Monday, March 09, 2020

Odebrecht and WTorre negotiate mega real estate project on Carrefour land

The residential construction company OR (formerly Odebrecht Realizações Imobiliárias) is about to sell to WTorre the project of a mega real estate complex on the Carrefour site in Marginal Pinheiros, south of São Paulo. Already approved in the city hall, the project includes three towers – one corporate, one residential of high standard and one of mixed use – with an estimated total sales value of R$ 1.3 billion. Lawyers and executives of the companies are poring over the paperwork and are expected to sign the transaction soon. Society. Without financial breath, Odebrecht will move the project forward and receive around R$ 50 million. Other partners remain in the business, such as Roberto Fulcherberguer (president of Via Varejo) and the Zaffari family (of the supermarket chain), who years ago invested in Certificates of Additional Construction Potential (Cepacs), in exchange for a stake. It took a while to walk. The project has been approved since 2017, but has not left the role due to the national crisis that has hit the real estate market. Now, the recovery of the sector has once again piqued the interest of entrepreneurs. Other groups even evaluated the project, but gave up on moving forward due to high construction costs. The new owner will be committed to erecting a shopping center to house a refurbished Carrefour store, which does not agree to interrupt its on-site sales. Only after that, the current store can be demolished for the construction of the other buildings. WTorre already has ongoing talks with potential partners to erect the other buildings, and construction is expected to begin within two years. Sought, the OR did not comment on the matter. WTorre and Carrefour did not respond until this report was published.
O Estado de S.Paulo - 06/03/2020 News Item translated automatically
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