11 December 2014
Brazil ‐ GIC, through its affiliate, has signed an agreement to acquire Eco Sapucai, an office building in Downtown Rio de Janeiro. The 86,060 sqm AAA office development project is currently under development by Hemisfério Sul Investimentos (HSI) and construction is expected to be completed in the first quarter of 2015. This is GIC’s first wholly owned investment in Latin America.
Eco Sapucai is designed by renowned Brazilian architect, Oscar Niemeyer. At delivery, it will be one of the highest quality buildings in the Rio de Janeiro market with floor plates of up to 5,000 sqm and one of the city´s best parking ratios. Additionally, the building is expected to be one the few in the city with LEED Gold, a green building certification program that recognises best‐in‐class building strategies and practices.
According to HSI’s founder and partner Maximo Lima, “The divestiture is a strategic part of the company’s plans. The transaction will deliver excellent results to our investors and allow us to focus on our performance in other properties, such as shopping centres, residential allotments, self‐ storage and hotels.”
Tia Miyamoto, Regional Head, Americas, GIC Real Estate said: “Eco Sapucai is a welcome addition to our global portfolio of best‐in‐class assets. It is a quality asset in a prime location. We believe strong demand for this first‐rate office property will translate into a stable income stream which suits GIC as a long‐term investor.”