the purchase, sale and regularisation of land. Frequently instructed on residential condominiums, office blocks and warehouses developments, being equipped to assist with due diligence and related corporate and tax issues.

Strengths Interviewees describe the team as "very practical," adding: "They always present the risks, whilst offering solutions. Their goal is to make the clients' projects possible."

Work highlights Advised Odebrecht Realizações Imobiliárias on the development of a condominium with office spaces and a street market in São Paulo.

Notable practitioners

Head of practice Estela Maria Lemos Monteiro Soares de Camargo is described by interviewees as "an experienced professional," who is "very available and proactive, pointing out the risks in a very objective way." They add: "She is a very good lawyer, distinguishing herself for her broad experience in the sector" and "her strong and assertive approach during negotiations."

Market observers single out partner Thomaz Henrique Monteiro Whately as "a strong lawyer" who has "great negotiation and drafting skills." An impressed interviewee enthuses: "He is very competent and preoccupied in creating safe solutions for his clients."

About the Team (content provided by Lilla, Huck, Otranto, Camargo Advogados)

Our  real estate team offers legal advice on typical real estate transactions such as purchases and sales, exchanges, leases,  donations and lease transactions, as well as on the structuring of more complex contracts involving built-to-suit leases, sale and leaseback transactions or turnkey modalities, creation of surface rights, structuring of condominiums, land subdivisions and large projects (shopping malls, hotels and clubs), creation of real estate-based security packages in financial transactions, structuring of securitization transactions, and organization of real estate investments funds.

The firm provides legal advice related to urban legislation, with emphasis on land use and development, as well as on landmark listed properties.

We also have extensive experience in transactions involving rural properties and their development, focusing also on review and correction of environmental aspects.

We carry out real estate due diligences to pinpoint possible risks for investors in intended deals, particularly in connection with title, origin and good standing of real properties.

The real estate area works collaboratively with the other areas of the firm (especially the tax and corporate areas) in structuring real estate transactions to offer clients the best, more complete and less costly mechanism for the intended investment.

We assist our clients in drafting and negotiating contracts, as well as in wealth and estate planning.

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Lobo & Lira - Real Estate Department

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Band 3

第三等

Chambers Commentary (based on the Chambers research)

What the team is known for Recently established firm with a well-regarded team noted for assisting national clients with the development of shopping centres. Boasts impressive experience structuring new projects, as well as handling the expansion of existing spaces. Advises on lease agreements, mixed-use licensing and zoning issues.

Strengths Market sources value the team's "ability to build excellent relationships with clients," also describing them as "deeply knowledgeable and constantly up to date."

Notable practitioners

Clients endorse José Ricardo Lira for his "high qualification, experience and ability to provide adequate and practical solutions for the problems." He is considered to be an expert in shopping centre-related matters and draws upon more than 30 years of experience assisting with contractual and litigious matters related to the sector.

About the Team (content provided by Lobo & Lira)

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Machado, Meyer, Sendacz e Opice - Real Estate Department

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Band 3

第三等

Chambers Commentary (based on the Chambers research)

What the team is known for Well-known full-service firm with broad activity in the real estate sector. Often retained by national and international companies to advise on the structuring of new developments, being able to assist with due diligence, contracts and financing matters. Team has particular strength handling mixed-use and shopping centres projects.

Strengths Commentators single out the team for its "ability to understand the clients' needs," also praising "the high level of qualifications and good negotiation skills."

Work highlights Represented Equinix in the BRL23.7 million acquisition of a data centre composed of two real estate properties located in Rio de Janeiro from H. Camargo Empreendimento e Participações.

Notable practitioners

"Proactive and pro-deal" Maria Flavia Candido Seabra is recognised in the market due to her past experience in-house at a leading real estate developer in Brazil. She is active in the structuring of real estate transactions, offering particular strength in residential projects.

Clients consider up-and-coming Fátima Rombola Fonseca to be "a very capable and reliable professional." She comes recommended for her experience advising developers on contractual matters related to the sector, namely leases, build-to-suit and surface rights agreements.

Associate-to-watch Ivana Bomfim is described by interviewees as "an excellent associate who is going to have a brilliant future." They continue: "She is a lawyer that adds value" due to her "knowledgeable and very proactive profile."

About the Team (content provided by Machado, Meyer, Sendacz e Opice)

Our real estate practice advise companies to make a careful analysis of the opportunities and risks involved in new projects, with flexible and intelligent legal solutions to support the efficient management of their business.

We assist our clients on developing and implementing projects, preparing for any acquisition, development, financing, construction, partnerships and joint ventures, as well as on structuring real estate collateral, leases, "built-to-suit" contracts, leasing, regularization of rural and urban property, among other operations.

In recent years, we have worked for the largest private groups in the country in the establishment of logistics centers, shopping malls, hotels, hospitals, theme parks, residential, commercial and mixed-use condominiums, and housing developments.

Our services cover the formatting of deals that often involve international partners and sophisticated financial mechanisms. Our lawyers combine knowledge of real estate with the financial area so that your business can rely on our experience in structuring receivables securitization transactions, bonds and real estate investment funds.

We prepare opinions on complex real estate issues, as well as audit real estate assets of companies operating in Brazil. To that end, we rely on the support of our corporate, environmental, litigation, tax, and financial practices.

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Tauil & Chequer Advogados in association with Mayer Brown - Real Estate Department

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Band 3

第三等

Chambers Commentary (based on the Chambers research)

What the team is known for Global firm with a solid practice advising multinational companies and investment funds on real estate matters in Brazil. Active in the development of new enterprises, offering notable capabilities in retail, hospitality and theme park projects. Offers further expertise in financing, assisting clients with sector-related capital markets transactions.

Strengths Clients remark: "The team is diligent, proactive and able to deliver results," adding that "they always provide informed and business-oriented advice."

Work highlight Assisted VBI with the negotiation of a BRL60 million build-to-suit agreement of a distribution warehouse to be leased by AMBEV.

Notable practitioners

Acclaimed José Paulo Marzagão offers extensive expertise in the real estate field, being active in financing matters and in the structuring of large-scale projects. Sources widely recognise him as "a reference for real estate finance issues." They note that "he has impeccable legal knowledge and always provides valuable advice," adding: "He is extremely helpful for strategic and sensitive cases."

