Greystar Real Estate Partners and Ivanhoé Cambridge have expanded their partnership to invest in multifamily real estate market in Chile.
The multifamily asset class is still emergent in Chile, and investments in the sector has historically come from local capital, said the companies in a joint statement.
They will initiate the partnership in Santiago, where they will develop and acquire multifamily projects in submarkets that are centrally located, well-connected, desirable, and with strong rental demand.
The partnership between Greystar and Ivanhoé Cambridge represents the first global institutional capital investment in multifamily real estate in Chile, marking an important milestone and a groundbreaking opportunity for the industry and the country, said the companies.
”This partnership is an important next step in Greystar’s strategy to establish a regional investment platform that addresses the clear and compelling demographic and macroeconomic trends that favor rental housing across Latin America. It also marks the first investment of Ivanhoé Cambridge in Chile, demonstrating its commitment to further diversify its international portfolio while accelerating its investments in the multifamily sector.”
“Our joint venture with Ivanhoé Cambridge in Chile is a landmark achievement and key indicator of the continued growth and strength of our global strategic alliance as we expand further into international markets,” said Tom Livelli, Managing Director at Greystar.
“Together with Ivanhoé Cambridge’s capital investment and Greystar’s in-house capabilities and extensive local relationships, we are opening the door to transform the renter experience in Chile, where we continue to see a bright future and tremendous long-term potential,” added Livelli.
Adriano Mantesso, Managing Director, Head of Latin America at Ivanhoé Cambridge, added: “We’re delighted to launch this new investment strategy in Chile and to diversify our portfolio in Latin America. We believe in the growth potential of the residential rental market in major cities across the region, increasingly attracting global institutional capital and meaningfully transforming the renter experience. We are very excited to once again join Greystar as an early mover in delivering the next generation of rental housing communities in a new market and contribute to setting new standards in resident services and community design for the people of Chile.”