Deal Spotlight – Madrona Advogados Acts as Deal Counsel on R$16.1 Million Real Estate Securitisation for Valora

Madrona Advogados, recently acted on a further structured finance transaction in the Brazilian capital markets, this time as deal counsel on an issuance of real estate receivables certificates (CRI) with Valora Renda Fixa Estruturados as underwriter.

Capital Markets — closed 1 July 2026
The R$16.1 million transaction involved a public offering of real estate receivables certificates (CRI), issued in a single series by Opea Securitizadora — its 618th issuance — under the automatic registration procedure of CVM Resolution 160 and targeted exclusively at professional investors.

The certificates are backed by real estate credits, represented by Real Estate Credit Notes (CCI) arising from commercial notes issued by Porte Desenvolvimento Urbano, a Brazilian urban development company. The proceeds will be fully allocated to the acquisition, construction and renovation of real estate developments by Porte and its special-purpose entities, with the use of funds evidenced to the trustee on a semi-annual basis in line with National Monetary Council Resolution 5,118.

Madrona acted as deal counsel throughout, structuring, drafting and negotiating the offering. The transaction is secured by real estate collateral and an additional surety guarantee, with reinforcement and monitoring mechanisms — including a minimum collateral ratio and periodic verification of the backing credits — of the kind typically seen in sophisticated structured transactions. The firm was also responsible for the legal due diligence, covering the issuer, the guarantors, the properties offered as collateral, and the purchase and sale agreements originating the assigned receivables.

The deal is a good illustration of the growing sophistication of Brazil's capital markets as a source of financing for the real estate sector — combining commercial notes, securitised receivables and layered guarantees to give investors a high degree of protection in a long-term transaction. It also marks continued collaboration between Madrona and Valora, following the R$25.5 million agribusiness receivables (CRA) issuance featured in our first Deal Spotlight.

The Madrona team was led by partner Marcelo Cosac, working with Gabriela Ticianelli, Rafaela Teixeira and Victoria Fusita.

About Deal Spotlight:

Deal Spotlight is a series from Alliott Global Alliance highlighting notable transactions and matters handled by our member firms around the world. Previous editions have featured Madrona's M&A and capital markets work in Brazil — including Laticínios Catupiry's acquisition of Lactojara, 30E's exclusive concert rights agreement at the Maracanã stadium, and the Valora CRA issuance — Simont Braun's advice on the sale of MindCapture in Belgium, and Madrona's advice to ALLOS on the sale of its stake in Shopping Curitiba.

About Madrona Advogados:

Madrona Advogados (Madrona) is a full-service, top 25 Brazilian law firm with offices in São Paulo, Brasília and Belo Horizonte. The firm is consistently ranked among Brazil's leading firms for M&A by TTR and Mergermarket, and advises regional and international clients across corporate, M&A, capital markets, real estate, infrastructure, tax and disputes. Madrona has been Alliott Global Alliance's law firm representative in Brazil since 2022.

Talk to the team

Capital Markets — Marcelo Cosac, Partner. marcelo.cosac@madronaadvogados.com.br

Madrona Advogados | madronaadvogados.com.br | +55 (11) 4883-8750 | Av. Brigadeiro Faria Lima, São Paulo

For an introduction to Madrona or any of Alliott Global Alliance's member firms across Latin America and the Caribbean, contact Sophia Rook-Blackstone, Regional Director: sophia@alliottglobal.com