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6 June 20232 minute read

DLA Piper advises Tuhabi in US$50 million financing by IDB Invest

DLA Piper advised Tuhabi, the Mexican affiliate of Habi, Latin America´s first unicorn in the PropTech sector, in closing an up to US$50 million debt facility with IDB Invest, the private sector arm of the IDB Group. Tuhabi intends to use the proceeds to purchase more inventory and ramp up its operations in Mexico.

Founded in Colombia at the end of 2019, Habi has been expanding in Mexico for almost two years. Thousands of families have used Habi's online platform to make transactions, sell property or receive help obtaining a mortgage.

“It was a privilege to advise Tuhabi on this critical structured loan, which is IDB Invest´s first investment in a PropTech company” said Edgar Romo, the DLA Piper partner who led the structured finance team. “Our team was pleased to deploy our extensive structured finance capabilities in the PropTech sector and support the company in its expansion plans.”

In addition to Romo (Mexico City), the DLA Piper team that advised Tuhabi included partner Roberto Rios (Mexico City) and associates Javier Pichardini and Eduardo Gallastegui S. (both in Mexico City).

DLA Piper also advised Tuhabi in securing MXN$400 million in financing from BBVA´s new start-ups financing division, BBVA Spark, marking BBVA Spark´s first transaction in Mexico.

DLA Piper is at the forefront of providing legal counsel and business support to emerging PropTech companies, investors and developers of innovative real estate technology in areas critical to both their short-term and ongoing success.

DLA Piper Latin America's team offers full-service business legal counsel to domestic and multinational companies with interests in and operations throughout the region. Our integrated approach to serving clients combines local knowledge with the resources of the DLA Piper global platform. With over 450 lawyers practicing throughout Argentina, Brazil, Chile, Colombia, Mexico, Peru, and Puerto Rico as well as in the US, our teams frequently work with our professionals throughout the LatAm region, Iberian Peninsula and around the globe to ensure our clients receive the depth of service they require to meet their legal and business objectives.