A Brazilian property company is about to be the country’s first to float in London
Itacare Capital Investments, which will fund beachfront residential resort developments in Brazil, has raised $87m (£44m) and will list on AIM next Wednesday.
In a statement today, Itacare, which is domiciled in the British Virgin Islands, revealed that a variety of institutional investors and hedge funds had taken stakes. They include Lansdowne Partners, Brevan Howard Asset Management, Valuevest Management, Bluecrest Capital Management, Royal London Asset Management, JP Morgan Asset Management and Standard Life Investment.
Brazil is increasingly under the spotlight among ‘fly-to-let’ investors.
Pedro de Miranda, founder of Itacare Capital Partners, which will manage the fund, is a former director of Dolphin Capital Partners, which has been AIM's most successful overseas property fund.
Itacare has drawn up a prospective investment portfolio of 11 schemes, including the Warapuru Resort in Bahia, designed by Anouska Hempel, which is Brazil's first six-star resort.