About the Team (content provided by Tauil & Chequer Advogados in association with Mayer Brown)

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VBD Advogados - Real Estate Department

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Band 3

第三等

Chambers Commentary (based on the Chambers research)

What the team is known for Dynamic team with growing presence in the real estate market. Assists with an array of matters such as purchases and sales, build-to-suit and lease agreements, as well as construction contracts. Also experienced handling strategic sectoral disputes and registration matters. Vitacon Empreendimentos Imobiliários is a new client win.

Strengths Clients note that "the structure of the firm allows a direct relationship with the partners," and appreciate the team's proactivity: "They send daily updates about what is going on in the cases and information about the next steps."

Work highlights Represented Vitacon Empreendimentos Imobiliários in a preliminary injunction proceeding to analyse the regularity of a residential project built and owned by an SPE of the client.

Notable practitioners

Market sources endorse Olivar Lorena Vitale Junior as "a lawyer that is truly specialised in real estate," adding: "He presents innovative solutions that are always underpinned by solid study and research." He is noted for his experience assisting leading developers and construction companies with the structuring of diverse projects, including residential, hotels and mixed-use.

About the Team (content provided by VBD Advogados)

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Amaral e Nicolau Advogados - Real Estate Department

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Band 4

第四等

Chambers Commentary (based on the Chambers research)

What the team is known for Compact practice group specialising in sector-specific contracts such as purchase, lease and use agreements. Retained by national developers and construction companies for its experience assisting with the due diligence for real estate acquisitions and projects, as well as handling related registry issues.

Strengths Clients pinpoint the team's "availability and swift response time," also praising "the partners' involvement during the cases."

Work highlights Assisted Even Construtora e Incorporadora with the acquisition of 26 properties in Itaim Bibi, São Paulo.

Notable practitioners

Name partner José Vicente Amaral Filho offers notable capabilities assisting clients with the development of residential condominiums, shopping centres and office blocks, as well as mixed-used projects. Market sources single out "his legal expertise and experience in the real estate sector," also underlining his "really good network."

About the Team (content provided by Amaral e Nicolau Advogados)

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BMA – Barbosa, Müssnich, Aragão - Real Estate Department

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Band 4

第四等

Chambers Commentary (based on the Chambers research)

What the team is known for Active team equipped to provide multidisciplinary advice on the development of real estate projects, often working with the firm's corporate, tax and finance departments. Regularly assists with due diligence and sector-specific disputes. WeWork and Zurich Airport are new client wins.

Strengths Client value the "robust structure and great legal expertise," underlining the team's "ability to handle very complex cases that involve more than one practice area."

Work highlights Assisted WeWork with the negotiation and drafting of long lease agreements related to the client's new locations in Brazil.

Notable practitioners

Cristiane Mamprin de Castro Guerra is singled out by interviewees for being "a creative negotiator" who stands out for her "problem-solving approach." She is noted for assisting both domestic and international companies with the development of residential and office blocks as well as hospitality projects.

Cristiana Moreira has broad experience representing clients in real estate transactions, with particular strength in residential and commercial projects. She has previously worked in-house at a major real estate developer and is described by sources as "a distinguished and charismatic lawyer."

About the Team (content provided by BMA – Barbosa, Müssnich, Aragão)

The experience acquired in major corporate deals and skill in negotiating complex contracts are also present in BMA's real estate practice, and BMA has been an active part of the real estate boom in Brazil over recent years. The real estate team advises in all types of real estate transactions, from simple purchases and sales, leases, and security interests in urban properties and rural land to structured projects involving real estate funds and securitization of real estate receivables. 

BMA does extensive work in real estate development projects and subdivision of land for residential, commercial and industrial use. BMA's team assists clients in all phases of their real estate projects, from working out the logistics of a new project to designing and implementing the best legal structure for the project, in a wide range of sectors, such as shopping centers, theme parks, business centers, hospitals and hotels. 

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Cescon, Barrieu, Flesch & Barreto Advogados - Real Estate Department

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Band 4

第四等

Chambers Commentary (based on the Chambers research)

What the team is known for Emerging practice group that actively advises investment banks, investment funds and commercial developers on the purchase and sale of assets and the structuring of projects. Collaborates with the firm's robust capital markets and banking teams to advise on financing aspects.

Strengths Sources say: "All the lawyers are very committed to the clients' projects, understanding the urgencies and goals involved. Additionally, they combine know-how with promptness."

Work highlights Assisted Hypera Pharma with the real estate issues arising from an M&A deal, namely the regularisation of leasing agreements and property titles.

Notable practitioners

Clients describe Marcos Lopes Prado as "a very detailed, hands-on and hard-working practitioner" who "excels in due diligences, contracts and registry matters." They add: "He is a creative lawyer that delivers results." He is regularly retained by major domestic and foreign developers, construction companies and asset managers.

About the Team (content provided by Cescon, Barrieu, Flesch & Barreto Advogados)

Cescon Barrieu's real estate team advises Brazilian and foreign clients in some of the most complex and innovative real-estate transactions in the country. The attorneys have vast experience in complex real-estate transactions involving real estate acquisitions and sales, surface rights, leases, built to suit, sale and lease-back, leasing, partnerships, building, condos, land divisions for real estate developments, securitization and financing, joint-ventures and restructurings.The experience involves commercial, residential and multiuse real estate undertakings, as well as hotels, hospitals, shopping malls, multi-use arenas, infrastructure projects, industrial plants and logistic centers, as well as farming land. The team is also known for its work in the area of real estate financing, including project finance, real-estate investment funds and real-estate receivables certificates.

The attorneys work in close connection with other areas of the firm, such as taxation, competition, capital markets, merges and acquisitions, investment funds, environmental protection and finance, so as to provide the highest standard of legal advice together with our entire expertise in the area. 

The clients include the largest real-estate developers in Brazil, besides Brazilian and international investors, private equity, pension and sovereign funds, financial institutions, asset managers and
entrepreneurs.

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Demarest Advogados - Real Estate Department

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Band 4

第四等

Chambers Commentary (based on the Chambers research)

What the team is known for Reputed full-service firm able to provide multidisciplinary advice with the support of its corporate, banking and capital markets departments. Assists clients from the retail and logistics industries with urban acquisitions and contracts such as leases, build-to-suit and construction agreements.

Strengths Clients praise "the excellent technical quality of the services," also highlighting the team's "comprehensive business view and legal analysis."

