Patria Investments Has Fulfilled the Requirements Necessary to Complete the Transfer of Credit Suisse’s Brazilian Real Estate Business Following Approval by REIT Shareholders, Positioning Patria as One of the Leading Real Estate Managers in Brazil and Latin America
GRAND CAYMAN, Cayman Islands, May 28, 2024 (GLOBE NEWSWIRE) -- Patria Investments Limited (“Patria”) (NASDAQ:PAX), a global alternative asset manager and leader in Latin America, announced that it has received all necessary REIT shareholders approvals for the transfer of management of Credit Suisse’s Real Estate funds (FIIs) in Brazil (“CSHG Real Estate”) with approximately $2.4 billion of Fee Earning AUM. Following the transfer of the funds, which is expected to take place in stages and be completed by August 30th, Patria’s Real Estate business will total more than $6 billion in Fee Earning AUM, up from less than $700 million at the time of its 2021 IPO, and the transaction brings Patria’s permanent capital to approximately 20% of total Fee Earning AUM, compared to virtually nil at the time of the IPO.
The transaction, which includes seven REITS with over 960 thousand shareholders, adds additional scale to Patria’s Real Estate business and solidifies Patria’s position as a leading independent manager of REITs in Brazil and Latin America. When combined with its VBI Real Estate business and the recently closed joint venture with Bancolombia, Patria’s Real Estate business now spans across Brazil, Chile and Colombia and includes a broad range of strategies and property types including logistics, office, retail, and credit, among others.
Marcelo Fedak, head of Patria’s Real Estate business commented: “We are very pleased that we were able to gain the approval of shareholders and excited to welcome this talented team of professionals to Patria once the transfer of the funds is concluded. This family of REITs, which focus on generating consistent returns to shareholders, further diversifies our product offerings in Brazil, adds additional scale to our Real Estate platform, and opens potential new avenues of growth for Patria.”
Daniel Sorrentino, managing partner and head of America at Patria commented: “The listed real estate funds (FIIs) market in Brazil alone totals more than R$ 160 billion (over $30 billion) after experiencing annualized growth of 27% from 2018 to 2023, based on data from the Brazilian Association of Financial and Capital Markets Entities (Anbima). Accordingly, this transaction represents a significant step forward for Patria as it looks to add additional investment capabilities in this attractive market segment and scale its Real Estate platform in Latin America.”
About Patria Investments
Crafting attractive returns for our clients and building a legacy in the regions where we operate.
Patria is a leading alternative investment firm with over 35 years of history specialized in key resilient sectors. Its unique approach combines the knowledge from macro analysts, investment leaders, operating partners and on the ground team. With over U$40 billion pro forma assets under management and a global presence, it aims to provide consistent returns in attractive long term investment opportunities while creating sustainable value for society.
Asset Classes: Private Equity, Infrastructure, Credit, Public Equities, Real Estate and Global Private Markets Solutions
Investment Regions: Latina America, Europe and United States
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