BTG ‘aims to cash in on lucrative Brazilian property market’
Investment firm Banking and Trading Group (BTG) has bought a 50 per cent stake in a Sao Paulo parking facility company to take advantage of the "lucrative and booming" Brazil real estate market, it is reported.
BTG will make a cash payment for joint ownership of Allpark, the holding company which owns the Estapar car park, according to Reuters.
"It’s a strategic move that will allow both BTG and Estapar to grow into Brazil’s lucrative and booming real estate market, because our business is closely linked to city development in urban areas," Helio Cerqueira, an Allpark partner, told the news provider.
He said that prices for parking space have increased in the last few years close to double-digits, rising simultaneously with Brazilian property and real estate values.
Meanwhile, the Royal Institution of Chartered Surveyors’ Global Property Survey has found that the commercial real estate market in Brazil was one of the few in the world to see stable rents in the last quarter.