Work highlights Assisted Construdecor with a BRL38.3 million property acquisition from Suzano for the installation of a retail store.

Notable practitioners

Lucas Tavares Bueno is the key client contact.

About the Team (content provided by Demarest Advogados)

A proactive attitude and a high capacity to understand the peculiarities of real estate laws and their application to concrete cases are the distinctive feature of Demarest's Real Estate area. The diversified educational and occupational background of the attorneys in the Real Estate team enable a differentiated and comprehensive view, considering all the aspects involved in each project.

The Real Estate team has the support of other Demarest's lawyers in the operations coordinated by it, especially Civil Litigation, Labor, Environment, Tax, and Regulatory lawyers, further to more than 266 local law firms throughout the Brazilian territory. Furthermore, many of its professionals participate in the major national and international entities in the sector, such as SECOVI, FIABCI and the International Bar Association.

Among the activities of the Real Estate area, the following stand out:

  • Advice on rural and urban real estate transactions;
  • ​​Preparation of lease, built-to-suit, construction and real estate management agreements, and sale and leaseback transactions;
  • Advice on land developments, parceling out of land, establishment of condominiums and land division into lots;
  • Advice on the establishment of real estate funds (Real Estate Investment funds - FII), and Private Equity Funds - FIP);
  • Security interest structuring in association with the Banking and Agribusiness areas.

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FreitasLeite - Real Estate Department

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Band 4

第四等

Chambers Commentary (based on the Chambers research)

What the team is known for Compact practice group noted for its track record in sector-related capital markets transactions, advising clients on the issuance of debentures and real estate receivable certificates. Also active in the development of new projects, assisting with the corresponding due diligence and contracts.

Strengths One source enthuses: "As a client I feel I can rely on the team. They are experienced and have excellent communication skills."

Work highlights Assisted Mauá Capital with the acquisition of real estate receivable certificates via its asset-backed security fund.

Notable practitioners

Co-head of practice Luiz Paulo Lago Daló has notable expertise in real estate finance matters, in particular, sector-related capital markets mandates. One interviewee says: "He is a very objective and emphatic lawyer who deeply understands the client's concerns, which is reflected in the way he conducts the cases."

About the Team (content provided by FreitasLeite)

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LACAZ MARTINS, PEREIRA NETO, GUREVICH - Real Estate Department

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Band 4

第四等

Chambers Commentary (based on the Chambers research)

What the team is known for Established practice with broad activity within the real estate sphere, advising clients on acquisitions, developments and financing matters. Team has noted expertise assisting with the formation of investment funds, as well as the issuance of real estate receivable certificates and credit notes.

Strengths Commentators pinpoint the team's "technical expertise" that allows it to "solve complex legal issues" and "efficiently defend the client's interests."

Work highlights Assisted VBI Real Estate with the subscription and acquisition of debentures issued by JSB Investimentos e Participações for the acquisition of a real estate asset.

Notable practitioners

Erica Fernandes Campos Verissimo assists clients with the issuance of real estate receivable certificates and credit notes. She also acts on the development of new commercial projects and contractual matters. Clients consider that "she stands out for her pro-business profile," also highlighting her "knowledge and negotiation skills."

About the Team (content provided by LACAZ MARTINS, PEREIRA NETO, GUREVICH)

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Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados - Real Estate Department

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Band 4

第四等

Chambers Commentary (based on the Chambers research)

What the team is known for Robust full-service firm noted for its multidisciplinary approach to real estate matters. Broad experience advising on the acquisition of urban and rural properties and real estate securities. JHSF Participações, Verescence Brasil Vidros and Jaguar Real are new client wins.

Strengths Clients single out the team's "knowledge, responsiveness and perseverance," adding: "They are proactive and very focused on closing the deals."

Work highlights Advised BR Properties on the BRL439 million acquisition of a real estate development located in São Paulo held by Previ.

Notable practitioners

Partner Rossana Fernandes Duarte is esteemed by clients and peers alike for being "a very good lawyer who is extremely experienced in the real estate market." They add: "She stands out for the way she handles complex negotiations, her commitment to achieving her clients' objectives and her impeccable attitude even during tense situations."

About the Team (content provided by Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados)

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Tozzini Freire Advogados - Real Estate Department

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Band 4

第四等

Chambers Commentary (based on the Chambers research)

What the team is known for Full-service firm with long-standing presence in the market, assisting national and foreign clients in an array of real estate matters arising from M&A deals. Equipped to assist with due diligence and contracts as well as financing. Experienced in mandates involving timberland and environment issues.

Strengths Clients assert: "They are very accessible, business-oriented and their negotiation skills are very strong."

Work highlights Assisted SBA Torres Brasil with the acquisition of a telecommunications tower from Tele Tower.

Notable practitioners

Vladimir Miranda Abreu is the key contact for clients.

About the Team (content provided by Tozzini Freire Advogados)

Our Real Estate practice group provides comprehensive assistance in the development and execution of large and structured real estate projects such as hotels; shopping malls; Class A office buildings; factories; and distribution centers. We also work on purchase, sale, and lease transactions, as well as advising on zoning compliance issues and the existence of encumbrances such as mortgages and easements.

Furthermore, we assist our clients in securing financing through capital markets for the development of real estate projects, as well as in the structuring of real estate investment funds, securitization of real estate receivables, and build-to-suit transactions.



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Andrade, Foz, Hypolito e Médicis Advogados - Real Estate Department

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Band 5

第五等

Chambers Commentary (based on the Chambers research)

What the team is known for São Paulo-based team with solid track record advising clients on the purchase and sale of properties and developments projects, as well as lease and construction agreements. Also assists with the due diligence related to sector-specific M&A deals.

Strengths Clients point out that the firm's services "always meet our expectations and protect our interests."

Work highlights Assisted Brazil Senior Living with the negotiation and drafting of several lease and purchase agreements.

Notable practitioners

Co-head of practice Fátima Andrade is noted for assisting clients with the purchase and sale of properties, build-to-suit agreements and the regularisation of urban and rural estate assets. Clients highlight her "detailed and objective approach, alongside her solid skills as a negotiator."

Clients single out that up-and-coming Carolina Moura Foz's "ability to engage with foreign clients doing business in São Paulo is off the scale," describing her as "a lawyer with an amazing professional attitude and commercial sense, who is knowledgeable about her market."

