TC Latin America Partners
Lima, August 17, 2020
TC Latin America Partners, an institutional real estate fund manager, announces its latest acquisition: Juan de Arona Business Center (CEJA), one of Lima’s premier office buildings.
TC Latin America Partners, alongside co-investors, acquired the Class A Lima office building mainly driven by its location and tenant quality. CEJA comprises approximately 19,000 square meters of GLA and is located in San Isidro, Lima’s financial district. The building’s tenants are largely AAA rated multinational companies, with US dollars denominated rents. Another factor that added to the feasibility and closing of the transaction is that the building had a single owner, which is uncommon in Peru.
We believe that this transaction aligns with TC’s vision of expanding its portfolio with high-quality, US dollar income-producing properties, as well as co-investing with other sophisticated institutional investors. TC is looking to scale and replicate this strategy by actively seeking similar opportunities in Lima.
Daniel Grunberg, founding partner of TC Latin American Partners, commented “Peru offers attractive opportunities in the current environment, having a shortgage of new inventory, as many projects that were likely in the planning phase, are now going to be postponed due to the COVID-19 pandemic”, he added: “When the recovery comes and there is a shortage of inventory, rents and asset values should improve”.
TC Latin American Partners was founded in 2012 and is focused on investing in Latin America. The Firm is based in New York City, is an SEC registered investment adviser, and has regional offices in Lima, Bogotá, and Mexico City. It recently became a signatory of the Principles for Responsible Investment (PRI), underlining its commitment to integrating ESG (environmental, social and corporate governance) criteria in the investment process.
TC Latin America Partners’ management team has decades of global investing experience, local Latin American roots, and has invested across the real estate asset class and capital structure. The company has fully committed its first two funds, and is actively seeking to launch a new third fund later this year.
“While we expect certain migration across all office markets to a work-from-home (WFH) dynamic post COVID-19” said Daniel, “we believe that impact in Latin America will be shier than elsewhere, due to the infrastructure limitations in many homes, and long-standing cultural separation between work and family. Moreover, we believe that triple A rated poperties should be fairly insulated, as tenants look for strategic locations and smarter offices. The need for social distancing within the office environment should also lead to a higher demand in square meters per employee”.
About TC Latin America Partners
TC Latin America Partners is an institutional real estate fund manager that invests with an opportunistic approach in the real estate sector in Latin America. The Firm is registered as an investment adviser with the SEC in the United States, and has offices in New York, Bogotá, Lima, and Mexico City. TC Latam was founded in 2012 by Gregorio Schneider and Daniel Grunberg, who have worked together in various capacities since 2005.
TC Latin America Partners
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