Greystar, Credicorp Close Chilean Fund

The joint venture will target the development of high-quality assets in overlooked areas.
Bob Faith, chairman & CEO at Greystar

Bob Faith, chairman & CEO at Greystar

Santiago, Chile–Greystar is moving to further expand its footprint in South America. The diversified multifamily giant and its partner, Credicorp Capital, have closed an investment fund targeting high-quality multifamily assets in Chile.

“This is another step in our successful international growth strategy and vision to professionalize the rental housing business and provide opportunities for institutional capital globally,” said Bob Faith, chairman & CEO of Greystar, in a statement.

“Greystar’s vision and our world-class Latin America team will combine with Credicorp Capital’s deep regional relationships to generate attractive investment returns,” Faith added.

The largest U.S. multifamily operator, Charleston, S.C.-based Greystar plans to identify underserved markets in Santiago through its joint venture with Credicorp, the firm said in a statement. Formally called “Fondo de Inversión Credicorp Capital Renta Residencial I Chile,” the vehicle is a discretionary pooled fund targeting the development of high-quality multifamily assets.

“Our goal is to develop the premier portfolio of buildings that will redefine the apartment for rent experience in Chile. Having a presence in the Chilean market is key to our continued growth throughout Latin America,” said Eduardo Orozco, managing director of investments for Greystar’s Latin America platform. “We are excited to work with Chilean investors on this fund and develop the multifamily industry in the region.”

For its part, Credicorp has invested more than $12.5 billion in capital markets and advised clients in transactions exceeding $48 billion. The investment banking platform of Credicorp Ltd., Credicorp rallies the expertise of three major institutions: Credicorp Capital Peru (formerly BCP Capital), Credicorp Capital Colombia (formerly Correval) and IM Trust in Chile.

Image courtesy of Greystar