CPPIB, CCP close Brazilian real estate swap, $400 mln investment
Canada Pension Plan Investment Board and Cyrela Commercial Properties SA (CCP) have completed a portfolio exchange transaction. The previously announced deal saw CPPIB acquire a 33 percent interest in CCP's Brazilian office portfolio and CCP acquire the pension fund's 50 percent equity stake in their existing logistics joint venture. The agreement also saw CPPIB and CPP commit up to US$400 million to a new joint venture focused on additional investments in office properties in Brazil. The properties are located primarily in São Paulo's Faria Lima commercial district.
16 August 2017•4 mins read
