Brazillian newspaper Gazeta Mercantil reports that Brazilian real estate company WTorre has created a new division to pursue sale and leaseback investments totalling R$1billion over the next three years. Properties will include offices, industrial facilities, distribution centers and stores occupied by large corporations.
The new division was created in 2005 when Brazillian banks started to sell off property assets. Last year the Pao de Acucar chain sold a total of 28 hypermarkets and 32 supermarkets for R$1,29billion to an investment fund owned by businessman Abilio Diniz. WTorre has already negotiated three acquisition contracts with multinationals valued at R$400mil including one valued at R$200mil for eight industrial facilities leased back for a term of 50 years.
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Wednesday, May 31, 2006
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