Caixa Preps Petrobras FII

Brazil’s Caixa Ecnomica Federal is preparing a BRL789m ($332m) fundo de investimento imobiliario (FII) transaction, anchored by a property used by Petrobras, according to the CVM. The Cidade Nova FII will target 100% of a special purpose vehicle (SPV) holding the Edificio Cidade Nova building, home to the state oil company’s corporate training center. The transaction is contingent on raising enough funds to cover 100% of the SPV. The timing for the closing remains to be determined. Caixa is managing the sale itself.