Credit Suisse sells REIT business in Brazil to Patria for around $130 million

SAO PAULO (Reuters) – Credit Suisse said on Wednesday it reached a deal to sell its real estate fund management business in Brazil to asset manager Patria Investments for up to 650 million reais (around $130 million).

The bank, owned by UBS, will transfer to Patria the Credit Suisse Hedging-Griffo Real Estate business, comprising listed real estate funds with around $2.4 billion in assets under management.

This will add up to Patria’s 18 billion reais ($3.67 billion) under management in real estate, the asset manager said in a separate statement.

The deal is still subject to antitrust and investors’ approval.

($1 = 4.9022 reais)

(Reporting by Peter Frontini; Editing by Shri Navaratnam)