Greystar and Credicorp raise $100m for second Chilean housing fund

Greystar Real Estate Partners and Credicorp Capital have raised $100m (€85.5m) for the second Chilean rental housing development fund at final close.

Fondo de Inversión Credicorp Capital Renta Residencial II was backed by institutional and private investors including a diverse group of insurers, family offices and high-net-worth individuals.

Including leverage, Fondo Renta Residencial II has $350m in total capital available to invest and will finance the development and acquisition of five to seven rental housing properties with an aggregate of around 1,500 units in the eastern region of Santiago.

The amount raised by Fondo Renta Residencial II marks the largest ever single fundraise in the history of Chile’s rental housing market. Fondo de Inversión Credicorp Capital Renta Residencial I raised $37m in October 2016.

Bob Faith, the chairman and CEO of Greystar, said: “We are pleased to expand our business in the Andean region with the completion of this historic fundraise, and we are grateful for the strong support we have received from a mix of highly reputable institutional and private investors.”

Bill Maddux, an executive managing director of Greystar, said: “We continue to believe in the long-term fundamentals supporting continued residential investment in Chile and throughout the Andean region, and we look forward to putting this capital to work in projects that seek to meet the fund’s risk-return profile.

“With these new developments, we will showcase the significant potential of rental housing rental projects to elevate the standard of living and offer greater choice for quality housing solutions in Latin America.”

Tom Livelli, a managing director for Greystar in Chile, said: “Our experience as a global developer, investor and manager of rental housing combined with our deep local market knowledge of Chile provides us with a sustainable competitive advantage as we institutionalize the country’s rental housing industry.

“We are glad to once again partner with Credicorp Capital to grow our Latin American investment platform and further establish Greystar as the leading rental housing brand in Chile.”

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