The CPP Investment Board (CPPIB) announced today that it has entered into a joint venture with Cyrela Commercial Properties S.A. Empreendimentos e Participacoes (CCP) (BOVESPA:CCPR3). The venture, which will also include GIC Real Estate, the real estate investment arm of the Government of Singapore Investment Corporation, will focus on the development, acquisition and management of institutional-quality commercial properties in Brazil. CPPIB’s investment will consist initially of a US$150 million commitment to the venture with the option to increase up to US$250 million at CPPIB’s discretion. Continue reading
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