RB Capital and Macquarie Capital announce intention to form new Brazil industrial and logistics real estate platform
New York, 20 Jun 2017
Brazil’s RB Capital, a subsidiary of ORIX Corporation (TSE: 8591: NYSE: IX), and Macquarie Capital, the corporate advisory, capital markets and principal investing arm of Macquarie Group ("Macquarie") (ASX: MQG: ADR: MQBKY), today announced that they have agreed to an indicative term sheet to jointly form and capitalize a new industrial real estate platform to acquire and develop Class A industrial real estate in Brazil.
The proposed platform would be Macquarie Capital’s and RB Capital’s exclusive vehicle to acquire and develop industrial real estate in Brazil. Initial investment opportunities are being evaluated and anticipated to focus on Sao Paulo, Rio de Janeiro and other core metropolitan regions. The proposed platform would combine Macquarie Capital’s deep institutional investor relationships and proven track record in building real estate operating platforms with RB Capital’s industrial development and asset management track-record in Brazil.
The proposed platform would be led by the highly experienced industrial real estate specialist Thomaz Camargo. Mr. Camargo has more than 18 years of industrial real estate experience and most recently co-founded and led RED - a Brazilian real estate industrial development management and asset management advisory business ("RED") – since its establishment in 2010. He has originated more than US$750M in industrial real estate projects representing more than 1.6M sqm of project area. Prior to co-founding RED, Thomaz held various investment roles with Bracor Investimentos Imobiliarios (Equity International’s Brazil industrial venture), Hines Brasil (focusing in industrial investments) and began his career at CBRE where he was Senior Manager for industrial real estate.
Chris Green, Global Head of Real Estate at Macquarie Capital said: "We are seeing increasing global investor interest in Brazil and in particular industrial real estate investment. Consistent with Macquarie Capital’s global strategy of building industrial real estate operating platforms, we believe the combination of RB Capital’s substantial asset management and operational footprint and Thomaz Camargo’s experience provides the right configuration to ensure origination and execution success."
CEO of RB Capital, Marcelo Michalua, said: "Given the ongoing fiscal and other reforms, the Brazilian economy is now poised for sustainable economic growth which will drive e-commerce demand in similar ways to what is occurring globally, and that this will in turn drive demand for modern industrial logistics facilities. We believe that Brazil is materially underserved in modern Class A industrial facilities on a global comparative basis. Most of the industrial real estate in Brazil is operator-owned as opposed to investor-owned and this also provides opportunities for sale-leasebacks and other capital solutions for large owners and tenants."
About RB Capital
RB Capital is a Brazilian asset management and capital markets platform that develops innovative capital solutions in alternative asset classes. RB Capital currently has R$2.6 billion in AUM, including approximately R$500 million in class A industrial real estate in Sao Paulo and Rio de Janeiro and has structured, issued and placed approximately R$23 billion in mostly structured real estate credit transactions.
As of December 2016 ORIX Corporation, a leading global integrated financial services group, acquired a controlling interest in RB Capital.
About Macquarie and Macquarie Capital
Macquarie Group (Macquarie) is a global provider of banking, financial, advisory, investment and funds management services. Macquarie’s main business focus is making returns by providing a diversified range of services to clients. Macquarie acts on behalf of institutional, corporate and retail clients and counterparties around the world. Founded in 1969, Macquarie operates in more than 70 office locations in 28 countries. Macquarie employs approximately 13,597 people and has assets under management of more than US$369 billion (as of March 31, 2017).
Macquarie Capital includes Macquarie's corporate advisory, capital markets and principal investing capabilities, with expertise spanning a variety of industry sectors including telecommunications, media, entertainment, financial institutions, industrials, energy, resources, real estate, infrastructure, utilities and renewables. The real estate team comprises over 70 executives globally and has raised in excess of US$57 billion of equity for a large number of real estate ventures. Macquarie Capital combines its deep real estate expertise with capital and has invested in a number of real estate operating companies supporting these groups to expand their platforms.
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