About the Team (content provided by Andrade, Foz, Hypolito e Médicis Advogados)

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Cascione, Pulino, Boulos & Santos Advogados - Real Estate Department

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Band 5

第五等

Chambers Commentary (based on the Chambers research)

What the team is known for Established practice group that advises domestic clients on financing and contractual matters such as the negotiation of purchase, sale-and-leaseback and build-to-suit agreements. Also assists with due diligence and sector-specific disputes.

Strengths Market observers say: "They are a very competent firm" that "stands out in the financing of real estate developments."

Work highlights Advised Terra Investimentos on the public offer of real estate receivable certificates issued by Vert Companhia Securitizadora, valued at approximately BRL29 million.

Notable practitioners

Founding partner Fábio de Souza Aranha Cascione is noted for his solid experience assisting clients with the issuance of real estate receivable certificates. He is also active in the structuring of new developments, due diligence and contractual matters.

Clients describe associate-to-watch Diego Gonçalves Coelho as "a promising name in the real estate and capital markets sector." His practice focuses on assisting with the issuance of real estate receivable certificates.

About the Team (content provided by Cascione, Pulino, Boulos & Santos Advogados)

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Goulart & Colepicolo Advogados - Real Estate Department

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Band 5

第五等

Chambers Commentary (based on the Chambers research)

What the team is known for Belo Horizonte-based practice group represents players from the shopping centre field in the structuring of new projects, the sale of assets and lease agreements. Additional expertise handling mandates related to rural assets and registry law.

Strengths Client highlight the team's "legal knowledge of real estate matters and their assertive attitude."

Work highlights Advised Gazit on the BRL285 million on the negotiation of the shopping centre Shopping Total, owned by Porto Shop.

Notable practitioners

João Gilberto Goulart is the key client contact.

About the Team (content provided by Goulart & Colepicolo Advogados)

Our firm has a deep and full expertise regarding real estate and urban law. Our team has highly qualified lawyers with extensive experience in real estate and urban law. We advise a wide range of domestic and international clients, from the most prestigious real estate developers to shopping centers, property managers and real estate investors.

We provide daily advisory in purchasing and selling of real property, including tax planning and due diligences. We provide consulting and legal advisory in residential (including hotel and apart-hotels), commercial and mixed use real property incorporations, with the preparation of documents, follow-up of project’s approval and registration before the real estate registry service. We also assist in leasing agreements, including built to suit and sale-lease-back, as well as all debt structures base in real property security.

Our department assists clients in all matters related to urban development and expansion, construction and zoning regulation, careful structuring the most sophisticated and complex real estate transactions.

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Madrona Advogados - Real Estate Department

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Band 5

第五等

Chambers Commentary (based on the Chambers research)

What the team is known for Growing practice assisting clients with the issuance of receivable certificates. Advises developers and construction companies on the structuring of projects, as well as licensing and zoning matters. Eduardo Tristão is a new addition to the department.

Strengths Clients describe the team as "very accessible and dedicated to the client."

Work highlights Assisted Valora Gestão de Investimentos with the BRL10 million issuance of real estate receivable certificates by HabitaSec Securitizadora.

Notable practitioners

Client are full of praise for co-head of department Marcelo Cosac Said's "problem-solving attitude," describing him as "an excellent, objective and pro-deal lawyer, with a distinguished practice in capital markets and real estate." He assists issuers and underwriters with real estate finance transactions.

Up-and-coming partner Eduardo Tristão advises developers and investment funds on the contractual and corporate matters arising from real estate transactions. Interviewees appreciate "his excellent technical knowledge, ability to meet deadline and availability to assist clients."

About the Team (content provided by Madrona Advogados)

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Mannrich e Vasconcelos Advogados - Real Estate Department

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Band 5

第五等

Chambers Commentary (based on the Chambers research)

What the team is known for Compact firm assisting with the purchase and sale of urban and rural properties, as well as lease, build-to-suit and construction agreements. Also advises on matters related to registry law, such as title regularisations and licensing procedures.

Strengths Clients say: "The lawyers are very up to date about the market and always come up with different feasible ideas to face the problems."

Notable practitioners

Clients recommend up-and-coming individual Daniel Gomes for "his market vision, technical knowledge and client service." He has significant experience acting on the acquisition of urban properties, offering solid expertise in negotiating lease and build-to-suit agreements.

About the Team (content provided by Mannrich e Vasconcelos Advogados)

Legal assistance to clients in the purchase of commercial property,  structuring of real estate transactions/projects and real estate development.

  1. Real estate due diligence
  2. Purchase and sale of urban and rural real property
  3. Structuring of real estate projects
  4. Real estate development
  5. Land subdivision
  6. Rental, built to suit, shopping centers, hotels
  7. Real estate financing and security liens
  8. Construction contracts
  9. Real estate investment funds and real estate credit securitization
  10. Regularization of real properties and representation of clients in administrative proceedings before Real Estate Registry Offices, Real Estate Division of Local Governments, Federal Government (SPU) and other relevant public bodies
  11. Real estate litigation (eviction, lease renewal, rental increase, possession recovery, termination of purchase and sale agreement, compulsory conveyance of ownership etc.)

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Pantano Advogados - Real Estate Department

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Band 5

第五等

Chambers Commentary (based on the Chambers research)

What the team is known for Established boutique firm advising on urban and rural acquisitions, registry law and commercial developments. Regularly retained to assist clients with contractual matters such as build-to-suit, sale-and-leaseback and consortium agreements.

Strengths Interviewees highlight the lawyers' focus on real estate, commenting: "It is a very specialised firm."

Notable practitioners

Founding partner and head of practice Tania Pantano has more than 20 years of experience advising on the development of real estate projects, assisting with the full spectrum of related contractual and corporate issues. Market observers describe her as "a lawyer with outstanding technical capabilities," who is "very dedicated to her clients."

About the Team (content provided by Pantano Advogados)

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Romani Cavalcante Advogados - Real Estate Department

-

Band 5

第五等

Chambers Commentary (based on the Chambers research)

What the team is known for Boutique firm advises clients on the acquisition and lease of properties and the structuring of diverse developments such as shopping centres and residential condominiums. Client portfolio includes players from the financial services and construction industries.

Strengths Clients note: "The team is extremely knowledgeable in the different industry sub-sectors. The lawyers also have complementary strength in corporate and tax matters."

