The Canada Pension Plan Investment Board is one of three investors entering a partnership with real estate developer SKR to develop, own and operate a purpose-built rental multi-family project in São Paulo, Brazil.

The 220-unit mixed-use project is expected to be completed in 2023, according to a press release. Other investors include Cyrela Brazil Realty and Greystar Real Estate Partners. Earlier this month, the CPPIB and Greystar entered a joint venture to pursue multi-family real estate projects in the U.S.

“[The CPPIB] continues to see increasing demand in the rental multi-family sector in Brazil, which will particularly benefit developers of modern, high-quality residential space,” said Hilary Spann, managing director and head of real estate for the Americas at the CPPIB, in the release. “We’re pleased to venture with SKR on this project and we look forward to expanding our purpose-built multifamily portfolio in Brazil.”

In other investment news, Intact Financial Corp.’s acquisition of the RSA Insurance Group has been approved by RSA’s shareholders and given unconditional approval from the Canadian Competition Bureau. The closing of the acquisition is expected to occur in the second quarter of 2021, according to a press release.

The Caisse de dépôt et placement du Québec, the Canada Pension Plan Investment Board and the Ontario Teachers’ Pension Plan entered into subscription agreements with Intact to support the acquisition. The Caisse, the CPPIB and the Ontario Teachers’ committed $1.5 billion, $1.2 billion and $500 million, respectively.