The global alternative investment firm Värde Partners has acquired Portuguese real estate asset manager Imopólis in a move aimed at increasing its presence in Portugal.
Värde plans to use the platform to invest in the country as well as to build its position in the local real estate market. According to the firm, rental growth combined with low vacancy rates and a shortage of supply, especially for quality office space, has led to a supply-demand imbalance in the Lisbon office space market and contributed to a favorable investment environment.
The acquired real estate portfolio includes business parks, office space and commercial land plot assets in greater Lisbon, with a gross asset value of €186.6m.
Ricardo Valente, CEO of Imopólis, 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.
“Importantly, we remain committed to excellence and to providing innovative and tailored solutions to our clients.”
Francisco Milone, partner and head of European Real Estate at Värde Partners, added: “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 invests in real estate assets, loans and operating companies globally. It has $14bn global alternative investment firm that employs a value-based approach to investing across a broad array of geographies, segments and asset types, including corporate and traded credit, real estate, mortgages, specialty finance, real assets and infrastructure. The firm sponsors and manages a family of private investment funds with a global investor base that includes foundations and endowments, pension plans, insurance companies, other institutional investors and private clients. Now in its third decade, Värde employs more than 300 people globally with regional headquarters in Minneapolis, London and Singapore.
Imopólis is focused on the administration, management and representation of real estate assets, acting exclusively in the Portuguese market.