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Brazil Property News: Israeli real-estate giant buys in Brazil
30th May 2008 04:30
Israel's largest real-estate investment firm has just bought a multi-million dollar shopping centre, it has been reported.
Gazit Brasil – a subsidiary of Gazit-Globe – has paid $38 million (£19 million) for the centre, which is still under development in Caxias do Sul, according to Commercial Property News.
The company has paid $24 million up front and is set to invest another $14 million to complete the development.
People considering buying property in Brazil could be interested to hear that a global investment giant is doing exactly that, which suggests the country is ripe to buy in.
Michael Bar-Haim, the firm's chief executive, told the website his firm sees a "healthy pipeline of potential acquisition" in the country.
"In South America, Brazil is the largest and potentially most attractive retail market on the continent, and has also started to see increased penetration of foreign brand retailers," he added.
It was reported earlier in the week by Reuters that Singapore looked set to boost its state investments in the South American country.
For more information on Brazil property investment and to find out about uv10's latest projects, contact uv10 on 0845 643 1036 or email info@uv10.com or visit our website: http://www.uv10.com
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How to invest in Brazilian property
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