Work highlights Advised Grupo Sequóia on the negotiation of a joint venture with Econ Construtora for the development of a BRL7 million residential project in São Paulo.

Notable practitioners

Clients highlight up-and-coming partner Tarso Romani's "ability to bring intelligent solutions," adding that "he is also extremely agile in addressing and solving issues." He assists companies with the structuring of new development projects, handling the purchase of assets and related corporate matters.

About the Team (content provided by Romani Cavalcante Advogados)

ROMANI CAVALCANTE Advogados, current name of TCSA Advogados, is a law firm specialised in real estate business law, composed of professionals with different backgrounds and experiences, but who share the principles of a modern business practice, founded on solid ethical values and professional independence.

ROMANI CAVALCANTE Advogados is recognised by the market as an authority in real estate law, having been listed by the publications The Legal 500 and Chambers and Partners as one of the leading real estate law practices in Brazil.

This recognition is the result of the firm’s commitment to creating and delivering reliable and innovative legal solutions to clients, characterised by personal attention and custom-tailored service. As a legal-services provider, the firm therefore considers its broad understanding of all aspects of the real estate business and of each client’s culture and individuality to be a fundamental factor in its efficient and effective work.

Beyond simply identifying problems or needs, ROMANI CAVALCANTE Advogados is fundamentally committed to offering innovative solutions of the highest quality, within the shortest timeframe.

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Overview

BRAZIL: An Introduction to Real Estate Contributed by Ivandro Trevelim, Campos Mello Advogados

Brazilian Real Estate Market – a Brief Overview - 2018 [20/06/2018]

The Brazilian real estate market has experienced a period of gradual economic recovery in spite of the current political election scenario.

The country has reached the end of a previous economic cycle marked by a two-year recession that was very challenging for economic agents, with negative GDP, falling sales, an increase in the return of properties by buyers, and falling investment. The end of that cycle now allows for the current recovery in the economy and production, ushering in a new period of greater growth.

Therefore, despite the current scenario of increased tension and political upheaval, good opportunities can be found in various segments of the Brazilian real estate sector.

Accordingly, we have seen the return of positive results and growth in Gross Domestic Product, linked to structural reforms of great significance (providing the foundations for a resumption of economic growth) and the implementation of significant macroeconomic adjustments. The labour legislation reform, for example, was designed to promote greater rationality and balance in the sector.

Other positive factors have been gained that are contributing to the recovery of the economy as a whole, and the real estate market in particular. These include:
(i) a very sharp drop in the Basic Interest Rate (SELIC) to a historic low, benefiting investment in real estate, which once again has become attractive given reduced financing costs.
(ii) a drop in the annual inflation rate and stricter control of inflation by the Central Bank of Brazil.
(iii) the imposition by law of certain limits on government spending, seeking a better balance in Government public accounts.
(iv) the existence of vast domestic reserves that will help Brazil overcome more turbulent times in the global economy.

With these positive new aspects, the page on the previous recession is gradually being turned. It is also in the current changing global economy context that Brazil can show its ability and commitment to investment, given that the long-term positive economic fundamentals are also present, including: (i) historically repressed demand for real estate; and (ii) ongoing demographic growth putting further pressure on demand. These aspects, and the fact that real estate credit still accounts for less than 10% of GDP (in contrast to over 75% in other more mature and developed markets), point towards the possibility of future high growth for Brazil’s real estate market.

Good opportunities and deals are evident, particularly given that the national currency (real) is significantly devalued with the recent depreciation in the foreign exchange rate.

Accordingly, the combination of these factors will lead to good opportunities in Brazilian real estate sectors, such as:
(i) residential: highlights include compact and studio apartments, especially in large urban centres.
(ii) commercial and office buildings: a marked drop in the vacancy rate has been identified particularly in São Paulo, and from the perspective of agents and real estate developers there may even arise untapped demand over the next few years. The return of investment is already driving many real estate developers to launch new ventures.
(iii) hospitality: after major sporting events in Brazil, such as the World Cup and the Olympics in Rio de Janeiro, this sector continues to develop and attract resources.
(iv) logistics and warehousing: the need for warehouse space has increased substantially, as online retailers need storage units and delivery centres.

A recovery in the retail industry and shopping mall sectors has also been observed, with the return of consumer confidence regarding purchases of goods and property associated with some improvement in the economy as a whole.

The changes also include ongoing legislative innovations with new and necessary regulations, which may also drive the market. These include: (i) the change concerning concentration of acts in the title records of properties which may facilitate operations and lower costs and is also expected to make the legal procedure for the purchase of property safer, concentrating different information on the property record itself, resulting in an increase in the reliability of the deal. Nevertheless, a system of complete concentration of acts on the record has not been reached yet, since there are a number of situations that will not be included on the record and need to be analysed case by case. This innovation leads to a greater degree of security for buyers and also motivates any creditors to manoeuvre themselves more quickly to safeguard their rights.
(ii) the regulation of a new credit instrument called the Letra Imobiliária Garantida (LIG), based on covered bonds, should also help to capitalise the real estate sector, whereby the investor will be ensured priority in payment backed by a portfolio of real estate assets if the financial institution issuing the bill does not meet the agreed remuneration (i.e. the issuer must back the issue on properties that are separated from their equity, as a means to mitigate the risks of the transaction).

One issue of great anticipation is the required new legislation to make the acquisition of rural property with foreign capital more rational and organised. This discussion is currently underway in the National Congress, and, in the event it actually occurs, may provide for the entry of significant investment into Brazil with consequent development and opening of new jobs in the Agribusiness sector. Another highlight is the new regulations, also under discussion, that will organise the buyer’s ability to back out of property purchases and the return of housing units, thus helping to lessen legal uncertainty.

Other areas should also generate new business opportunities in real estate, such as the current discussion to include adjustments to the new Zoning and Master Plans in the City of São Paulo which will affect new estate developments in the city, as well as the emergence of new sources of business, technologies and products to meet the changing needs of consumers.

In this new technological and participatory world now taking shape, very attractive new products that meet new demands, such as co-working and co-living projects, are emerging. The first covers a flexible working model in which the sharing of office space areas and resources takes place, bringing together people who do not necessarily work for the same employer or have the same area of operation. This subverts the traditional forms of work organisation and today accounts for a small fraction of existing offices but may account for up to 20% of the global total over the next 20 years. Co-living also presents itself as an important trend, reflecting the will for coexistence among people, especially the elderly, and covering the use of rooms with common services and areas of all kinds.

