30/4/2009

Construtora Altana makes a USD 30 million partnership with paladin realty partners (Forbes.com)


BusinessWire - Construtora Altana has just started the real estate development activities of the joint-venture it recently formed with Paladin Realty Partners. The two companies have committed a combined capital amount of US $30 million to fund the development of residential projects in the AEL Market, seeking to fulfill the demand of families with joint income between 3 and 10 minimum wages (equivalent to an annual income of approximately US$ 8,200 to US$ 27,500).

Altana will develop and sell units priced between R$60,000 and R$130,000 (equivalent to between US$ 27,000 and US$ 59,000) with a goal to launch between 2,500 and 3,000 units over the next 2 years, in the states of Sao Paulo and Minas Gerais. This joint venture reflects both companies' vision - to profitably develop affordable high quality housing for the increasing middle class as its main growth driver. In addition, the substantial capital commitment by Paladin and Altana ensures that Altana's customers can count on the timely delivery of their homes. Altana was advised by New York based Investment Banking firm Provident Group, which acted as exclusive financial advisor to the company.

Founded in 1995, Paladin Realty Partners is a private real estate investment company that sponsors real estate investment funds on behalf of institutional investors and high net worth individuals. The company has already acquired or developed during those years hundreds of projects, comprising all classes of real estate assets in the US and emerging markets. Headquartered in Los Angeles, California, it has offices in New Jersey, Argentina and Turkey. Paladin today has a total projected capitalization in excess of US$ 3 billion. www.paladinrp.com

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