Monday, November 18, 2019

Cyrela will invest R $ 1 bi in commercial real estate

After strengthening the cash with the stock offering on the stock exchange this month, Cyrela Commercial Properties (CCP), by entrepreneur Elie Horn, prepares to close business and expand the portfolio. The order for the company's management is to invest R$ 1 billion in commercial real estate in 2020. The first step begins with the construction of a logistics shed of 120,000 square meters of gross lytable area (GLA) in the vicinity of the Presidente Dutra Highway, one of the axles of greatest demand for freight distribution centers in the country. The project will mark the return of the CCP to the shedsector sector, in which it had not been operating since the sale of this area to Prologis in 2017. In addition, Cyrela intends to buy corporate buildings in the state capital. The CCP can also evaluate the purchase of shopping malls, although this class of enterprises is not the priority at the moment. The company is already a partner of six units, such as Tietê Plaza, Shopping D and Cidade São Paulo. The values of the new corporate building rental contracts in the third quarter were 15.6% higher than a year ago, which indicates the sector's reheating, given the approval of pension reform and the recovery of the economy, albeit slow.
O Estado de S.Paulo - 17/11/2019 News Item translated automatically
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