Arab investors look to Brazilian real estate
Arab investors are channelling their capital into Brazilian real estate, according to new reports.
Tishman Speyer, a US real estate developer, is helping investors from the Middle East invest in the real estate by means of an established fund that accounts for $666 million (£333 million).
Capital in this fund comes from public and private pension funds, corporations, insurance companies, banks and persons of the US.
Investors will use the capital to seek investment opportunities in Sao Paulo, Rio de Janeiro and Belo Horizonte as well as Salvador, Brasilia and Porto Alegre.
Money will be invested into real estate projects over a two year period, one of which includes the acquisition of the Sul America building in downtown Rio de Janeiro, reports Brazilian Arab news agency ANBA.
The decision to channel funds into the Latin American country highlights a growth in the Brazilian economy, with a particular emphasis on its property market.
Property prices in the country are said to have increased by 20 per cent over the last five years and the nation has been tipped as being on the verge of a property boom.
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