PAX - Patria Investments to acquire VBI Real Estate

Patria Investments (NASDAQ:PAX) said Thursday it will acquire VBI Real Estate, an alternative real estate asset manager in Brazil with ~R$5B in assets under management. Specific financial terms were not disclosed. The deal is structured in 2 stages. The first stage, which is expected to close in 60 days, is the acquisition of 50% of VBI for cash, plus the addition of PAX's 2 existing Brazilian REIT vehicles. PAX's real estate team will partner with VBI, which will manage PAX's real estate platform in Brazil. Cash payments for first stage will be made in 2 installments to be paid in 2022 and 2023, plus 1 additional payment conditioned on VBI's fee earning AUM growth to be paid between 2024 and 2027. The second stage will lead to full ownership and integration of VBI's platform by PAX. This will start in 24-36 months. Payment for the second stage will be made

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Patria Investments to acquire VBI Real Estate