Brazil's Cyrela eyes real estate asset swap with CPPIB: Reuters
Brazil's Cyrela Commercial Properties SA is in talks with Canada Pension Plan Investment Board (CPPIB) for a potential asset swap and joint ventures to invest up to US$400 million in new commercial office space, Reuters reported. Cyrela said in a securities filing that it had signed a non-binding agreement regarding the transfer of a 33 percent equity stake in its office buildings in exchange for CPPIB's 25 percent stake in Cyrela's warehouse business. The deal underscores investors' hopes that falling interest rates will trigger a new round of investment in Brazil's beleaguered commercial real estate sector.
24 January 2017•2 mins read
