Merrill-MaxCap in Brazil Real Estate JV

Merrill Lynch has teamed up with MaxCap in a 50-50 Brazil-focused joint venture to acquire companies and properties, as well as develop new projects in Brazilian real estate, Jose Paim de Andrade Junior, chairman of MaxCap, tells LatinFinance. Merrill is committing the majority of the capital, says Paim de Andrade. The two entities have deployed $135m in Brazil to develop 24 new projects, including companies Ecoesfera and MaxCasa. They are also understood to be raising funds from investors to commit to the region. Paim de Andrade would not comment on timing or size of the fund raise. MaxCap is a Brazil-based real estate investment firm. Merrill is going head to head with Morgan Stanley, which is raising funds for Brazil real estate projects and has deployed almost $200m in the asset class so far.