Brickfund
A trusted Dutch fund manager with over €100 million in assets under management.
Our Strategic Partnerschip
ARD and Brickfund operate as a single, integrated team to bridge the gap between European capital and Brazilian real estate opportunities. Brickfund is an AFM-registered Dutch fund manager with over €100 million in assets under management, specializing in residential real estate.
In this alliance, we do everything together. Brickfund acts as a co-decision maker on the investment committee, bringing institutional discipline to every project selection. They provide the critical capital base and professional fund management required to safeguard our investors' interests.
Before launching this partnership, Brickfund conducted exhaustive due diligence on Vitacon and the São Paulo market. Today, they ensure that every investment meets the highest Dutch standards of risk control, compliance, and financial reporting.
Why they are one of the top real estate funds
Experience
& Scale
Proven
Performance
Institutional Approach
Strong
Investor Base
About Brickfund
Brickfund is a premier Dutch investment manager specializing in residential real estate.
Managing approximately €100 million in assets for professional investors and family offices, Brickfund is recognized for its rigorous investment selection and active management approach.
As an AFM-registered manager, they provide the professional framework and oversight necessary for large-scale international deployments.
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Got Questions?
Our investments and operations are based in Brazil, meaning the underlying assets are valued in Brazilian Real (BRL). Consequently, the final return converted back to Euros is exposed to EUR/BRL exchange rate movements. While Brazil has an autonomous Central Bank managing its monetary policy and currency stability, investors should factor in standard currency fluctuation risks when evaluating their expected returns. This can be positive or negative.
As with any dynamic market, inflation is a standard economic factor. Brazil’s Central Bank actively monitors and responds to inflationary pressures, with current forecasts around 4.5% to 4.7% for 2025 and 2026. While real estate often moves in tandem with inflation, sudden or prolonged inflationary spikes can impact construction costs and local purchasing power, which are inherent risks in the development process.
Brazil operates as a mature democracy with established legal frameworks and maintains a neutral stance in global trade, making it a key partner for Europe and the US. However, investing internationally always involves exposure to local macroeconomic and political dynamics. Changes in government policies, local tax structures, or economic regulations are systemic risks that can influence the broader real estate market.
Our rapid pre-sale development model involves several standard real estate and cross-border risks:
Completion Risk: The inherent risk associated with any construction phase, including potential delays, supply chain disruptions, or cost variations during development.
Liquidity Risk: Real estate is an illiquid asset class. While our model focuses on generating cash flow during development, the invested capital remains tied up for the duration of the project cycle.
Regulatory & Legal Risk: Operating internationally requires adherence to both Brazilian and European financial frameworks, which are subject to potential legislative changes over time.
Market Risk: General market dynamics and consumer demand can fluctuate, which may impact the sales pace of the units and the overall project returns.
Our core exit strategy is driven by the pre-sale of developed real estate units, a model designed to generate structural cash flow throughout the construction phase. The primary risk to this strategy is a potential market slowdown, which could affect the anticipated sales pace or final unit prices. Furthermore, finalizing the exit involves repatriating capital and profits from Brazil to Europe; this process is subject to international transfer regulations, prevailing market conditions, and exchange rates at the time of the transfer.
