Actual Inmobiliaria, Acierto Inmobiliario and AshmoreAVENIDA announced that they have reached an agreement to merge their operations and create a housing development platform in the Andean region.
The business combination of Actual y Acierto will result in a company that seeks to be a leader in the region, Actualcorp, with projected consolidated sales of close to US $ 400 million and with a potential of 60 Projects under development in Santiago, Lima, Medellín and Bogotá among other cities.
This will allow access to a market of about 100 million inhabitants, which is similar to the size of the economies of the countries, the companies said in a statement.
AshmoreAVENIDA, as an independent investment manager, has created an investment fund whose exclusive purpose will be to invest in projects developed by Actualcorp.
This agreement is based on a business plan that includes a merger of Actual operations and Success in Colombia in the medium term and then the opening of Actualcorp on the Santiago de Chile Stock Exchange, the statement underlined.
The association will take shape through the formation of two independent vehicles that will complement each other in the development of businesses:
– Actualcorp: It will be the parent company of the development and project management companies in Chile, Peru and Colombia. Will operate under the brands Actual and Success, in the housing for sale and multifamily. Actualcorp will be controlled by current Actual shareholders and will be based in Chile with subsidiaries in Peru and Colombia.
– AshmoreAVENIDA Development Platform: It will be an Investment fund based in Ontario, Canada, with an initial capital of US $ 100 million, whose exclusive purpose will be to invest with capital in projects developed by Actualcorp through its local subsidiaries, in conjunction with other partners and funds investment. This fund will be managed by a management company controlled by AshmoreAVENIDA and will have subsidiaries in Chile, Colombia and Peru.
Both entities will join prior to the opening of Actuacorp on the Santiago de Chile Stock Exchange.
Current Real Estate, Founded in 1998 in Santiago de Chile, it expanded its operations to Peru and Colombia in 2012. It has specialized in the management of housing projects for sale and multifamily throughout the Andean region with integrated corporate services. It has developed more than 80 projects in these years aimed at middle segments in urban areas. Today it develops about 35 projects in Santiago, Lima and Bogotá.
Success Real estate is a leading Colombian company in the management and development of projects for medium segments and specialized in mixed-use projects with a strong brand and prestige. Its headquarters are in Medellín, although it also has an important operation in Bogotá and other cities in Colombia. Acierto has developed more than 40 projects and built more than 900,000 m2 in its 22 years of successful history.
AshmoreAVENIDA, based in Bogotá, Colombia, is a subsidiary of the English investment fund Ashmore Group plc, a specialist in emerging markets. It has a long history and presence in investment Property in Latin America through different financial vehicles.
For the partner and CEO of Actualcorp, Rodrigo Lyon, “This association will allow us to consolidate the internationalization strategy designed years ago. Actual and Acierto’s operations allow optimal geographic diversification, since Acierto is a very powerful brand in Medellín, both companies have complementary operations in Bogotá, and Actual has a strong presence in Santiago and Lima. This platform aimed at managing projects will be strengthened with the financial support of AshmoreAVENIDA, which will provide us with its network of investors, its financial capacity and experience in the business to continue growing in the Andean region ”.
“For Acierto, this important association will allow us to continue strengthening our leadership in the Colombian market and expanding it to the Latin American spectrum, adding the operations of Actual and Acierto, taking advantage of the synergies that will be generated. The financial support of AshmoreAVENIDA will be key to take position of new lands in strategic locations in the different cities of Colombia, Peru and Chile. “ commented the founding partner and President of Acierto, Juan Carlos Gonzalez.
To AshmoreAVENIDA CEO and Founding Partner, Michael Teich, “This agreement makes us happy because it is in line with the strategy we envision with the Ashmore Group of creating an operating platform in the Andean region that would allow us to provide profitable investment options to our network of global investors. We look forward to expanding our presence in Chile and Peru led by Actual’s successful local operations and track record. With Actualcorp we do not rule out opening operations in a fourth country in the Andean region in the coming years ”.