Cross Ocean Partners Management has invested €140m in Vía Célere, a Spanish residential developer owned by Värde Partners.
Värde Partners said it has raised a new fund with approximately €450m in capital to extend its investment in Vía Célere, a deal that values Vía Célere at nearly €1bn. The fund is anchored by CBRE Investment Management’s previously announced €300m commitment, with an additional €140m from Cross Ocean.
Värde invested in Vía Célere in 2017, developing it into the largest Spanish homebuilder through a series of mergers and acquisitions. Vía Célere holds one of the largest landbanks in Spain, with the capacity to develop over 12,500 new homes across Madrid and other major cities.
Juan Buades, partner and head of Iberia at Cross Ocean, said: “Vía Célere combines a best-in-class platform with a high-quality landbank in one of Europe’s most attractive residential markets.
“We’re pleased to support this next chapter and to partner with Värde and CBRE IM in backing a business with strong fundamentals, a clear strategy and the discipline to deliver long-term value.”
Gary Erskine, partner and European head of trading and origination at Cross Ocean, said: “This investment reflects our Secondaries strategy of providing liquidity to sponsors and funds where we see clear intrinsic value and strong alignment.”
Anthony Iannazzo, partner at Värde and non-executive member of the board of Vía Célere, said: “This is an important milestone for Vía Célere, Värde’s clients and the new partners joining us. The transaction demonstrates our ability to deliver liquidity to our investors while supporting ongoing value creation in an investment theme we believe has room to run.
“We look forward to working alongside world-class partners in CBRE IM and Cross Ocean to build on Vía Célere’s long and successful track record in Spain.”
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