Funds managed by alternative asset manager Värde Partners have purchased Imopólis – Sociedade Gestora de Fundos de Investimento Imobiliário (Imopólis), a real estate asset manager based in Portugal.

At the same time, Värde also acquired closed-end commercial real estate fund FIIF ImoDesenvolvimento.

The purchased portfolio has a gross asset value of €186.6m. Other financial details of the deal were not disclosed.

Imopólis CEO Ricardo Valente said: “This is the beginning of an exciting chapter for Imopólis. Värde will be a tremendous partner, providing capital and technical capabilities to enhance and expand our portfolio in Lisbon and the surrounding areas.”

Through the deal, Värde plans to use invest in Portugal where a supply-demand imbalance is said to have created a favourable investment ambience.

Värde partner and head of European real estate Francisco Milone said: “Working with Ricardo and his highly experienced team, we will execute a strategy to access opportunities created by Portugal’s promising economic recovery and growth.

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“Värde is an active investor in Southern European real estate and this strategic investment in Portugal is consistent with our local, country-specific approach.”

Värde works for foundations and endowments, pension plans, insurance firms, institutional investors and private clients. The business currently manages $14bn in assets and has a workforce of over 300.