Brookfield to buy Brazilian offices for $590m and logistics firm for $7b
BR Properties S.A. has agreed to sell an office portfolio to Brookfield Asset Management, on behalf of Brookfield Strategic Real Estate Partners II, Brookfield’s latest global real estate fund. While the firm’s have not made an official statement, the sales price was approximately $590 million. The portfolio includes seven newly built office properties in Sao Paulo and Rio de Janeiro. Brookfield Strategic Real Estate Partners II launched this year with a $7 billion equity fundraising target. It is a global opportunistic fund that focuses on commercial properties. During 2014, BR Properties has been actively selling its assets. The firm sold a $1.42 billion portfolio to Singapore-based Global Logistic Properties. The portfolio consists of 34 assets in Brazil, totaling 13 million square feet of completed logistics assets. More than 86 percent of the portfolio is located in the primary logistics markets of Sao Paulo and Rio de Janeiro.