BRAZIL - The Canada Pension Plan Investment Board (CPPIB) and the Government of Singapore Investment Corporation (GIC) have teamed up with a Brazilian real estate developer to build a portfolio of commercial real estate properties.
The CPPIB said yesterday that it and GIC Real Estate entered into a joint venture with Cyrela Commercial Properties Empreendimentos e Participações (CCP).
The venture will focus on development, acquisition and management of institutional-quality office buildings, shopping centres and distribution facilities in Brazil.
CPPIB and GIC committed US$150m each, but CPPIB has the option to increase that amount to $250m. CCP committed $100m, the real estate firm said in its release.
CPPIB and GIC Real Estate will each own 37.5% of the venture, while CCP will own the remaining 25% stake.
CPPIB senior vice president of real estate Graeme Eadie said: "We are extremely pleased to be partnering with CCP in our first real estate joint venture in South America... Through CCP's extensive experience in the commercial property sector, we believe this venture is well-positioned to benefit from Brazil's positive demographics over the next decade."
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