Brazilian developer Construtora Altana has closed a $30 million fund aimed at the country’s affordable housing market. Provident Capital acted as placement agent, a statement said.
The A-Pima fund will help Altana expand into the suburban areas of São Paulo and Minas Gerais States. Provident did not return calls for further comment at press time.
Altana president Frederico Melo Azevedo said in the statement that, despite the global economic downturn, the Brazilian residential sector would prove “to be very resilient” amid attempts to reduce real estate taxes in the country in 2009 and ease liquidity issues.
Provident, a New York-based investment bank and private equity placement agent, said investors were keen to take advantage of Brazil’s residential opportunities by investing with local developers.