One Desenvolvimento Imobiliario
- Size of JV: US$135 million
- Product: Urban infill residential development, São Paulo
- Return Expectation: 25% IRR
- Sales: R$2 Billion
In 2013, the InDev/JPP joint venture was contracted by One Desenvolvimento Imobiliario to lead their effort to find a long term joint venture partner to assist founders Milton Goldbarb and Paulo Petrin, perhaps the most renowned development team in Brazil, start their new platform. Milton and Paulo’s objective is to build a business that could reach US$1 billion (Over R$2 billion) in sales within a three to five year period.
Milton Goldfarb sold his previous company, Goldfarb, to BTG Pactual in 2006. After the acquisition of Goldfarb, the new platform, a combination of Goldfarb and three other companies, which is now called PDG, executed many acquisitions and built what at that time became the largest developer in Brazil. Milton was the director of development for this organization, and his company and the divisions under his leadership represented 70% of the total sales of PDG.
InDev/JPP led the transaction, which formed the US$135 million joint venture between Milton and Paulo’s One and a large Asian sovereign wealth fund.
