The CPP Investment Board (CPPIB) has partnered up with Cyrela Commercial Properties S.A. Empreendimentos e Participacoes—a commercial property development and leasing company that operates in Brazil and Argentina—and GIC Real Estate—the real estate investment arm of the Government of Singapore Investment Corporation—in a joint venture to acquire and manage commercial properties in Brazil.
CPPIB’s initial investment will consist of US$150 million and may increase to US$250 million.
The venture’s principal strategy will be to develop and manage high quality office buildings, shopping centres and distribution facilities in Brazil. The venture will also explore the acquisition of high quality existing properties.
(08/11/09)