Santiago de Cali Colombia

Canada’s PSP invests in Colombian property fund

PSP Investments, one of Canada’s largest pension funds, has invested COP$420 billion (€120M) in a 34% stake of Colombian institutional property fund, Fondo Inmobiliario Colombia (FIC) which is part owned by the country’s largest bank, Bancolombia, who own a 51% share as well as Insurance firm, Suramericana de Seguros, who own another 14%.

For Santiago Uribe, managing director of FIC, «this agreement represents the consolidation of a long-term relationship with a strategic player, of international relevance, who shares our interest in promoting development, investment, employment and prosperity in Colombia.

With over COP$2.6 trillion of prime offices and retail properties under management (€742M), FIC is one of the largest real estate private equity funds in Colombia and is managed by Fiduciaria Bancolombia, the asset management division of the country’s leading bank.

In 2016, FIC invested €219M (COL$770b) in Grupo Éxito’s property fund, Viva Malls. Under the agreement Grupo Éxito, one of Colombia’s leading supermarket operators, will maintain a 51% controlling stake in the vehicle. Viva Malls owns a 14-asset portfolio with a GLA of over 434,000m² valued at over €455M (COP$1.6 trillion), with a stabilized cap rate between 8.7% and 8.8%. The portfolio includes 6 shopping centres and 6 hypermarkets and with retail galleries.

 

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