Sam Zell plans multi-million dollar investment in Brazil
Date added: 20th May, 2010 at 10:13
(view all articles from May, 2010)
Categories: Property News
Sam Zell's Equity International, an investor that focuses entirely on non-US real estate, is hoping to raise around $500 million (£338.46 million) for investment in Brazil.
The company said two-thirds of the money will be ploughed into the Brazilian residential and commercial property industries, with the rest going to other overseas markets, topping up the firm's total investment in the country to $2 billion, according to Bloomberg.
With rising incomes in the nation bearing an expanding middle-class demographic, Sam Zell is betting that recent interest rate increases will not overcome housing demand.
"Our enthusiasm for Brazil could not be higher," chief executive officer Gary Garrabrant said in a May 18th interview with the news provider. "You've got this local demand that's unparalleled."
Brazilian builders are inexpensive and the real estate industry in the country will benefit from policy changes, Mr Garrabrant continued.
One such political move, the My House, My Life scheme that funds low-income housing, will see two million more homes built by 2014, the information source reported.
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