Credicorp Capital, a leading investment bank in the Andean Region and Greystar Real Estate Partners, LLC (“Greystar”), a global rental housing properties fund have announced the final close on Fondo de Inversión Credicorp Capital Renta Residencial II with aggregate equity commitments of more than $100 million, the largest ever single fundraising in the history of Chile’s rental housing market.
Fondo Renta Residencial II will be Credicorp’s and Greystar’s 2nd discretionary fund focused on both the acquisition and development of high-quality rental housing assets in the Chilean market. In total, the vehicle has $350 million, including leverage, available to invest and will finance the development and acquisition of up to seven assets in the eastern region of Santiago.
“We continue to believe in the long-term fundamentals supporting continued residential investment in Chile and throughout the Andean region, and we look forward to putting this capital to work in projects that seek to meet the fund’s risk-return profile. With these new developments, we will showcase the significant potential of rental housing rental projects to elevate the standard of living and offer greater choice for quality housing solutions in Latin America,” explained Bill Maddux, Executive Managing Director of Greystar.