Recent Transactions
Large Unnatural Sale Event
- Size of JV: US$125 million +
- Product: Logistics
- Return delivered to investors: 46% nominal IRR
Recently, InDev Capital partnered with Alianza Investimentos, and Managing Partner Fabio Carvalho, and a large global opportunistic investor to close a large-scale logistics transaction, a portfolio of over 200,000 square meters with 90%+ occupancy at an opportunistic price below both replacement costs and comparable transactions.
The transaction was one of the largest real estate transactions in Brazil in 2018.
One Desenvolvimento Imobiliário
- Size of JV: US$135 million
- Product: Urban infill residential development, São Paulo
- Return Expectation: 25% IRR (ongoing)
- Sales: R$2 Billion
InDev Capital was contracted by One Desenvolvimento Imobiliário to lead their effort to find a long-term joint venture partner to assist founders Milton Goldfarb and Paulo Petrin, perhaps the most renowned development team in Brazil, in starting their new platform. Milton and Paulo’s objective was to build a business that could reach US$1 billion (over R$2 billion) in sales within a three to five-year period.
Milton Goldfarb sold his previous company, Goldfarb, to BTG Pactual in 2006. After the acquisition of Goldfarb, the new platform, a combination of Goldfarb and three other companies, executed many acquisitions and built what at that time became the largest developer in Brazil. Milton was the director of development for this organization, and his company and the divisions under his leadership represented 70% of the total sales.
InDev Capital led the transaction, which formed the US$135 million joint venture between Milton and Paulo’s One and a large Asian sovereign wealth fund.
