Taurus opens in Peru

The US firm says Peru offers opportunities to develop residential, retail and office property and is one of the fastest growing real estate development markets in the world. It has hired a Lima-based former financial advisor.

Boston-based Taurus Investment Holdings is opening an office in Lima, Peru, a country which has one of the fastest growing real estate development markets in the world according to the firm.

Keith Rapp, a Lima-based former financial consultant, is heading up the Peruvian business as managing partner, according to a statement.

“Peru is now one of the fastest growing and most lucrative real estate development markets in the world,” he said. “[It is] attracting interest from investors and developers worldwide. Its economic growth and the development of local financial and long-term mortgage markets over the past couple of years have created a fantastic opportunity in which demand for new property and high-quality spaces exceeds supply by a wide margin.”

Peter Merrigan, chief executive of Taurus, added: “Peru continues to demonstrate growth in the residential, retail and office sectors and our expansion there is consistent with our other activities in emerging markets across the globe.”

Taurus is a strategic real estate owner, operator specializing in value creation through a mix of development, redevelopment, lease-up and asset management.

It recently opened in Prague.

In an interview with PERE magazine published in July, Merrigan said the firm’s expansion into the emerging markets of Eastern and Southern Europe and Latin America was a long-term objective. “There will continue to be more and more opportunities in [those] markets over time. You have to take a longer view,” he told PERE magazine.