PE Tech Report

NEWSLETTER

Like this article?

Sign up to our free newsletter

The Carlyle Group signs joint venture in Portugal

Global private equity firm The Carlyle Group has expanded its real estate operations in Iberia through a joint venture partnership with Crimson Investment Management.

Global private equity firm The Carlyle Group has expanded its real estate operations in Iberia through a joint venture partnership with Crimson Investment Management.

The partnership, which will advise, execute investments and carry out asset management services in Portugal on behalf of Carlyle, will provide a level of local access in line with the platforms it has created in other European centres.

Crimson Investment Management will work on an exclusive basis for Carlyle’s third European real estate fund Cerep III, which raised EUR2.2bn of equity in June 2008 and will report directly to Rachel Lupiani, Carlyle Group’s real estate director for Spain and Portugal.

In Portugal, Carlyle will focus primarily on assets located in the Lisbon area across all commercial property sectors, with a particular focus on office, retail and hotels. Carlyle will also consider opportunities to acquire portfolios of high quality leased assets and local real estate companies.
 
Carlyle currently owns one asset in Portugal, Freeport Outlet Alcochete, the biggest factory outlet centre in Europe, which it acquired when it purchased Freeport in 2007 through its second European real estate fund Cerep II.
 
Crimson Investment Management was founded in November 2008 by Carlos Moedas, who was previously the Portuguese head of Aguirre Newman, an Iberian property consulting group.
 
Lupiani says: ‘We are confident that Crimson Investment Management’s local knowledge and network will help Carlyle to identify interesting investment opportunities in Portugal and help us to build our presence in the Portuguese market. The Portuguese real estate market is very localised in character and, although it has been less affected by the global economic downturn compared to some parts of Europe, the market repricing across all property sectors will offer some compelling opportunities. With significant funds available through Cerep III, Carlyle is ideally placed to take advantage of these current market conditions and this new partnership is an excellent complement for Cerep III’s investment capabilities."

Like this article? Sign up to our free newsletter

MOST POPULAR

FURTHER READING

Featured