Canada Pension Plan Investment Board and Cyrela Commercial Properties S.A. Announce Closing of Portfolio Exchange in Brazil
CPPIB and CCP Commit US$400 Million to New Brazilian Office Joint Venture
(firmenpresse) - TORONTO, ONTARIO and SAO PAULO, BRAZIL -- (Marketwired) -- 08/16/17 -- Key Highlights:
Canada Pension Plan Investment Board ("CPPIB") and Cyrela Commercial Properties S.A. (B3:CCPR3) ("CCP") today announced the closing of a portfolio exchange transaction under which CPPIB has acquired a 33% interest in CCP''s office portfolio in Brazil and CCP has in turn acquired CPPIB''s 50% equity stake in their existing logistics joint venture, CCP Logistica Empreendimentos Imobiliarios S.A.
Further, CPPIB and CCP have jointly committed US$400 million to a newly formed joint venture that will focus on additional investments in top-tier office properties in Brazil.
The CCP office portfolio is among the largest in Brazil comprising 12 Class-A properties totalling 90,500 square metres (approximately 975,000 square feet) of leasable space. Predominantly located in Sao Paulo''s prime Faria Lima office district, the high-quality office properties are more than 90% leased, and anchored by a broad mix of strong tenants in financial and legal services.
"This transaction represents a compelling opportunity to gain exposure to the Brazilian office sector, further diversifying our portfolio," said Hilary Spann, Managing Director, Head of Americas, Real Estate Investments, CPPIB. "We are able to build immediate scale through this investment in one of Brazil''s most resilient office portfolios, strategically located in a prime office market in Sao Paulo. We look forward to working alongside CCP, a longstanding partner, as we seek more acquisitions in this sector."
CCP''s office portfolio has historically outperformed the overall Class-A Brazilian office market, maintaining high occupancy levels particularly in properties located within the supply-constrained Faria Lima market. CCP will continue to manage and operate the properties.
"We see this as an important step to further expand our partnership with CPPIB, a well-aligned and well-capitalized partner," said Pedro Daltro, CEO of CCP. "Our new joint venture will enable us to build an even bigger footprint in the Brazilian office market, complementing our existing office portfolio that has proven to be resilient throughout market cycles with a highly attractive tenant base."
About CPPIB
Canada Pension Plan Investment Board (CPPIB) is a professional investment management organization that invests the funds not needed by the Canada Pension Plan (CPP) to pay current benefits on behalf of 20 million contributors and beneficiaries. In order to build a diversified portfolio of CPP assets, CPPIB invests in public equities, private equities, real estate, infrastructure and fixed income instruments. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, Sao Paulo and Sydney, CPPIB is governed and managed independently of the Canada Pension Plan and at arm''s length from governments. At June 30, 2017, the CPP Fund totalled C$326.5 billion. For more information about CPPIB, please visit or follow us on or .
About CCP
CCP is one of Brazil''s leading companies in the development, acquisition, leasing, sale and management of commercial real estate. It focuses on Class A office buildings located in core markets, shopping malls and distribution centers, with investments in the states of Sao Paulo, Rio de Janeiro, Minas Gerais, Goias, Bahia and Para. Currently, CCP has an operating portfolio of 480,000 square meters of leasable area. With over 16 years of experience in the sector, the Company is the result of the spin-off of Cyrela Brazil Realty''s commercial property activities in 2007. The Company is listed in the Novo Mercado Special Corporate Governance Segment of the Sao Paulo Stock Exchange, trading under the ticker CCPR3.
Contacts:
CPPIB:
Mei Mavin
Director, Global Corporate Communications
+1 646 564 4920
Dan Madge
Senior Manager, Media Relations
+1 416 868 8629
CCP:
Thiago Muramatsu
Investor Relations Officer
+55 11 3018 7601
George Coura
Investor Relations Manager
+55 11 3018 7621
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 16.08.2017 - 13:51 Uhr
Sprache: Deutsch
News-ID 1517815
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
TORONTO, ONTARIO and SAO PAULO, BRAZIL
Phone:
Kategorie:
Commercial & Investment Banking
Typ of Press Release:
type of sending:
Date of sending:
Anmerkungen:
Diese Pressemitteilung wurde bisher 696 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Canada Pension Plan Investment Board and Cyrela Commercial Properties S.A. Announce Closing of Portfolio Exchange in Brazil
"
steht unter der journalistisch-redaktionellen Verantwortung von
CPP Investment Board and Cyrela Commercial Properties S.A. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
