Leste Group Forms LORE Development Group in Partnership with Brazil’s Opportunity Group

• New Venture to Develop more than $1 Billion in Multifamily Projects in Florida over Next 5 Years
• First Project in Miami’s Brickell District to Feature 500 High-End Apartments, Valued at $500 Million

MIAMI--(BUSINESS WIRE)--Leste Group (“Leste”), a global independent alternative investment manager, and Opportunity Fundo de Investimento Imobiliário (“Opportunity”), a private investment firm based in Rio de Janeiro, Brazil, today announced they have formed a new real estate development company, LORE Development Group (“LORE”). The new venture will focus on developing primarily multifamily residential units and condo developments in South Florida.

LORE adds multifamily development to Leste’s diverse real estate strategies, which currently include equity investment and lending in the multifamily, single-family, healthcare, hospitality, and industrial asset classes. LORE will source and acquire properties, and work with third-party construction teams to build its projects. In Florida, LORE plans to develop more than $1 billion in multifamily projects over the next five years. ¹

“We are excited to expand Leste’s real estate practice by adding a development capability to our existing real estate portfolio,” said Stephan de Sabrit, Managing Partner at Leste. “We have known and collaborated with Opportunity for many years and look forward to using our ‘boots on the ground’ to establish a vibrant partnership in a location we know very well. Miami is enjoying exponential growth, and we believe LORE is well-positioned to create desirable residences for both current residents and new arrivals.”

The first property being developed by LORE is a 442,000-square-foot, 500-unit multifamily building located at 1015 SW 1^st Avenue in Miami’s trendy Brickell district. The $500 million project ¹ will feature state-of-the-art amenities, 2,000 square feet of ground floor retail, and ample parking in a prime location near Brickell City Center with easy access to public transportation.

“Brickell is the ideal neighborhood for our first multifamily development in South Florida. The thriving area has become one of the most desirable places to live, work and play in Miami, which is continuing to benefit from strong domestic and international migration, low unemployment, and a favorable tax environment,” said de Sabrit. “This property will set a new standard in luxury living for the area with its exclusive amenities, prime location, and breathtaking design.”

Opportunity is one of the largest independent asset management companies in Brazil, and today it operates one of the largest real estate investment funds in the country. Over the past 25 years, Opportunity has developed more than 6.5 million square feet of real estate.

“Leste’s broad investment expertise, combined with our strong real estate development background, will enable LORE to identify and capitalize on the best multifamily investment opportunities in South Florida,” said Jomar Monnerat de Carvalho, Director at Opportunity.

1. Based on Leste’s internal projections and combination of existing projects and pipeline. Estimates subject to change.

About Leste Group
Leste Group is a leading independent alternative investment manager with a steadfast commitment to delivering consistent risk-adjusted returns. The firm offers investors a diverse range of strategies across real estate equity and credit, private equity, and special situations. Leste’s investment teams leverage institutional-grade processes, a nimble and entrepreneurial approach, strong capital markets expertise, and exclusive networks to source unique opportunities and capitalize on global opportunities. To learn more about Leste Group, please visit leste.com.

About Opportunity
Opportunity Fundo de Investimento Imobiliário is one of the largest independent asset management companies in Brazil, and operates one of the largest real estate investment funds in the country. Over the past 25 years, Opportunity has developed more than 6.5 million square feet of real estate. For more information, visit opportunity.com.br.