Brazilian property targeted by Pramerica Real Estate
Date added: 26th January, 2011 at 10:13
(view all articles from January, 2011)
Categories: Economy, Property News
Pramerica Real Estate Investors has launched a fund that concentrates on Brazilian property, according to Reuters.
Speaking to the news provider, the firm's chief executive Allen Smith explained the venture would be a "development oriented fund".
The expert said the fund was currently being marketed and he expected it to be bought into by a limited number of global investors.
"It's focused on what would be both the industrial and export corridor between Sao Paul and Rio [de Janiero]," he told the information source.
The fund will be based on a platform the company has previously used in Mexico, in order to take advantage of the growth of the Brazilian economy, which is expected to expand between 4.5 and five per cent this year.
While Mr Smith would not go into the size of the fund, he told Reuters he expected there to be an investment period of around three years.
In October 2010, Pramerica Real Estate Investors noted that Brazil was leading Latin America in commercial property sales.
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