Brazil and its real estate market have been experiencing a gradual period of recovery in growth and investment, which, although not necessarily fast paced, has nevertheless been significant, in spite of the political electoral scenario. Great efforts are being made so that 2018 may be seen as the year of recovery and when the challenges of recent years were overcome. Therefore, there are many good opportunities in the Brazilian real estate industry, with the additional advantage that assets and real estate property are benefiting from a very favourable exchange rate.

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Senior Statesperson

Koury Lopes Advogados

From the Chambers Latin America guide

Senior statesman Pedro Cortez draws upon more than 45 years of experience to assist clients with the structuring of large-scale real estate developments, offering outstanding capabilities in complex registry issues. Market sources refer to him as "one of the biggest names in the Brazilian real estate field," adding: "He is rigorous, assertive and studious when handling the cases."

^ See whole ranking table

Senior Statesperson

Flávio Gonzaga Bellegarde Nunes

Flávio Gonzaga Advogados

From the Chambers Latin America guide

Senior statesman Flávio Gonzaga Bellegarde Nunes of Flávio Gonzaga Advogados is praised by market commentators for his academic experience and active institutional involvement. He advises national companies on the development of commercial projects and registry matters.

^ See whole ranking table

Star Individuals

Duarte Garcia, Serra Netto e Terra Advogados

From the Chambers Latin America guide

Star individual Marcelo Terra continues to be unanimously recommended "as the biggest reference in the market." Commentators describe him as "an ace thatbesides knowing everything about real estate is humble and available when interacting with clients." Peers consider him "a highly respected name always able to deliver solutions" and "an icon that should take credit for all the things we are doing nowadays in this sector."

^ See whole ranking table

Band 1

Bernardo Buarque Schiller

Campos Mello Advogados

From the Chambers Latin America guide

Seasoned partner Bernardo Buarque Schiller is renowned for representing national and foreign construction companies and developers in major real estate projects. Market commentators describe him as "a reference that influenced the sector with his innovative solutions," also highlighting his "extreme competence, swift services and incredible knowledge of all types of real estate transactions."

^ See whole ranking table

Band 1

Rodrigo Cury Bicalho

Bicalho e Mollica Advogados

From the Chambers Latin America guide

Founding partner Rodrigo Cury Bicalho is identified by sources as a leading practitioner in this field due to his "vast expertise and great clientele." They add: "He is up to date, active and creative, particularly in pursuing new contractual solutions." He has been praised over the years for his impressive track record assisting relevant clients with real estate acquisitions and registry law matters.

^ See whole ranking table

Band 1

Alexandre Laizo Clápis

Stocche Forbes Advogados

From the Chambers Latin America guide

Alexandre Laizo Clápis joins the highest band after years of praise describing him as "an extremely skilled professional" and "a problem-solver." Clients are impressed by his dedication to cases, saying: "Clápis is amazing, restless. During intense negotiations, he is always the hands-on lawyer," and "he is committed to directly assisting us in a swift and efficient way." He excels in registry law matters.

^ See whole ranking table

Band 1

José Paulo Marzagão

Tauil & Chequer Advogados in association with Mayer Brown

From the Chambers Latin America guide

Acclaimed José Paulo Marzagão offers extensive expertise in the real estate field, being active in financing matters and in the structuring of large-scale projects. Sources widely recognise him as "a reference for real estate finance issues." They note that "he has impeccable legal knowledge and always provides valuable advice," adding: "He is extremely helpful for strategic and sensitive cases."

^ See whole ranking table

Band 2

Alexandre Assolini

PMKA Advogados

From the Chambers Latin America guide

Market commentators are full of praise for partner Alexandre Assolini's "combined knowledge of both real estate and real estate finance matters," describing him as "a great lawyer and talented negotiator." He offers extensive capabilities advising major national financial institutions and investment funds on capital markets and corporate issues arising from real estate transactions.

^ See whole ranking table

Band 2

Estela Maria Lemos Monteiro Soares de Camargo

Lilla, Huck, Otranto, Camargo Advogados

From the Chambers Latin America guide

Head of practice Estela Maria Lemos Monteiro Soares de Camargo is described by interviewees as "an experienced professional," who is "very available and proactive, pointing out the risks in a very objective way." They add: "She is a very good lawyer, distinguishing herself for her broad experience in the sector" and "her strong and assertive approach during negotiations."

^ See whole ranking table

Band 2

Fernando Maximiano

PMKA Advogados

From the Chambers Latin America guide

Head of department Fernando Maximiano assists national developers with the structuring of residential and commercial projects. Sources affirm that "he has a distinguished expertise and works with the counterparts to close the deal." A peer agrees, adding: "I have the best impression of his work and it is always very positive to find him on the other side of the table."

^ See whole ranking table

Band 2

Luciano Garcia Rossi

Pinheiro Neto Advogados

From the Chambers Latin America guide

Co-head of practice Luciano Garcia Rossi is described by commentators as "avery competent and experienced lawyer" who has "a great specialisation in transactions involving rural properties." He also assists domestic and foreign clients with the development of commercial projects and financings involving real estate receivable certificates.

^ See whole ranking table

Band 2

Olivar Lorena Vitale Junior

VBD Advogados

From the Chambers Latin America guide

Market sources endorse Olivar Lorena Vitale Junior as "a lawyer that is truly specialised in real estate," adding: "He presents innovative solutions that are always underpinned by solid study and research." He is noted for his experience assisting leading developers and construction companies with the structuring of diverse projects, including residential, hotels and mixed-use.

^ See whole ranking table

Band 3

José Vicente Amaral Filho

Amaral e Nicolau Advogados

From the Chambers Latin America guide

Name partner José Vicente Amaral Filho offers notable capabilities assisting clients with the development of residential condominiums, shopping centres and office blocks, as well as mixed-used projects. Market sources single out "his legal expertise and experience in the real estate sector," also underlining his "really good network."

^ See whole ranking table

Band 3

Rodrigo de Castro

Veirano Advogados

From the Chambers Latin America guide

Co-head of department Rodrigo de Castro draws upon more than 20 years of experience advising clients on real estate developments, having particular expertise in hospitality projects. Market sources describe him as a "dedicated and hard-working lawyer," often praising his "reasonable" and "very calm" attitude during negotiations.

