LatamList – Loft, the Brazilian proptech unicorn, announced the operation of a new real estate fund operating at B3 on the Brazilian stock exchange. The fund will purchase more real estate in Sao Paulo and Rio de Janeiro over the next three years.
Loft buys, renovates, and manages properties across the two major cities in Brazil. The unicorn has already made two acquisitions, as well as a previous fund in 2019 in partnership with Credit Suisse.
âWe estimate that the fund is sufficient to make around two thousand real estate transactions,â said Mate Pencz, CEO at Loft.
The fund is worth a total of $70M (R$365M). Loft provided $20M (R$104M) of the funds, while $40M comes from XP Investimentos and ItaĂș BBA. The remaining $10M will be invested by Loft in the coming months.
âWe are already in all neighborhoods in SĂŁo Paulo and 14 neighborhoods in Rio de Janeiro, but we will expand this presence soon,â Pencz continued.
Loft is looking to expand in the areas adjacent to the cities. Loft continues to reinvent the property market with digital transactions and online management tools for properties. Pencz estimates that 10% of Loftâs transactions in June will be done entirely over the internet.
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