Peruvian real estate investment trust FIBRA Credicorp has acquired 10 floors of office space in Lima with a $25 million investment.
The property is located in Lima’s Magdalena del Mar district and is part of a 19-story tower and was purchased from real estate company Primera Visión, which is owned by Spanish and US investors.
FIBRA Credicorp is the first vehicle of this nature created by Credicorp Capital group, and which was incorporated in August 2019, and is the second real estate investment trust incorporated in Peru.
Credicorp is focused on the acquisition of logistic assets, industrial premises and prime office space for their subsequent leasing, secured by real estate assets exhibiting less exposure to the current economic situation caused by the Covid-19 pandemic.
Credicorp Capital expects that these investments will generate a net profit in the range of 8% to 10% per year in US dollars for its investors.
In August 2020, FIBRA Credicorp debuted on the Lima Stock Exchange raising $25.8 million in its IPO.
The obtained funds will be used by FIBRA Credicorp to pay the purchase price of the asset, as well as to pay taxes and expenses related to this transaction.
FIBRA Credicorp aims to perform a second public offering of at least $25 million by the end of 2020 to raise a projected $200 million over the next two years in order to pursue further acquisitions to expand its portfolio.
Credicorp was advised on the transaction by law firm Rubio Leguía Normand, with a team led by partners Jeanette Aliaga and Franco Soria, with senior associate Wilfredo Cáceres and associates Luis Miguel Garrido and Rubén Quevedo.
Law firm Estudio Olaechea acted as counsel to Primera Visión, with a team led by partner Rossana Natteri, with senior associate Joanna Dawson and associate Paloma Hoyos.
Credicorp Servicios Financieros was also advised by its in-house team, legal director Patricia Brocos, and legal vice presidents Mauricio Valverde and Erik Malca.