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Goodman ends joint venture in Brazil

by Andrea Waitrovich

Goodman Group and WTorre have ended their operating platform joint venture in Brazil. The two firms agreed commercial terms to split their respective interests in the assets of their WTGoodman Brazilian joint venture.

“We acknowledge that Brazil is currently going through a difficult economic period, and we will maintain a prudent approach to investment. However, Goodman maintains its long-term commitment to the Brazilian market, given its growing middle class and the structural changes which are occurring in the logistics market,” said Danny Peeters, executive director of Goodman, in a statement.

Cushman & Wakefield predicts growth and activity recovery starting in mid-2017 for the Brazil market. GDP projections indicate 2016 will be similar to 2015: a volatile exchange rate, deteriorating inflation rate expectations and a disbelief in fiscal adjustments. The IMF has forecast Brazilian GDP growth in 2016 will be –3.5 percent.

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