Arias, Fábrega & Fábrega acted as counsel to SQF Group, Inc. in the stock issuance agreement with respect to the investment of US$12 million by private equity fund Inverlink Estructuras Inmobiliarias and other investors in SQF Group, Inc., the holding company of real estate developer Desarrollos Comerciales, S.A.

Pursuant to the investment, SQF Group, Inc. aims to continue its real estate development projects in the Republic of Panama by way of Desarrollos Comerciales, S.A., its subsidiary.

The transaction involving investors which are regulated entities in Colombia and in Panama, required the negotiation of new articles of incorporation for the holding company and its subsidiary.