Brazil real estate startup QuintoAndar launches in Mexico

By Aluisio Alves

SAO PAULO, June 21 (Reuters) – Digital real estate broker QuintoAndar launched Tuesday in Mexico, the to start with time the model has expanded outside Brazil, following a modern acquisition in the location.

Below the “Benvi” brand name, the $5 billion startup is set to debut in Mexico’s capital Mexico Town with its trademark rental scheme, which as a substitute of charging tenants a lease-coverage, approves them centered on a credit history investigation.

“Choosing the region was inspired by its dimensions and similarity [with Brazil],” QuintoAndar reported in a statement, pointing to Mexico’s forms and its similarly informal administration of tenants.

The go comes just after QuintoAndar explained in December it had acquired Grupo Navent’s authentic estate arm, which operates in Mexico and Brazil as well as Argentina, Ecuador, Panama and Peru.

QuintoAndar operates in all around 75 Brazilian metropolitan areas and has 175,000 energetic rental contracts and 90 billion reais ($17 billion) in assets underneath administration.

The platform announced its approach to enter Mexico several months ago, soon after completing a $420 million fundraise that valued it at $5.1 billion.

In April, it reported it was laying-off 160 of its around 4,000 employees, citing the will need to prioritize the most worthwhile enterprise lines.

Numerous other large-advancement know-how-based companies have also announced layoffs in Brazil as a result of the deteriorating world-wide overall economy. ($1 = 5.1885 reais) (Reporting by Aluisio Alves crafting by Carolina Pulice editing by Richard Pullin)