Bluestone Partners

Welcome to Bluestone Partners SL

...where expert knowledge runs deep

Bluestone Partners SL (Bluestone) is a privately owned and independently operated investment management company dedicated in providing bespoke and innovative real estate, specializing in property investment in developing undervalued and niche markets.

With a wealth of multi-national real estate experience in sales, investment and development, Bluestone is expertly able to recognize the most lucrative investment opportunities worldwide, capable of achieving aggressive returns.

Bluestone‘s investment management group will identify, acquire and develop real estate that is clearly differentiated by location, value and sustainability of demand.


Our Vision

To be recognized as an industry leader in everything we do. Bluestone’s overriding objective is maximizing shareholder value. That effort will be driven by a long-term perspective evidenced by high-quality asset management, exceptional market knowledge, and commitment to the soundest investment strategies.

Our Mission

To operate a real estate investment group that creates long-term value for our investors, partners and associates. Also, valuing our role in the communities where we invest. Our innovative approach to the business is what sets Bluestone apart from the competition. We operate by developing meaningful relationships and leveraging our entrepreneurial capabilities with creative talent in a fully integrated real estate organization.



Our Management Team has over 40 years experience in management, development, financing, investing, structuring, and evaluating real estate projects.

There are three partners in Bluestone Partners SL: Arthur Rangel, Pieter Vorenkamp and David Honeyman. Their expertise combines specialist expertise in real estate investments which makes for a winning formula.


Bluestone identifies undervalued and strategically positioned properties in key growth sectors in Natal and the Rio Grande do Norte State of Brazil, which exhibit the potential to deliver IRR’s of over 20%.

These opportunities may include development and redevelopment projects as well as existing properties which are well-positioned to benefit from the continued growth of the region.

Bluestone places particular emphasis on the following property sectors:

• Domestic residential (luxury, middle class, low income)
• Land (re-zone, land bank or develop)
• Commercial (retail, office and logistical)
• Leisure (domestic and international resorts and second homes)

Bluestone applies a five stage investment process to maximize its target IRR of 20% or more.

Assets geared to:

Strong GDP / Capital growth
New infrastructure spending or government  project
Repositioning opportunities
Structural shifts in spending patterns

Population growth
Growth or changing patterns of tourism demand
Rising disposable incomes of local population

Change of use
Rezone / Re-plan
Develop / Redevelop

Financial engineering to maximize returns and manage risk
Leverage extensive banking experience & relationships
Maximize tax efficient structuring & financing

Leverage local & government contacts
Growth & yield management
Partnering to leverage local relationships
Partnering in new locations
Maximize space creation

International focused buyers
Portfolio or block sales to other investors / developers
Presales to local retail market
Structuring to achieve tax efficient disposals
Disposals geared to maximizing IRR’s


Bluestone‘s real estate professionals are looking for opportunistic investments based on the predevelopment arena, where the greatest wealth is often created. We are focusing these investment efforts in the high growth regions. It is Bluestone‘s vision to open the way for its investors to broadly access the exponential returns that can occur during the early stages of real estate development. The objective is to provide attractive total returns to our investors by maximizing the difference between the yield on our investments and the cost of financing these investments. This will generate cash available for distribution to our investors and to facilitate capital appreciation.

Bluestone has successfully identified and worked with a privately owned international real estate investment management group that manages five specialist real estate funds which cover investments in all property sectors. Salamanca Capital Investments Limited is proceeding to launch an approximate $100 US million, new Salamanca Brasil investment fund in mid September – October 2008.

Bluestone is in the process of setting up its own funds. Investing in real estate backed assets. Deals may be structured in a variety of ways, and include scope for yielding assets with value added opportunities, acquisition of land for development, off plan forward purchases and equity joint ventures.

Pipeline Funds

• Brazil Property Opportunity Fund

• Shariah Property Opportunity Fund

Contact Us

Tel: +34 952 906 980
Fax: +34 952 815 492