Paladin makes first investment in Uruguay
Paladin Realty Partners, which is active throughout Latin America, has made its first investment in Uruguay through a home-building joint venture platform called Pali-Altius. The partnership will be building and selling middle-income residential projects located in the central districts of Montevideo.
“Uruguay, like Colombia and Peru, is a smaller market, but has the same demand drivers underpinning the housing opportunity as larger countries like Brazil,” says Fred Gortner, managing director at Paladin Realty Partners. “These smaller markets have chronic shortages of capital and new supply to meet growing demand for housing. The underlying economic fundamentals in these smaller countries are quite strong relative to most developed countries — the GDPs of each continued to grow in 2009 while the rest of the world was in a deep recession. Part of the reason for this is that they have maintai