This agreement was born out of the interest of Avenida to add a partner that would give greater scale to the fund and open the doors to institutional investors. “It allows us to have more structure, an institutional base structure to address a broader investor market for what we do in the United States. We intend to be able to do things with the institutional world in Chile; Toesca has a very deep reach into that world, AFPs and insurance companies, "Sebastián Valenzuela explained to El Mercurio from Avenida’s Miami office.

The operation was advised by attorney Jorge Vigil, of the Barros, Silva, Varela & Vigil law firm, on the Avenida side, and by Juan León, of the Claro & Cia law firm, for Toesca.

Avenida is an administrator focused on raising structured private investment funds in Chile, with high wealth contributors and family offices in the country, to invest in the real estate sector in a specific class of assets: stand-alone (street shops) and net lease, in Chile and the United States.

To date, it has raised two funds. The first was to invest in assets in Chile, for 350 thousand UF (as fund capital) and has materialized investments in assets for 1.3 million UF in more than 40 locations throughout the country, especially in the Metropolitan Region.

The second fund raised US$32 million of capital, which was used to invest in assets in the United States for about US$90 million

Now they are raising their third fund (the second to invest in the United States), which they expect to be between US$40 million and US$60 million in size, to make investments of about US$150 million. The members say they are in the third week of the roadshow, in the midst of the fundraising process.