Värde Partners has expanded its presence in Europe with the acquisition of a €186.6m Portuguese real estate manager.
The $14bn (€12.32bn) alternative investment manager said it has bought Imopólis - Sociedade Gestora de Fundos de Investimento Imobiliário, and FIIF ImoDesenvolvimento, a closed-end commercial real estate fund.
The acquisition was made by funds managed by Värde.
The acquired portfolio includes business parks, office space and commercial land plot assets in greater Lisbon, and has a gross asset value of €186.6m.
Värde - which invests in real estate assets, loans and operating companies globally - said it plans to use the platform to invest in Portugal and build its position in the local real estate market.
”Rental growth combined with low vacancy rates and a shortage of supply, especially for quality office space, has led to a supply-demand imbalance in the Lisbon office space market and contributed to a favorable investment environment,” the manager said.
Ricardo Valente, the CEO of Imopólis, said: “Värde will be a tremendous partner, providing capital and technical capabilities to enhance and expand our portfolio in Lisbon and the surrounding areas.
“Importantly, we remain committed to excellence and to providing innovative and tailored solutions to our clients.”
Francisco Milone, a partner and head of European real estate at Värde Partners, said: “Värde is an active investor in Southern European real estate and this strategic investment in Portugal is consistent with our local, country-specific approach.”