Credit Suisse today announced it has signed an agreement to sell its Brazilian real estate fund business, Credit Suisse Hedging-Griffo Real Estate (“CSHG Real Estate”), to Patria Investments (“Patria”) for up to BRL 650 million (~USD 130 million). The transaction includes CSHG Real Estate’s listed real estate funds with approximately USD 2.4 billion in assets under management.

Following closing, subject to the approval of the investors in the relevant funds and customary antitrust approvals, the CSHG Real Estate team and the management of the funds will transfer to Patria.

Patria, a global alternative asset manager and industry leader in Latin America, has taken significant steps in recent years to scale its Real Estate platform. Following the acquisition of CSHG Real Estate, Patria is expected to become the largest independent REIT manager in Brazil.

Sylvia B. Coutinho, UBS Country Head Brazil and Region Lead Latin America, explained: “As we went through the process of integrating Credit Suisse’s global and regional operations into the UBS franchise, we assessed the strategic fit, distribution channels and scaling potential of each business line. As a result, we embarked on a competitive process to find the right steward to own this business, through which we selected Patria.”

Marcello Chilov, CEO of Credit Suisse Brazil and Head of UBS Global Wealth Management Latin America, said: “UBS has a historical relationship with Patria, an asset management company with solid expertise and long-standing presence in the Brazilian market. We are confident in their ability to continue to serve the funds' investors and take the business forward.”

UBS’s Global Wealth Management business will continue to offer Patria’s funds to its clients in Brazil.

UBS BB acted as exclusive financial advisor and BMA Advogados acted as legal advisor to Credit Suisse on the transaction.

About Patria Investments
Patria is a global alternative asset manager and industry leader in Latin America, with over 35 years of history, combined assets under management of USD 28.4 billion, and a global presence with offices in 10 cities across 4 continents. Patria aims to provide consistent returns in attractive long term investment opportunities as the gateway for alternative investments in Latin America. Through a diversified platform spanning Private Equity, Infrastructure, Credit, Public Equities and Real Estate strategies, Patria provides a comprehensive range of products to serve its global client base. Further information is available at www.patria.com.

About CSHG Real Estate
CSHG Real Estate was created in 2003 with the aim of providing investors with investment alternatives in the real estate market through sophisticated capital market structures and instruments focused on segments like office space and corporate properties, logistics and industrial, urban (mainly for the education and retail segments), residential properties, real estate receivables, and liquid assets.