Brazil’s housing unicorn Quinto Andar buys Argentina competitor and makes quantum leap in Latin America
RIO DE JANEIRO, BRAZIL – Brazil’s housing platform QuintoAndar, one of the most valuable unicorns in Latin America, announced today (23) the acquisition of the real estate operations of Argentine Navent for an undisclosed amount.
This was the company’s fourth acquisition in the year. According to CEO Gabriel Braga, it aims to increase liquidity and accelerate the growth of the real estate ecosystem in Latin America.
Navent is present in the leading economies of the region. It owns Zonaprop (Argentina); Imovelweb, Wimoveis and Union Softwares (Brazil); Plusvalia (Ecuador); Compreoalquile (Panama); Adondevivir and Urbania (Peru); Inmuebles24 (Mexico) and Tokko Broker Software, which operates in all these countries.
The businesses will remain independent and retain their brands after the acquisition by QuintoAndar.
The transaction seeks to join efforts between the two companies. “Navent helps us generate liquidity for the market by adding end customers and real estate agents,” says the CEO. “Now, those real estate agents will be able to choose to advertise on Navent, if they prefer, or partner in the QuintoAndar model.”
The entrepreneur says the union also aims to make a more robust and complete menu of financial products available to customers. Obtaining real estate credit is one of the main barriers for those who wish to buy a property.
Solutions for this problem were already being elaborated in partnership with Atta Franchising, the largest independent real estate credit platform in the country QuintoAndar acquired in August.
The Brazilian company goes against the corporate world, which has avoided carrying out large operations at the end of the year, given the political turbulence, fiscal uncertainties, rising inflation, and high-interest rates.
Braga’s vision, however, is that this conjuncture does not influence QuintoAndar’s long-term plans: “If the economic condition is more favorable, great, but our focus is on structural issues, and short-term oscillations should not interfere so much.”
He comments that for 2022, QuintoAndar will remain open to new acquisition opportunities, although he does not reveal whether any are already underway. According to the CEO, the company’s endeavor is just beginning, given that it is still tough to search for real estate in Brazil and Latin America.
“You have to check several different platforms; the databases don’t ‘talk’ to each other, the information is mismatched… We are still on the surface of what can and needs to be done so that this experience can be pleasurable for the consumer,” he says.
In addition to Navent and Atta Franchising, QuintoAndar acquired Casa Mineira, a real estate and classifieds portal, in March and incorporated the digital rental guarantee startup Velo in December.
With information from Forbes, Exame, Globo
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