Funds managed by alternative asset manager Värde Partners have purchased Imopólis – Sociedade Gestora de Fundos de Investimento Imobiliário (Imopólis), a real estate asset manager based in Portugal.
At the same time, Värde also acquired closed-end commercial real estate fund FIIF ImoDesenvolvimento.
The purchased portfolio has a gross asset value of €186.6m. Other financial details of the deal were not disclosed.
Imopólis CEO Ricardo Valente said: “This is the beginning of an exciting chapter for Imopólis. Värde will be a tremendous partner, providing capital and technical capabilities to enhance and expand our portfolio in Lisbon and the surrounding areas.”
Through the deal, Värde plans to use invest in Portugal where a supply-demand imbalance is said to have created a favourable investment ambience.
Värde partner and head of European real estate Francisco Milone said: “Working with Ricardo and his highly experienced team, we will execute a strategy to access opportunities created by Portugal’s promising economic recovery and growth.
“Värde is an active investor in Southern European real estate and this strategic investment in Portugal is consistent with our local, country-specific approach.”
Värde works for foundations and endowments, pension plans, insurance firms, institutional investors and private clients. The business currently manages $14bn in assets and has a workforce of over 300.