Transactions - NOVEMBER 8, 2018

Jaguar Growth invests in Brazilian real estate company

by Andrea Zander

Jaguar Growth Partners, a privately-held investment management firm specializing in real estate private equity and credit in global growth markets, announced a significant minority investment in Bresco, a leading Brazilian industrial real estate company headquartered in Sao Paulo.

The Bresco investment was made through Jaguar’s second Latin American fund, which focuses on investing opportunistically in real estate-related operating platforms and companies in key markets. Previous Jaguar investments, through Jaguar Real Estate Partners I in Latin America, include LatAm Logistic Properties, Aliansce Shopping Centers, Vesta, and Hoteles City Express. Jaguar will seek to expand the current Bresco platform by attracting additional growth capital through co-investment.

Bresco’s current portfolio includes 5.6 million square feet of class A, institutional-quality properties in Brazil, leased to leading multinational tenants such as John Deere, Carrefour, Natura & Co, Reckitt Benckiser, Groupe Casino, DHL, Fiat Chrysler Automobiles and UPS. The company plans to significantly expand its portfolio and will seek to invest more than $500 million over the next few years.

“Bresco has led the way in institutionalizing Brazil's industrial real estate sector by capitalizing on the strong demand for class A space among multinational firms establishing or expanding their presence in this dynamic market,” said Thomas McDonald, managing partner and head of Americas at Jaguar Growth Partners. “We believe that strong demand for logistics real estate in Brazil, the scalability of Bresco’s successful business platform and experienced team are compelling components of this investment.”

Carlos Betancourt, Bresco’s CEO, added, “We continue to see strong demand for institutional-quality logistics real estate and are confident that Jaguar will be a valuable partner to our growth strategy.”

Jaguar's founders, Gary Garrabrant and Thomas McDonald, have previously collaborated with Betancourt on the development of a prior company, Bracor Investimentos Imobiliarios, which was one of Brazil's leading corporate property companies. The divestment of Bracor in 2011 for $1.5 billion was the largest real estate transaction in Brazil at that time.

Last quarter Jaguar announced the hiring of Mario De Barros as Principal and Head of Brazil on the firm's investment team, reinforcing the firm’s long-term commitment to the region.



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