With information from EFE
The Brazilian real estate rental and sale platform QuintoAndar announced on Thursday the acquisition of the operations of Argentina’s Navent, which guarantees entry to five other Latin American countries.
The business, whose values were not disclosed, allows the leader in Brazil in real estate operations by platform to control the companies Zonaprop (Argentina), Imovelweb, Wimoveis, Union Softwares (Brazil), Plusvalia (Ecuador), Compreoalquile (Panama), Where to live, Urbania (Peru), Inmuebles24 (Mexico), and Tokko Broker Software, which operates in the six countries.
The objective of the operation is to accelerate the growth of QuintoAndar throughout Latin America, despite the fact that Navent’s operations will be maintained with its current brands in each of the countries in which it operates, the company explained in a statement. Several of Navent’s portals are leaders in their respective countries.
“The agreement consolidates the QuintoAndar holding as the main housing group in the region and reinforces the company’s commitment to the growth of the real estate ecosystem,” the Brazilian explained in a statement.
The Brazilian firm plans to invest in its new controlled companies to improve its operations, but the value of the contributions was also not disclosed.
QuintoAndar, which manages 150,000 properties in 40 cities in Brazil that have a combined value of 50,000 million reais (8,928.6 million dollars), had already shown its appetite to grow and expand in Latin America with three other acquisitions this year.
In March it acquired the digital real estate agency Casa Mineira, in September the real estate loan startup Atta, and in December the digital rental guarantee firm Velo.
The president of the Brazilian digital company, Gabriel Braga, explained that the company’s strategy is not only to increase the universe of clients, but also the offer of other services, such as real estate financing.
“The acquisition allows the combination of the best customer experience, already offered by QuintoAndar, with the best tools for the digital day of real estate, offered by Navent. The union of the companies creates a unique set of technological solutions that train real estate companies in the conduct of their businesses, with faster and simpler interactions, from the search for the property to the signing of the contract ”, he said.
Navent, founded by Nicolás Tejerina, had the support of Riverwood Capital, while QuintoAndar, which was born in 2013 as a startup, became a unicorn in 2019.
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