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Homeland Investments (NASDAQ:PAX) agreed to acquire the Brazilian real estate business of bankrupt bank Credit Suisse for a total cash consideration of up to R$650 million (US$130 million), it said on Wednesday.
The agreement is structured with R$ 300 million due completion of standard regulatory approvals, and up to an additional R$ 350 million incrementally conditional on the successful shareholder approval process and the transfer of the underlying real estate funds.
The funds, listed on the Brazilian stock exchange, would together add R$ 12 billion in assets under management for the Patria real estate platform (PAX). The platform, which has expanded its presence in Latin America in recent years, has more than $3 billion in real estate assets under management as of November 2023.
“Upon execution of the various approval stages of this transaction, we would add additional permanent capital AUM and continue to grow the real estate asset class as a key component of our diversified investment platform,” Patria CEO Alex Saigh said. .
