DTZ Corporate Finance has launched a fund to give European institutional investors access to the fast-growing real estate market in Brazil. The fund was designed by listed Brazilian holding company Monteiro Aranha to take minority stakes in residential, office and industrial properties and has a target return after tax of more than 20% per annum.
DTZ Corporate Finance has launched a fund to give European institutional investors access to the fast-growing real estate market in Brazil. The fund was designed by listed Brazilian holding company Monteiro Aranha to take minority stakes in residential, office and industrial properties and has a target return after tax of more than 20% per annum.
DTZ intends to raise $ 200 mln (EUR 138 mln) for the fund over the next few months. Some EUR 55 mln has already been earmarked for 10 real estate projects, mainly in Sao Paulo and Rio de Janeiro. The fund will run for six years with two optional 12-month extensions. The minimum investment is $ 5 mln (about EUR 3.7 mln).
Brazil is one of the largest economies in the world with annual growth estimated at 4-5% through 2011.
