Maxirent is a Portuguese closed- ended real estate fund established in 1993 and listed on the Euronext Exchange, in Lisbon. As at 31 Auguwst 2019 the gross asset value of Maxirent was €100 million, of which more than 90% was concentrated across 9 properties in Lisbon.
In paralellel with the acquisition of Maxirent, Rivercrown agreed to acquire 100% of Refundos – Sociedade Gestora de Fundos de Investimento Imobiliário, the manager of Maxirent fund, from Sonagi, a Portuguese Real Estate holding company. The completion of the acquisition is conditional only upon clearance by the Bank of Portugal.
Established in 2004, Rivercrown’s business is organized in two divisions: (1) principal investment debt and equity; and (2) financial and capital markets advisory. Rivercrown has executed more than €10 billion of transactions through its Principal Investment Division. The acquisition of the Maxirent units was made by that division.
Jacob Lyons and Carla Andre commented on behalf of Rivercrown: «The acquisition of a fund management business of Refundos’s pedigree, as well as a portfolio of well-managed and high-quality assets adds further critical mass to our activities in Portugal. We have extremely high conviction around Portugal as a market and will continue to invest where we see value and opportunities to further scale-up.»