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Starwood makes investment in Brazilian property developer

Date added: 19th July, 2011 at 10:10
(view all articles from July, 2011)

Categories: Property News

Private investment firm Starwood Capital Group has acquired a stake in the commercial real estate arm of Brazilian property developer MRV Engenharia e Participacoes.

MRV Log concentrates on retail, industrial and office buildings, which it constructs and leases out.

Starwood has promised an investment of 250 million reais (£98.85 million) in the arm, the market value of which will jump to 750 million reais.

"MRV believes that industrial real estate presents a tremendous opportunity in Brazil with huge pent up demand," chairman and chief executive officer of the developer Rubens Menin said.

Chairman and chief executive officer of Starwood Barry Sternlicht also seemed confident about the Brazilian property sector, saying: "We remain bullish on the market's fundamentals."

The company's investment will buy 33 per cent of MRV Log and the proceeds of the acquisition, alongside money from existing shareholders, will be used to complete around ten million square feet of commercial real estate.

BR Properties, another developer in Brazil, recently sold 40.25 million shares and will direct the money raised toward acquiring new business buildings, according to Reuters.

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