Funds managed by alternative investment firm Värde Partners has acquired Imopólis, a Portuguese regulated real estate asset manager, and FIIF ImoDesenvolvimento, a closed-end commercial real estate fund.
Värde plans to use the platform to invest in Portugal and build its position in the local real estate market. Rental growth combined with low vacancy rates and a shortage of supply, especially for quality office space, has led to a supply-demand imbalance in the Lisbon office space market and contributed to a favourable investment environment.
The acquired real estate portfolio includes business parks, office space and commercial land plot assets in greater Lisbon, and has a gross asset value of €186.6 million ($211 million).