^ See whole ranking table

Band 3

Rossana Fernandes Duarte

Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados

From the Chambers Latin America guide

Partner Rossana Fernandes Duarte is esteemed by clients and peers alike for being "a very good lawyer who is extremely experienced in the real estate market." They add: "She stands out for the way she handles complex negotiations, her commitment to achieving her clients' objectives and her impeccable attitude even during tense situations."

^ See whole ranking table

Band 3

CaselliNavarro Advogados

From the Chambers Latin America guide

Sources praise Lúcia Frias's "technical profile," saying: "If you need someone to analyse the situation of a property or the risks of a transaction, Lúcia is the one." She has a strong track record in the sector, with past experience working in-house at a large real estate developer and noted expertise in contractual and registry matters.

^ See whole ranking table

Band 3

Gustavo Pinheiro Guimarães Padilha

Gustavo Padilha Advogados

From the Chambers Latin America guide

Market sources recommend Gustavo Pinheiro Guimarães Padilha for his "impressive skills in handling complex negotiations," adding: "He is a great lawyer, very experienced." He possesses solid expertise advising on the development of shopping centres, assisting with due diligence and the negotiation of purchase or lease agreements.

^ See whole ranking table

Band 3

José Ricardo Lira

Lobo & Lira

From the Chambers Latin America guide

Clients endorse José Ricardo Lira for his "high qualification, experience and ability to provide adequate and practical solutions for the problems." He is considered to be an expert in shopping centre-related matters and draws upon more than 30 years of experience assisting with contractual and litigious matters related to the sector.

^ See whole ranking table

Band 3

Marcos Lopes Prado

Cescon, Barrieu, Flesch & Barreto Advogados

From the Chambers Latin America guide

Clients describe Marcos Lopes Prado as "a very detailed, hands-on and hard-working practitioner" who "excels in due diligences, contracts and registry matters." They add: "He is a creative lawyer that delivers results." He is regularly retained by major domestic and foreign developers, construction companies and asset managers.

^ See whole ranking table

Band 3

Franco Musetti Grotti

Pinheiro Neto Advogados

From the Chambers Latin America guide

Market observers describe partner Franco Musetti Grotti as "a very helpful lawyer that invests his time with the client." They go on to add: "He provides a comprehensive and swift service with attention to detail,""delivering superior results during negotiations." He is focused on complex acquisitions of urban and rural assets.

^ See whole ranking table

Band 3

Alexandre Tadeu Navarro

CaselliNavarro Advogados

From the Chambers Latin America guide

Founding partner Alexandre Tadeu Navarro focuses his practice on the structuring of real estate transactions, and has complementary strength advising on related tax matters. Market commentators highlight his "business-oriented view that allows him to broadly understand the commercial aspects of the transactions he handles."

^ See whole ranking table

Band 3

Pantano Advogados

From the Chambers Latin America guide

Founding partner and head of practice Tania Pantano has more than 20 years of experience advising on the development of real estate projects, assisting with the full spectrum of related contractual and corporate issues. Market observers describe her as "a lawyer with outstanding technical capabilities," who is "very dedicated to her clients."

^ See whole ranking table

Band 4

Andrade, Foz, Hypolito e Médicis Advogados

From the Chambers Latin America guide

Co-head of practice Fátima Andrade is noted for assisting clients with the purchase and sale of properties, build-to-suit agreements and the regularisation of urban and rural estate assets. Clients highlight her "detailed and objective approach, alongside her solid skills as a negotiator."

^ See whole ranking table

Band 4

Maria Flavia Candido Seabra

Machado, Meyer, Sendacz e Opice

From the Chambers Latin America guide

"Proactive and pro-deal"Maria Flavia Candido Seabra is recognised in the market due to her past experience in-house at a leading real estate developer in Brazil. She is active in the structuring of real estate transactions, offering particular strength in residential projects.

^ See whole ranking table

Band 4

Erica Fernandes Campos Verissimo

LACAZ MARTINS, PEREIRA NETO, GUREVICH

From the Chambers Latin America guide

Erica Fernandes Campos Verissimo assists clients with the issuance of real estate receivable certificates and credit notes. She also acts on the development of new commercial projects and contractual matters. Clients consider that "she stands out for her pro-business profile," also highlighting her "knowledge and negotiation skills."

^ See whole ranking table

Band 4

PMKA Advogados

From the Chambers Latin America guide

Clients praise partner Sérgio Kawasaki's "legal knowledge" and "entrepreneurial spirit." He has experience representing private equity and real estate funds in corporate and M&A matters related to the real estate sector, also assisting with tax issues arising from those transactions.

^ See whole ranking table

Band 4

Theo Keiserman de Abreu

Campos Mello Advogados

From the Chambers Latin America guide

Theo Keiserman de Abreu is singled out by market observers for being "a pro-deal" and "sophisticated professional who offers solid expertise in the real estate sector but also complementary knowledge of corporate law." They add: "He is incredibly available to clients."

^ See whole ranking table

Band 4

Gustavo Padilha Advogados

From the Chambers Latin America guide

Celio Kelab specialises in real estate acquisitions and has a solid track record advising clients on registry and licensing matters. Sources often praise his activity in shopping centre projects, describing him as a "pro-deal lawyer" who "always make an accurate evaluation of the risks."

^ See whole ranking table

Band 4

Luiz Paulo Lago Daló

FreitasLeite

From the Chambers Latin America guide

Co-head of practice Luiz Paulo Lago Daló has notable expertise in real estate finance matters, in particular, sector-related capital markets mandates. One interviewee says: "He is a very objective and emphatic lawyer who deeply understands the client's concerns, which is reflected in the way he conducts the cases."

^ See whole ranking table

Band 4

Cristiane Mamprin de Castro Guerra

BMA – Barbosa, Müssnich, Aragão

From the Chambers Latin America guide

Cristiane Mamprin de Castro Guerra is singled out by interviewees for being "a creative negotiator" who stands out for her "problem-solving approach." She is noted for assisting both domestic and international companies with the development of residential and office blocks as well as hospitality projects.

^ See whole ranking table

Band 4

Bicalho e Mollica Advogados

From the Chambers Latin America guide

Luciano Mollica is noted for his academic profile and track record in the real estate arena. Also recognised for his capabilities handling corporate matters related to real estate transactions. Sources describe him as "an active and well-known name in the legal market."

