Davis Polk advised the representatives of the initial purchasers in connection with a Rule 144A/Regulation S offering by IRSA Propiedades Comerciales S.A. of an aggregate principal amount of $360 million of 8.750% senior notes due 2023.

IRSA Propiedades Comerciales is the largest owner and manager of shopping centers and one of the largest owners of office and other commercial properties in Argentina in terms of gross leasable area and number of rental properties.

The Davis Polk capital markets team included Maurice Blanco, Drew Glover and Elliot M. de Carvalho. The tax team included Kathleen L. Ferrell and Sam R. Van Peperstraete. Members of the Davis Polk team are based in the New York and São Paulo offices.