Brits Invest Here

Peninsula de Marau- An impressionistic Cassange Beach (Praia do Cassange)

From the Financial Times in May, on the new fund managed by Itacaré Capital Investments.

[Update: The IPO brought in $82 million in London. To date, capitalization is over $100 million. Warapuru Resort in Itacare is due for completion this year. Over 50% of its US$1M-10M home/lots were sold well before ground breaking on the resort.]

Itacare for Aim
By Jim Pickard
Published: May 21 2007 03:00 | Last updated: May 21 2007 03:00

The exotic world of London-listed overseas property companies is soon to be joined by its first Brazilian group.

Itacare Capital Investments, which will fund resort developments in Brazil, is understood to be seeking to raise $100m (£51m) on the Alternative Investment Market.

Brazil is increasingly under the spotlight among "fly-to-let" investors who are turning their backs on Spain and France in favour of Morocco, Cape Verde and elsewhere.

Pedro de Miranda, founder of Itacare Capital Partners, which will manage the fund, is a former director of Dolphin Capital Partners, which has been Aim's most successful overseas property fund.

Itacare has drawn up a prospective investment portfolio of 11 schemes, including the Warapuru Resort in Bahia, designed by Anouska Hempel, which is Brazil's first six-star resort.

Copyright The Financial Times Limited 2007


Update:

This IPO brought in $82 million in London. To date, capitalization is above $100 million.
Warapuru Resort in Itacare is due for completion this year. Over 50% of its US$1M-10M home/lots sold, well in advance.