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Our People
Ebury makes international trade more accessible, simple, and personal. Ebury believes in a world where every business, large or small, should be able to trade globally with the same ease and reliability they experience in their own country. Ebury’s innovative platform, combined with its expertise and tailored solutions, helps businesses go beyond borders and achieve their goals faster.
Avega Netherlands B.V. is an independent corporate service provider (boutique firm) with a mission to deliver added value to its clients by combining the expertise of experienced professionals providing high-quality services with personal attention at reasonable rates.
Brickfund is an investment company focused on residential real estate investments. Founded in 2015, Brickfund has evolved into a strategic investment partner for private investors, high-net-worth individuals (HNWIs), and family offices. In the Netherlands, Brickfund manages over EUR 100 million in assets, spread across several different funds and private mandates.
Huygens Lawyers & Tax Advisors, based in Amsterdam, The Netherlands, specializes in providing tailored legal and tax solutions for international businesses and investors. With expertise in cross-border transactions, corporate structuring, and fiscal optimization, Huygens ensures efficient, compliant, and strategic support. Huygens specifically examined the tax structure between Brazil and the Netherlands for ARD with several applications also suitable for other jurisdictions.
Arcagna is an independent niche firm with offices in Amsterdam and Rotterdam, specializing in integrated tax and legal advisory services for high-net-worth individuals and entrepreneurs. Operating both nationally and internationally, their team comprises tax advisors, lawyers, and (candidate) notaries. Arcagna focuses exclusively on providing integrated tax and legal advice to private clients. With their expertise, they actively advise the ARD team on the various structures from which to operate and the tax implications of Dutch shareholders.
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DLA Piper is a leading global law firm operating in over 40 countries, formed in 2005 through a merger of three firms. It provides comprehensive legal services across multiple practices, including corporate and finance, employment, intellectual property, litigation, real estate, restructuring, and tax. Recognized for its expertise in handling complex, multi-jurisdictional matters, DLA Piper provides legal support to ARD by setting up contracts with participants. The firm ensures these agreements are specifically tailored to ARD's operational needs across international jurisdictions, particularly between the Netherlands and Brazil. Additionally, DLA Piper oversees the entity and cash flow structures to ensure compliance with legal standards and maintain operational efficiency in cross-border transactions. The shareholder agreement, profit-share agreement, and loan agreement are crafted by DLA Piper to ensure the highest standards and protection of shareholders’ interests.
CPX Capital, with over 20 years of experience, specializes in foreign exchange and international trade. The company supports Brazilian businesses expanding abroad and foreign investors entering Brazil, offering tailored solutions to ensure seamless financial operations.
Campos Mello Advogados (CMA) is a prominent Brazilian law firm with over 43 years of experience and offices in São Paulo, Rio de Janeiro, Brasília, New York, Miami, and London. In collaboration with DLA Piper, CMA offers clients seamless legal support across over 40 countries. Specializing in corporate, tax, real estate, labor, and compliance, CMA provides ARD with tailored legal solutions for cross-border operations between the Netherlands and Brazil. The firm oversees contract structuring, entity management, and cash flow arrangements, ensuring compliance and operational efficiency. CMA also crafts shareholder, profit-sharing, and loan agreements for ARD Capital Partners to uphold the highest standards and protect shareholder interests.
Georgia Contábil is an accountancy firm based in São Paulo with over 10 years of experience serving clients throughout Brazil. They provide solutions in accounting, human resources, tax accounting, and tax planning. Managing more than R$2.1 billion and serving over 1,000 clients, Georgia Contábil works closely with ARD to ensure that all financial data of all ARD’s entities is accurately accounted for.
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.
