- What CPP Investments has formed a joint venture with Cyrela Brazil Realty
- Why The firms will partner on residential condominium projects in São Paulo
- What next The investment vehicle aims to raise $400m
The Canada Pension Plan Investment Board signed a joint-venture agreement with Cyrela Brazil Realty to develop residential condominiums in São Paulo.
The vehicle aims to raise $400m on an equal partnership basis and is targeting more than $1.4bn of condominium sales over the next several years.
Cyrela’s fund management subsidiary, Cy.Capital, will manage the investment vehicle.
The agreement extends a partnership formed between CPP Investments and Cyrela in 2019 to develop multifamily properties for the middle- to high-income market segment in São Paulo. CPP held an 80% interest, with the Brazilian developer holding the remaining 20%.
The partnership expanded in 2020 to include Greystar Real Estate Partners.
In 2021, CPP Investments, Cyrela and Greystar partnered with Brazilian developer SKR to develop the 220-unit Ayra Pinheiros, a purpose-built multifamily rental project in the Pinheiros district of São Paulo. The property was completed in 2023.
