October 14, 2019 / 10:19 PM / a month ago

BR Properties scoops up Sao Paulo towers for $186 mln

RIO DE JANEIRO, Oct 14 (Reuters) - Brazil’s BR Properties SA has agreed to buy part of a large mixed-use development in Sao Paulo for 766 million reais ($186 million), it said on Monday, underlining the recovery of Latin America’s largest corporate real estate market.

In a securities filing, the firm said it was purchasing one full tower in the Parque da Cidade complex and 30% of another tower, both owned by real estate investment firm Hemisferio Sul Investimentos.

The purchase will be formalized upon the completion of the towers, both of which are under construction. The Parque de Cidade complex, located in an affluent business district in southern Sao Paulo, includes residential and office space, as well as a shopping mall and an upscale hotel.

In recent years, several real estate firms have been hunting acquisitions in the region as vacancy rates come down following a prolonged recession.

$1 = 4.13 reais Reporting by Gram Slattery Editing by Bill Berkrot

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