Latham & Watkins has assisted Patria Investments in a joint venture agreement with Bancolombia to expand its real estate capabilities.
Posse Herrera Ruiz also advised Patria, locally, while Sullivan & Cromwell and Philippi Prietocarrizosa Ferrero DU & Uría (PPU) advised Bancolombia internationally and locally, respectively.
This transaction will allow Patria to expand its expertise in Latin American private markets with Bancolombia’s well-established distribution capabilities and broaden its access to alternative investment products in Colombia.
At its inception, the JV will manage a permanently capitalised real estate investment vehicle with approximately $1 billion of assets under management, which is one of the largest funds in Colombia.
Patria will provide capital that will be deployed over several years to support the JV’s operations, as well as to fund the general partners’ commitments to promote the growth of the existing real estate investment vehicle and new funds within other asset classes. The transaction is expected to close during the third quarter of 2023.
L&W’s team was led by partner Tony Del Pino (pictured), with support from associates Daniel Chor, Aubrey Steiger and Valentina Oliver. International arbitration advice was provided by counsel Santiago Bejarano.
PHR’s team comprised partners Jaime Herrera and Susana Gómez and director Julián Aguirre.
Sullivan & Cromwell’s team was represented by partner Ken Li and associates Virginia Cueva and Andrew Brod.
PPU’s team included partner Hernando Padilla and associates Daniela Mejía and Natalia Velasco.