Brazil Real Estate Partnerships Accelerate

Brazil real estate partnerships are picking up as developers chase opportunities to buy into new projects at what they perceive to be attractive valuations. GoldenTree Insite, a New York-based real estate private equity manager, has just spent BRL100m to acquire 50% of a high-end residential project in the city of Sao Paulo called 106 Serido. GoldenTree bought two 25% stakes from KlabinSegall, a seller who itself is close to being sold, and Construtora Sao Jose, says an executive on the deal. GoldenTree has a number of residential developments in Brazil that span low, middle and high income demographics. Meanwhile, Cyerla has purchased a 50% stake in Goldsztein Participacoes, which has developments in Brazil’s southern states, for an undisclosed amount. The stake was paid for with Cyrela shares.