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Real Estate

Ashmore Group acquires Latin American real estate manager Avenida Capital

Ashmore Group closed a deal to acquire a majority stake in private equity real estate firm Avenida Capital in efforts to strengthen the firm's presence in Latin America, a spokeswoman said.

David Smilow and Michael Teich, founding partners, will remain at the firm. Avenida has $300 million in assets under management, bringing Ashmore's total alternatives AUM to $1.9 billion. The firm will be renamed AshmoreAvenida. Terms of the deal could not be learned.

"The acquisition of Avenida strengthens Ashmore's alternative investment offering while supporting our desire to increase our footprint in key emerging markets. David and Michael have built a strong track record of investing in residential, retail and mixed-use projects in Latin America and we look forward to working with the AshmoreAvenida team to further develop our presence in key Andean economies and beyond," Christoph Hofmann, global head of distribution for Ashmore, said in a news release.

Ashmore Group has $73.9 billion in assets under management.