DTZ Corporate Finance: First Brazilian fund goes to market
DTZ Corporate Finance wants to raise $200mn from European institutional investors for property investments in Brazil during the coming months. It announced that ten developments in São Paulo and Rio de Janeiro have already been identified for the Monteiro Aranha Brazilian Real Estate Fund, into which $80mn (€55mn) are to flow. The property fund conceived by the Brazilian holding company Monteiro Aranha S.A. invests in minority shares of residential, office and industrial properties and targets a total return (IRR) of more than 20% annually after taxes. The term of investment is six years, with two extension options of one year each. Minimum investment is $5mn. In addition to the acquisition of residential and commercial properties in São Paulo and Rio de Janeiro, a share in a luxury hotel with apartments in Rio de Janeiro is planned, among other projects.