Industry News

Jaguar invested an undisclosed amount in Bresco, a Brazilian industrial real estate company.  The investment was made through Jaguar’s second Latin American fund, which focuses on investing in real estate-related platforms and companies in key markets.

The real estate investment arm of Quebec’s sovereign fund, CDPQ, Ivanhoé Cambridge, has agreed with Prologis to form Prologis Brazil Logistics Venture. The partnership will develop and operate logistics real estate in Brazil, specifically in São Paulo and Rio de Janeiro. Ivanhoé Cambridge will hold an 80% stake in the partnership.

LIV Capital will invest MXN$350m in Central de Corretajes (Cencor) to financially strengthen the new Mexican stock exchange BIVA.

Australis Partners announced it had reached an agreement to acquire a 50% stake in Alianza Fiduciaria and Alianza Valores from Advent International.  

Thor Equities Group and Thor Urbana, are launching four new projects in Mexico totaling 6m buildable square feet in October and November.  The company is continuing to develop, acquire, reposition and operate commercial, hotel and mixed-use projects in major cities and tourist destinations in Latin America, including the recently acquired Marina Town Center in Puerto Cancún, and the Four Seasons Resort and Residences Caye Chapel, Belize debuting in 2021.

Viver finalized a renegotiation with Jive, with Jive obtaining 33.8% of the Brazilian real estate company for R$297m.  As part of the transaction, Kirton Bank also acquired approximately 6% of Viver. 

MAS Equity Partners, through its private equity fund MAS Colombia LATAM, exited Promotora Médica Las Américas,  in a sale to Peruvian health services provider Grupo Aúna.

Linzor Capital Partners had a partial syndication of its investment in Universidad Tecnológica Latinoamericana (UTEL), an online university in Mexico, through the sale of a minority stake to Seek, an Australian online training and employment services corporation. Linzor had previously invested in UTEL in May 2018.

Alta Growth Capital and  Nexxus Capital agreed to co-invest in Grupo Turistore, a retail operator focused on international tourists with fifty-six stores across beach destinations in Mexico.  This is Alta’s first investment from its third fund and its first co-investment with Nexxus Capital.

a. Paladin Realty exited Brazilian residential real estate developer YOU Inc., selling its 20% stake to YOU Inc. founder Abrão Muszkat for an undisclosed amount. Paladin Realty had previously invested US$40m in 2012.

Alta Growth Capital made an undisclosed investment to acquire an equity interest in Docuformas, an independent leasing company in Mexico. As part of the transaction, Docuformas will receive a primary investment capitalization to continue its rapid growth in the financial sector. 

Real Infrastructure Capital Partners acquired Engie Solar’s PanamaSolar2, for an undisclosed amount via its Latin Renewables Infrastructure Fund. PanamaSolar2 operates a 16 MW plant in  Pocrí, Panama.

The real estate investment arm of Quebec’s sovereign fund, CDPQ, Ivanhoé Cambridge, has agreed with Prologis to form Prologis Brazil Logistics Venture. The partnership will develop and operate logistics real estate in Brazil, specifically in São Paulo and Rio de Janeiro. Ivanhoé Cambridge will hold an 80% stake in the partnership.

LIV Capital will invest MXN$350m in Central de Corretajes (Cencor) to financially strengthen the new Mexican stock exchange BIVA.

Australis Partners announced it had reached an agreement to acquire a 50% stake in Alianza Fiduciaria and Alianza Valores from Advent International.  

MAS Equity Partners, through its private equity fund MAS Colombia LATAM, exited Promotora Médica Las Américas,  in a sale to Peruvian health services provider Grupo Aúna.

Alta Growth Capital and  Nexxus Capital agreed to co-invest in Grupo Turistore, a retail operator focused on international tourists with fifty-six stores across beach destinations in Mexico.  This is Alta’s first investment from its third fund and its first co-investment with Nexxus Capital.

Alta Growth Capital made an undisclosed investment to acquire an equity interest in Docuformas, an independent leasing company in Mexico. As part of the transaction, Docuformas will receive a primary investment capitalization to continue its rapid growth in the financial sector. 

Real Infrastructure Capital Partners acquired Engie Solar’s PanamaSolar2, for an undisclosed amount via its Latin Renewables Infrastructure Fund. PanamaSolar2 operates a 16 MW plant in  Pocrí, Panama.

Darby Overseas Investments announced the final close of its Darby Latin American Private Debt Fund III (“DLAPDF III”), following the fund being oversubscribed, hitting its hard cap of US$300m. DLAPDF III is a regional Latin American private debt strategy that invests in middle market companies.

Bozano’s holding company, Hospital Care, bought control of Herp, a hospital specialized in orthopedics and plastic surgery, in Ribeirão Preto (SP).

