Mario Garnero and Valter Mainetti announced the joint-venture during a meeting with the Brazilian Vice-President, Michel Temer, at the Brazilian Embassy in Rome
ROME, Sept. 11, 2012 /PRNewswire/ -- Sorgente Group, the international real estate finance company specializing in real estate funds and Brasilinvest, a leading operator in real estate development with its head office in Brazil, have collaborated to create an entrepreneurial joint venture with the objective of investing over 1 billion US dollars in the local Brazilian real estate market.
The joint venture results in the establishment of two companies:
- Sorgente do Brasil Asset Management LTDA will benefit from the experience of Sorgente Group and will be responsible for launching real estate funds subject to the oversight of the Brazilian supervisory authority and with an investment philosophy aimed at acquiring Trophy assets.
- Sorgente Brasilinvest Empreendimentos Imobiliarios S.A. for the provision of real estate services in support of the funds managed by Sorgente do Brasil Asset Management LTDA with the aim of maximizing returns to investors.
Due to the substantial, but constant rate of growth of the economy, Sorgente Group has identified Brazil as a country of interest from a real estate investment perspective. The initial equity target is 500 million US dollars, which may be raised from Brazilian institutional investors currently experiencing a rapid increase in wealth and from the international capital markets looking to invest in emerging countries; through the use of leverage of up to 50% of the portfolio, the initiative will reach a total value equal to 1 billion US dollars. Valter Mainetti, CEO of Sorgente Group declared that by leveraging on a venture with a partner of the highest standing Sorgente Group intends to offer its investors an opportunity to gain exposure to the Brazilian market which, in our view, is currently benefiting from a well developed political and institutional system and stable economic landscape. Mario Garnero highlights the importance of the joint-venture: "Brazil's stability is attracting the most important groups over the world to join efforts with local companies to jointly develop business opportunities. The Sorgente Group is acclaimed as a first class entity and we are delighted to participate on egalitarian basis on this new venture which brings expertise, capital and tradition to add to Brasilinvest's reputable work on the national and international markets."
Contact:
Daniela Abade - Communications Manager of Brasilinvest Group
[email protected] – +55-11-3094-4016
SOURCE Brasilinvest
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