ING Expands to Brazil, Appoints Beccar as Managing Director
- Sep 30, 2008
ING Clarion Partners appointed Florencio Beccar as managing director of its new office in São Paulo, Brazil. Beccar established ING”s investment management office in Italy and headed the firm’s acquisition team in Spain. He most recently served as managing director and portfolio manager for the ING Real Estate Southern European Fund, and before that was acquisition manager for the ING Real Estate Iberica Fund. Additionally, Marcela Drigo joins Beccar in the São Paulo office as a vice president. Drigo comes to ING from Capital Trust Inc., where she was responsible for Brazilian investments. Prior to that, she was with AIG Global Real Estate Investment Corp., and Tishman Speyer Properties in São Paulo.The new office is located within ING Bank’s premises.”We have been analyzing the Brazilian market for a while now and believe that the time is right to begin building a presence,” Beccar said in a release. “With its abundant resources, unique demographic profile, strong manufacturing and services sectors, and growing export economy, the country offers tremendous opportunities for both short- and longer-term commercial real estate investors. We will be focusing on the four main real estate ‘food groups’ of housing, industrial, retail and office which all offer compelling fundamentals.”Brazil’s economy has grown rapidly for much of the decade and is expected to continue to expand at an average rate of four percent for at least the next five years. That growth has resulted in significant new job formation and a substantial decline in the unemployment rate for the country’s major cities, and created a compelling environment for real estate investing, according to ING.And as CPN reported yesterday, ING Clarion Partners L.L.C., a real estate investment advisor and the U.S. operating arm of ING Real Estate, had closed ING Clarion Development Ventures III, to new investment capital. The Fund, the third in a series, raised more than $200 million from seven institutional investors and plans to invest in a broad range of potential real estate opportunities including development, re-development, joint ventures, mezzanine financings and distressed assets.