GIC buys office building in Brazil

The Republic’s sovereign wealth fund GIC on Friday (Dec 12) announced an agreement to acquire Eco Sapucai in the Brazilian city of Rio de Janeiro – marking its first wholly-owned investment in Latin America.

The 86,060sqm AAA office is currently being developed by Hemisfério Sul Investimentos (HSI), and construction is expected to be completed in the first quarter of 2015, according to GIC’s press release. A GIC spokesperson declined to disclose the size of the investment.

When completed, Eco Sapucai will be one of the highest quality buildings in the city with a LEED Gold certification, which attests to a development’s best-in-class building strategies and practices, it added.

Regional Head of Americas for GIC Real Estate Tia Miyamoto said: “Eco Sapucai is a welcome addition to our global portfolio of best‐in‐class assets. We believe strong demand for this first‐rate office property will translate into a stable income stream, which suits GIC as a long‐term investor.”

Source : Channel NewsAsia – 12 Dec 2014

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