{"id":19758,"date":"2017-08-16T20:31:06","date_gmt":"2017-08-16T20:31:06","guid":{"rendered":"https:\/\/www.lavca.org\/cppib-and-ccp-commit-us400m-to-brazilian-office-joint-venture\/"},"modified":"2017-08-16T20:31:06","modified_gmt":"2017-08-16T20:31:06","slug":"cppib-and-ccp-commit-us400m-to-brazilian-office-joint-venture","status":"publish","type":"post","link":"https:\/\/www.lavca.org\/cppib-and-ccp-commit-us400m-to-brazilian-office-joint-venture\/","title":{"rendered":"CPPIB and CCP Commit US$400m to Brazilian Office Joint Venture"},"content":{"rendered":"
After closing a portfolio exchange, Canada Pension Plan Investment Board and Cyrela Commercial Properties have committed US$400m to a newly formed joint venture that will focus on additional investments in top-tier office properties in Brazil<\/em>.<\/p>\n (Press Release<\/a>) Canada Pension Plan Investment Board and Cyrela Commercial Properties S.A. Announce Closing of Portfolio Exchange in Brazil<\/p>\n CPPIB and CCP Commit US$400 Million to New Brazilian Office Joint Venture<\/p>\n Key Highlights:<\/p>\n Further, CPPIB and CCP have jointly committed US$400 million to a newly formed joint venture that will focus on additional investments in top-tier office properties in Brazil.<\/p>\n The CCP office portfolio is among the largest in Brazil comprising 12 Class-A properties totalling 90,500 square metres (approximately 975,000 square feet) of leasable space. Predominantly located in S\u00e3o Paulo\u2019s prime Faria Lima office district, the high-quality office properties are more than 90% leased, and anchored by a broad mix of strong tenants in financial and legal services.<\/p>\n \u201cThis transaction represents a compelling opportunity to gain exposure to the Brazilian office sector, further diversifying our portfolio,\u201d said Hilary Spann, Managing Director, Head of Americas, Real Estate Investments, CPPIB. \u201cWe are able to build immediate scale through this investment in one of Brazil\u2019s most resilient office portfolios, strategically located in a prime office market in S\u00e3o Paulo. We look forward to working alongside CCP, a longstanding partner, as we seek more acquisitions in this sector.\u201d<\/p>\n CCP\u2019s office portfolio has historically outperformed the overall Class-A Brazilian office market, maintaining high occupancy levels particularly in properties located within the supply-constrained Faria Lima market. CCP will continue to manage and operate the properties.<\/p>\n \u201cWe see this as an important step to further expand our partnership with CPPIB, a well-aligned and well-capitalized partner,\u201d said Pedro Daltro, CEO of CCP. \u201cOur new joint venture will enable us to build an even bigger footprint in the Brazilian office market, complementing our existing office portfolio that has proven to be resilient throughout market cycles with a highly attractive tenant base.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":" After closing a portfolio exchange, Canada Pension Plan Investment Board and Cyrela Commercial Properties have committed US$400m to a newly formed joint venture that will focus on additional investments in top-tier office properties in Brazil. (Press Release) Canada Pension Plan Investment Board and Cyrela Commercial Properties S.A. Announce Closing of Portfolio Exchange in Brazil CPPIBContinue reading “CPPIB and CCP Commit US$400m to Brazilian Office Joint Venture”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[26],"tags":[],"acf":[],"yoast_head":"\n\n