I Squared Capital invested US$341m for a 25% stake in Peruvian power generators Kallpa Generación and Samay I, previously owned by Energia del Pacifico (EDP).

Capital Índigo, a Mexican fund manager focused on private debt and venture capital investments in high-growth Mexican medium-sized companies, will be able to finance up to 20 companies in the next two and a half years, supported by resources raised by four investors via a MXN$1.6b CKD on the new Mexican stock exchange BIVA.

The Canada Pension Plan Investment Board (CPPIB) and Votorantim Energia expanded their joint venture with the R$1.7b acquisition of Brazilian hydropower company CESP. 

CPPIB increased its exposure to Brazilian tech with a US$85m investment in Mutant, a contact center technology software platform, with participation from debt investor Adams Street. Mutant spun out of Genesys Prime, the Brazilian operation of Genesys, which was acquired by British PE firm Permira in 2011. Permira and US VC firm Technology Crossover Ventures made their first Brazilian direct investment in Mutant in 2016. Mutant’s acquisitions since 2016 include Dextra, TSA, CCM7 and U-Near.

Kirkland & Ellis LLP advised Trafigura on its joint venture with Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) to develop a refined products terminal and storage facility in Manzanillo, Colima, Mexico. The project’s estimated investment is approximately US$200 million. 

Altor Estructuradores is preparing to list a CKD on Mexico’s BIVA for MXN$2.5b with the purpose of investing in public infrastructure projects through public-private partnerships.

CyrusOne, a global data center REIT, announced it will make a US$12m investment in ODATA, a data center in Brazil focused on serving cloud companies. The company has over 12 megawatts of capacity with plans to develop over 100 MW in Brazil, and will soon launch construction in Colombia.  ODATA is majority owned by Patria Infrastructure Fund III, managed by Patria Investments.

Lock Capital Solutions, an affiliate of Apollo Global Management, will list a Cerpi in the Mexican Stock Exchange (BMV). The company will use the raised capital to invest in hybrid value vehicles (private equity and liquid credits) in Mexico and abroad.

Gavea Investimentos’ São Francisco Group acquired São Lucas Saúde, which includes two hospitals, Hospital and Maternity São Lucas (Bauru) and Hospital and Maternity São Lucas.

BNDES, IFC, and BID Invest committed R$1.2b to Patria’s Credito Estruturado Fund (FDIC). The fund will grant long-term credit of up to seven years to medium-sized companies that still do not have access to the capital market.

Sigular, Guff & Company has raised US$309m for its emerging markets fund, according to an SEC filing.  The Brazil Special Situations Fund will invest in legal claims against Brazil’s government. 

H.I.G. Capital acquired Tecfil, a Brazilian automotive filters producer serving the aftermarket segment.

Impulsora del Desarrollo y el Empleo en América Latina (IDEAL), CPPIB and Ontario Teachers expand a Mexican infrastructure partnership with an agreement to invest in Pacifico Sur, a 309 km toll road in Mexico. The investment is an expansion on the original acquisition of Arco Norte, a Mexican toll road, in 2016.

KKR listed a US$500m CERPI on Mexico’s BMV to invest in private capital, energy, and infrastructure projects in Mexico and abroad. KKR plans to make between six to twelve investments with its debut CERPI.

CDPQ and CKD Infraestructura México invested US$1.4b for a majority stake in 1.8 GW of renewables in Mexico from Enel. 

Lucens Capital acquired a controlling stake in Dirsana San Luis, a specialty chemicals company in Argentina that produces water-based emulsions, coating, adhesive, and graphic ink.

Jaguar invested an undisclosed amount in Bresco, a Brazilian industrial real estate company.  The investment was made through Jaguar’s second Latin American fund, which focuses on investing in real estate-related platforms and companies in key markets.

The real estate investment arm of Quebec’s sovereign fund, CDPQ, Ivanhoé Cambridge, has agreed with Prologis to form Prologis Brazil Logistics Venture. The partnership will develop and operate logistics real estate in Brazil, specifically in São Paulo and Rio de Janeiro. Ivanhoé Cambridge will hold an 80% stake in the partnership.

Thor Equities Group and Thor Urbana, are launching four new projects in Mexico totaling 6m buildable square feet in October and November.  The company is continuing to develop, acquire, reposition and operate commercial, hotel and mixed-use projects in major cities and tourist destinations in Latin America, including the recently acquired Marina Town Center in Puerto Cancún, and the Four Seasons Resort and Residences Caye Chapel, Belize debuting in 2021.

Viver finalized a renegotiation with Jive, with Jive obtaining 33.8% of the Brazilian real estate company for R$297m.  As part of the transaction, Kirton Bank also acquired approximately 6% of Viver. 

a. Paladin Realty exited Brazilian residential real estate developer YOU Inc., selling its 20% stake to YOU Inc. founder Abrão Muszkat for an undisclosed amount. Paladin Realty had previously invested US$40m in 2012.

