Ashmore Group has acquired a majority stake in Avenida Capital, a Latin America-based private equity real estate investment firm with USD300 million of assets under management.
The acquisition aligns with Ashmore’s strategy to expand its alternative investment product offering in key emerging markets, and further strengthens its footprint in Latin America. Under the continued leadership of founding partners David Smilow and Michael Teich, AshmoreAvenida, as it will be known, will continue to invest in real estate opportunities in primary cities, with steady growth rates and unmet demand in the region.
Christoph Hofmann, global head of distribution for Ashmore, says: “The acquisition of Avenida strengthens Ashmore’s alternative investment offering while supporting our desire to increase our footprint in key emerging markets. David and Michael have built a strong track-record of investing in residential, retail and mixed-use projects in Latin America and we look forward to working with the AshmoreAvenida team to further develop our presence in key Andean economies and beyond.”
Michael Teich, founding partner and managing director for AshmoreAvenida, adds: “Ashmore is a world leading investor in emerging markets with a strong track-record and in-depth knowledge of developing markets, and we are delighted to be partnering with them. We welcome the opportunity to work with Ashmore in further growing our offering across the Andean region, and in ultimately developing a network of emerging market real estate capabilities not just in Latin America, but other emerging economies as well.”
