NEW YORK Nov 3 Brazil, a future host of the
World Cup and the Olympics, is drawing global investor interest
to its real estate sector. As investors and analysts predict a
wave of investment in Brazil in coming months, here is a
sampling of recent deals:
* New York-based GoldenTree InSite, an opportunistic real
estate company that invests money from pension funds and other
institutional investors, raised $500 million to invest in
booming Brazilian real estate. Golden Tree sold out a 104-unit
residential project directed at middle-income families in Sao
Paulo's Vila Carrao area in four hours.
* Portuguese hotel group Porto Bay acquired the 80-room
boutique hotel L'Hotel in Sao Paulo.
* VALIA, one of Brazil's largest pension funds, bought part
of the Continental Tower under development, also in Sao Paulo,
for 208 million reais.
* BR Malls, the group formed by GP Investimentos and Equity
International, bought a shopping center for 188 million reais.
* Sao Carlos (SCAR3.SA), a local real estate company listed
in the Bovespa, sold two warehouses in Rio de Janeiro and one
in Pernambuco for 107 million reais.
* Canada's CPP Investment Board entered into a joint
venture with Cyrela Commercial Properties S.A. Empreendimentos
e Participacoes CCPR3.BR. The venture, which will also
include the real estate investment arm of the government of
Singapore, will focus on the development, acquisition and
management of institutional-quality commercial property. CPP's
investment consists initially of a $150 million commitment with
the option to increase to $250 million.
* Standard Life Investments, one of the largest property
investors in Europe, made its first direct investment in the
Brazilian real estate market with the acquisition of a 13-floor
office property in Sao Paulo whose tenants include oil,
shipping and bioscience companies, for about 15 million reais.
Source: Jones Lang LaSalle, Reuters
(Reporting by Nick Zieminski, editing by Gerald E. McCormick)