H.I.G. Capital has made its debut Brazilian real estate deal by acquiring Urbanity Corporate Center, a AAA office building in São Paulo.

(Press Release) H.I.G. Capital (“H.I.G.”), a leading global private equity investment firm with $23 billion of equity capital under management, announced today the acquisition of Urbanity Corporate Center, in São Paulo.

Urbanity Corporate is a AAA office building with 29,248 square meters of space, located in the South Region of São Paulo. The building is part of a newly developed mixed-use complex.

“We are very excited to complete this off-market transaction. It reflects our belief that the real estate sector in Brazil is set for a meaningful recovery. As such, H.I.G. is looking forward to committing a significant amount of capital to the sector, building on H.I.G.’s extensive local presence and relationships.”

Fernando Marques Oliveira, Head of H.I.G. Brazil and Latin America said, “We are very excited to complete this off-market transaction. It reflects our belief that the real estate sector in Brazil is set for a meaningful recovery. As such, H.I.G. is looking forward to committing a significant amount of capital to the sector, building on H.I.G.’s extensive local presence and relationships.”

Daniel Nader head of H.I.G. Realty in Brazil added, “We believe this is an excellent time to acquire office buildings in São Paulo, given the expected recovery in the market and the low volume of new supply in the next few years. The South Marginal Region in particular, where Urbanity is located, is benefiting substantially from the recent improvements in the infrastructure of the city. Urbanity will benefit from the access and public transportation improvements in the Region. The building is the closest office tower to the bridge Edson Bueno Godoy and near the tunnel access.”

Financial terms were not disclosed.