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Singapore’s sovereign wealth fund GIC announced Friday an agreement to acquire Brazil’s Eco Sapucai (pictured). This is GIC’s first wholly-owned investment in Latin America.
Located in Rio de Janiero, Brazil, the AAA office building of 86,060 sq m is currently being developed by Hemisfério Sul Investimentos (HSI) and is expected to be completed in the first quarter of 2015.
“Eco Sapucai is a welcome addition to our global portfolio of best‐in‐class assets. It is a quality asset in a prime location. We believe strong demand for this first‐rate office property will translate into a stable income stream which suits GIC as a long‐term investor,” said GIC Real Estate Regional Head, Americas, Tia Miyamoto.
According to GIC, once completed, the office building will be one of the highest quality buildings in the Rio de Janeiro market with floor plates of up to 5,000 sq m and LEED Gold, a green building certification program that recognises best‐in‐class building strategies and practices.
No further details on the investment were disclosed.
Image: Artist’s impression of Eco Sapucai (Source: GIC)
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg.
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