Shearman & Sterling represented Patrimonio en Fedeicomiso D.S. 093-2002-EF (Interproperties Holding) and Patrimonio en Fedeicomiso D.S. 093-2002-EF (Interproperties Peru) in connection with (1) an international loan in the amount of US$185,000,000 by Deutsche Bank AG, London Branch, as lender, to Interproperties Holding, as borrower (the International Loan), and secured by certain trust assets of Interproperties Holding and Interproperties Peru; (2) the sale by Deutsche Bank AG, London Branch, of a 100% participation in the International Loan to Interproperties Finance Trust, a Cayman Islands common law trust; and (3) the issuance of US$185,000,000 aggregate principal amount of 8.75% Senior Secured Notes due 2023 of Interproperties Finance Trust. IM Trust International S.A. acted as international placement agent for the placement of the notes and Inteligo Sociedad Agente de Bolsa acted as Peruvian placement agent.

Interproperties Holding and Interproperties Peru are real estate securitization trusts established by IFH Peru Ltd and certain affiliates of IFH Peru Ltd, a diversified holding company comprising financial, retail and property development businesses in Peru. Companies controlled by IFH Peru Ltd constitute the largest developers and operators of shopping centers in Peru based on square meters leased. A portion of the proceeds of the offering will go to the development of new shopping centers in Peru.

The cross-practice Shearman & Sterling team included partners Antonia E. Stolper (New York-Capital Markets), Patricia Hammes (New York-Finance) and Don Lonczak (Washington, D.C.-Tax); associates Shihani Soysa (New York-Capital Markets), Jennifer Stadler (New York-Capital Markets), David Dubrovsky (New York-Finance) and Nathan Tasso (Washington, D.C.-Tax); and visiting attorney Patricio Martinez (New York-Finance).