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UPDATE 1-CPP Investment Board to invest up to $250 mln in Brazil

Aug 10 (Reuters) - Canada's CPP Investment Board said it entered into a joint venture with Cyrela Commercial Properties SA Empreendimentos e Participacoes CCPR3.SA and GIC Real Estate to invest up to $250 million in commercial properties in Brazil.

CPP Investment Board’s initial investment will be $150 million, with an option to increase it up to $250 million at the company’s discretion.

The venture will focus on the development, acquisition and management of institutional-quality commercial properties in Brazil.

GIC Real Estate is a unit of the Government of Singapore Investment Corp. (Reporting by Amit Kumar in Bangalore; Editing by Anne Pallivathuckal)

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