Patria Investments, having established a presence in Colombia’s real estate market late last year, has acquired Nexus Capital, a local asset manager overseeing roughly $800m (€734m) in assets.
The global alternative asset manager said it has agreed to buy Nexus in a deal that would lift Patria’s real estate assets under management (AUM) in Colombia to over $2.2bn.
In November last year, Patria and Colombian financial conglomerate Bancolombia launched a joint venture that served as the cornerstone of Patria’s alternative platform in the country, adding over $1.3bn of real estate AUM.
Patria, which prior to last year, was already an investor in Colombia through its private equity and infrastructure funds, said the acquisition of Nexus is the next step towards its “goal of consolidating the nascent alternative asset management industry in Colombia to build a diverse and scaled local investment platform with strong investment capabilities”.
Nexus, established in 2008, focuses on the office, retail, industrial and housing real estate markets across Colombia. Patria is a global investment firm with over $43bn in pro forma AUM. The firm invests across various asset classes in Latin America, Europe and the US, including private equity, infrastructure, credit, public equities, and real estate.
Alfonso Duval, partner, and head of Andean region at Patria, said: “Nexus has a robust portfolio within the Colombian Real Estate market. With a solid track record and innovative investment approach, it will be a great addition to our real estate platform, contributing to our growth goals and strengthening our relationships with investors in Colombia and the region.
“This transaction highlights our commitment to offering a diversified array of high-quality alternative products to our clients.”
Marcelo Fedak, partner and head of real estate at Patria, said: “Nexus’s successful and diversified real estate platform has shown impressive growth in recent years and represents a very attractive addition to our platform.
“Its highly complementary portfolio will further expand our product offering to better serve our clients in Colombia, where Nexus has built trusting relationships with key investors that we intend to continue to cater in a very bespoke manner.”
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