PAX - Patria Signs Agreement to Acquire Nexus Capital Further Expanding its Real Estate Platform in Colombia | Benzinga
GRAND CAYMAN, Cayman Islands, June 06, 2024 (GLOBE NEWSWIRE) -- Patria Investments Limited ("Patria") (NASDAQ:PAX), a global alternative asset manager and market leader in Latin America, announced today an agreement to acquire Nexus Capital ("Nexus"), one of the top independent alternative real estate asset managers in Colombia, with approximately US$ 800 million in assets under management ("AUM") across multiple strategies. Upon the completion of the acquisition of 100% of Nexus, Patria's Real Estate AUM in Colombia will be over US$ 2.2 billion. The transaction is expected to fully close by Q3 2024.
Alfonso Duval, Partner, and Head of Andean Region at Patria: "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."
Nexus Capital was established in 2008, and currently has approximately US$ 800 million in AUM with a focus on the office, retail, industrial and housing real estate markets across Colombia. Importantly, nearly 90% of the AUM are in permanent capital or long-duration structures. Solid AUM growth over the past five years positioned Nexus as one of the top independent Real Estate asset managers in Colombia with a comprehensive product offering across core, opportunistic and development strategies. Nexus' team of 28 professionals, led by Fuad Velasco, have built an outstanding track record and reputation in the Colombian Real Estate market.
In recent years, Patria has made significant progress towards scaling and strengthening its Real Estate platform in Latin America. In June 2022, Patria acquired 50% of VBI, with an option to buy the remaining 50% in 2024, which combined ...