^ See whole ranking table

Band 4

Thomaz Henrique Monteiro Whately

Lilla, Huck, Otranto, Camargo Advogados

From the Chambers Latin America guide

Market observers single out partner Thomaz Henrique Monteiro Whately as "astrong lawyer" who has "great negotiation and drafting skills." An impressed interviewee enthuses: "He is very competent and preoccupied in creating safe solutions for his clients."

^ See whole ranking table

Band 4

Cristiana Moreira

BMA – Barbosa, Müssnich, Aragão

From the Chambers Latin America guide

Cristiana Moreira has broad experience representing clients in real estate transactions, with particular strength in residential and commercial projects. She has previously worked in-house at a major real estate developer and is described by sourcesas "a distinguished and charismatic lawyer."

^ See whole ranking table

Band 4

Raphael Moreira Espírito Santo

Veirano Advogados

From the Chambers Latin America guide

Clients describe Raphael Moreira Espírito Santo as "a lawyer with solid experience in the real estate sector," highlighting his ability "to provide well-grounded advice." He acts for clients on hotels and resorts projects, assisting with the corresponding due diligence and contracts.

^ See whole ranking table

Band 4

Negrão, Ferrari & Associados

From the Chambers Latin America guide

Ricardo Negrão of Negrão, Ferrari & Associados often advises domestic and multinational companies on the development of shopping centres and contractual matters. Clients describe him as "an available lawyer" who stands out for his "in-depth knowledge of the sector."

^ See whole ranking table

Band 4

Carolina Penteado da Costa Galvão

Chaves, Gelman, Machado, Gilberto e Barboza Advogados

From the Chambers Latin America guide

Carolina Penteado da Costa Galvão of Chaves, Gelman, Machado, Gilberto e Barboza Advogados is praised by clients, who say: "She tries to understand everything that is going on. Consequently, she acquires in-depth knowledge of the situations and delivers a tailor-made service."

^ See whole ranking table

Band 4

Stocche Forbes Advogados

From the Chambers Latin America guide

Sources single out partner Fernanda Rosa's "great technical knowledge of real estate matters and ability to provide creative solutions," adding: "She is proactive and flexible which enables the deal." She focuses her practice on the acquisition of urban properties for development purposes.

^ See whole ranking table

Band 4

Ivandro Ristum Trevelim

Campos Mello Advogados

From the Chambers Latin America guide

São Paulo-based partner Ivandro Ristum Trevelim advises clients on a wide range of real estate matters, from residential, commercial and industrial projects to financing transactions. Sources praise him, saying: "He combines academic knowledge with a practical approach."

^ See whole ranking table

Up and Coming

Mannrich e Vasconcelos Advogados

From the Chambers Latin America guide

Clients recommend up-and-coming individual Daniel Gomes for "his market vision, technical knowledge and client service." He has significant experience acting on the acquisition of urban properties, offering solid expertise in negotiating lease and build-to-suit agreements.

^ See whole ranking table

Up and Coming

Rafael Jordão Bussière

Campos Mello Advogados

From the Chambers Latin America guide

Clients value up-and-coming partner Rafael Jordão Bussière's "technical expertise, as well as his skills and presence during negotiations," adding: "He provides impeccable legal advice." He is also described as "proactive" and "a growing name" in the sector.

^ See whole ranking table

Up and Coming

Carolina Moura Foz

Andrade, Foz, Hypolito e Médicis Advogados

From the Chambers Latin America guide

Clients single out that up-and-coming Carolina Moura Foz's "ability to engage with foreign clients doing business in São Paulo is off the scale," describing her as "a lawyer with an amazing professional attitude and commercial sense, who is knowledgeable about her market."

^ See whole ranking table

Up and Coming

Romani Cavalcante Advogados

From the Chambers Latin America guide

Clients highlight up-and-coming partner Tarso Romani's "ability to bring intelligent solutions," adding that "he is also extremely agile in addressing and solving issues." He assists companies with the structuring of new development projects, handling the purchase of assets and related corporate matters.

^ See whole ranking table

Up and Coming

Fátima Rombola Fonseca

Machado, Meyer, Sendacz e Opice

From the Chambers Latin America guide

Clients consider up-and-coming Fátima Rombola Fonseca to be "a very capable and reliable professional." She comes recommended for her experience advising developers on contractual matters related to the sector, namely leases, build-to-suit and surface rights agreements.

^ See whole ranking table

Up and Coming

Koury Lopes Advogados

From the Chambers Latin America guide

Up-and-coming partner Marc Stalder is described by sources as a growing name in the sector. An interviewee says: "Marc is great.He pursues a solution by explaining his clients' concerns but also being open to understand the other side of the deal."

^ See whole ranking table

Up and Coming

Duarte Garcia, Serra Netto e Terra Advogados

From the Chambers Latin America guide

Up-and-coming partner Guilherme Terra is praised by sources as "super competent leading the cases." They also describe him as "a knowledgeable lawyer," with a client concluding: "I know I can count on him to provide precise and swift answers when required."

^ See whole ranking table

Up and Coming

Madrona Advogados

From the Chambers Latin America guide

Up-and-coming partner Eduardo Tristão advises developers and investment funds on the contractual and corporate matters arising from real estate transactions. Interviewees appreciate "his excellent technical knowledge, ability to meet deadline and availability to assist clients."

^ See whole ranking table

Associates to watch

Machado, Meyer, Sendacz e Opice

From the Chambers Latin America guide

Associate-to-watch Ivana Bomfim is described by interviewees as "an excellent associate who is going to have a brilliant future." They continue: "She is a lawyer that adds value" due to her "knowledgeable and very proactive profile."

^ See whole ranking table

Associates to watch

CaselliNavarro Advogados

From the Chambers Latin America guide

Associate-to-watch Juliana Rubiniak is endorsed by sources as "a very dynamic lawyer," who "presents innovative solutions, simultaneously avoiding risks for the clients." Interviewees add: "She is hard-working and up to date."

^ See whole ranking table

Associates to watch

Pinheiro Neto Advogados

From the Chambers Latin America guide

"Great" associate-to-watch Martina Zajakoff is praised by sources, who describe her as "intelligent" and add: "She has a deep understanding of the law" and "good commercial skills." She focuses on acquisitions and financing.

^ See whole ranking table