Latam Logistic Properties, a portfolio company of Jaguar Growth Partners, raised US$77m to further expand operations by offering Class-A warehousing and logistics products in Latin America. The new capital will seek to allow LLP to build or acquire up to 5 million square feet (465,000 square meters) of GLA in Latin America. The investment was structured as a co-investment from new and existing investors.

Paladin Realty announced that its Villas del Fresno project in Mexico City has been certified by the IFC’s Excellence in Design for Greater Efficiencies program. The project is being developed in partnership with local Mexican developer, Casas Krea, which focuses exclusively on low-income housing in and around Mexico City.

Viver Incorporadora announced a corporate restructuring in which it will shift its focus from real estate development to real estate asset management services through the ServRE business unit.  Jive Asset Gestão de Recursos becomes its main shareholder, a position previously occupied by the Paladin Prime Residential Investors fund since 2009. 

Harbor Mérida, the largest shopping center in southeastern Mexico, opened its doors to consumers in the Yucatan Peninsula. Built in partnership between Thor Urbana and Inmobilia with an investment of MXN$1.4b, the project seeks to attract tourism, business, and residential development to the Mérida area.

FYNSA raised a real estate development fund of one million UF, approximately US$40.5m, that it will use to develop six residential projects in the metropolitan region of Chile.

Mexican real estate fund manager Fortem Capital has placed a CKD vehicle for up to MXN5 billion on the new Mexican Stock Exchange, Bolsa Institucional de Valores (Biva). Fortem will use…

Mexican private equity fund Beyond Capital presented its new real estate concept, Bloom Residential Tulum, which consists of 95 apartments and more than 40 amenities. The project will begin construction later this year.

SíRenta will develop 4,000 apartments in its Bosque Real complex in Huixquilucan, State of Mexico. Its objective is to invest the 20,000 million pesos that it will obtain in the stock market, from the hand of its controlling shareholder, Alignmex. Last year, the company listed its first Development Capital Certificate (CKD) in the Mexican Stock Exchange (BMV) for 2,000 million pesos.

Choice Hotels Mexico has signed an exclusive multi-unit agreement with SI Operaciones, a Mexican Private Equity fund, to develop 20 new-construction Sleep Inn hotels over the next five years. The agreement is expected to add 2,000 rooms in top markets, like Mexico City, and Guadalajara.

Be Grand, developer of residential housing, placed a CKD for 4,000 million pesos and debt for 1,500 million pesos in the Mexican Stock Exchange. The developer will use the capital to develop more than 5 projects in Mexico City and its metropolitan area.

Jaguar Growth Partner announced the appointment of Mario De Barros as Principal – Head of Brazil on the firm’s investment team.

GP Investments has announced the sale of its stake in the Brazil Hospitality Group (BHG) to GTIS Partners, a US investment company. GP will receive approximately R$150 million for 27.4% of the shares for the transaction, which was based on an enterprise value of BHG of approximately R$900 million.

Fortem Capital, a subsidiary of the IPB Group real estate company, seeks to raise MXN$5,000m via BIVA. Fortem Capital now joins a group of companies, including LIV Capital, Ignia, and Crédito Real, which decided to change their listing to BIVA instead of the BMV.

GITS Brazil Real Estate Fund has been awarded the top ranking most sustainable private equity real estate fund in South America in 2018 by Global Real Estate Sustainability Benchmark (GRESB). …

Jaguar Growth Partners announced the appointment of Jonathan (Jon) Lulu as Chief Capital Officer and a member of the Jaguar Investment Committee.

The real estate investment fund Administradora CKDELTA raised about $MXN 471 million pesos with the initial issuance of its first CKD in the BMV to make investments in real estate projects in Mexico. The total amount of the $MXN CKD is 2,357.7 million pesos.

After a $ 420,000 million capitalization of the Fondo Inmobiliario Colombia, the Canadian pension fund, PSP Investments has a 34% stake.  Other participants include Bancolombia,  with a 51% stake, and Suramericana de Seguros, the other corporate partner, with a  14%.

The Chilean government announced it will extend the limit of property values in which a special VAT credit can be used to buy houses from 2,000 UF (US$85,543) to 4,000 UF (US$171,086).

Credicorp Capital and Greystar broke records in the Chilean market after raising more than US$100m for its Fondo Residencial II.

GTIS Partners announced that it will expand into infrastructure investing in Brazil. Eduardo Klepacz, formerly CEO of Cubico Brazil, one of the country’s largest renewable energy generators, will lead GTIS’ new team based in Sao Paulo.