Avenida Capital, the Latin American real estate investment firm with offices in Bogota and New York, has announced that it successfully completed its inaugural fundraising effort for its Avenida Colombia Real Estate Fund I.
A total of USD $140 million was raised from pension funds, foundations and institutions in the United States, Canada, Europe and Latin America, with the fund closing above its initial target amount. The fund primarily invests in the development of retail and residential projects across Colombia.
“We are very pleased with the quality of the global real estate investors that chose to invest with us in CREF I. I believe they recognized the strength of our team and valued our ability to select attractive investment opportunities in the main and secondary cities,” said Alexander Chalmers, Managing Director at Avenida, who led the fundraising effort. “Colombia’s economy continues to grow at a steady pace, and we believe we are well positioned to capture the market opportunity with our local partner relationships.”
“With five cities over one million people and over 25 cities with a population greater than 250,000, we believe the country has capacity for investment well into the future,” said Michael Teich, Managing Director and Founder of Avenida. “The emerging middle class is driving increased consumption for retail goods as well as demand for new housing and we are seeing great opportunities for investment as a result.”
To date, the fund has invested in ten projects in nine different cities across the country. The closing makes Avenida one of the largest independent real estate fund managers in Colombia.