Cyrela Brazil Realty – one of the largest residential property developers in the Brazilian real estate market, Canada Pension Plan Investment Board – a professional investment management organisation and Build to Rent operator – Greystar Real Estate Partners have announced a partnership with real estate developer SKR to develop, own and operate a purpose-built multifamily project in the Pinheiros/Rebouças district of São Paulo. The scheme is expected to be delivered in 2023.
“It’s an opportunity and privilege to be part of a venture with global partners such as Cyrela, Greystar and CPP Investments, recognised experts in developing and managing institutionally owned rental residential buildings.
“I am certain that this will be the start of a solid partnership that will promote the development of several projects catered to this new growing asset class and demand from the Brazilian residential market, which is in constant transformation. A venture of this magnitude consolidates our position and relevance within the Brazilian competitive landscape.”Silvio Kozuchowicz, Founder, SKR
The new 220-unit high-rise multifamily scheme will be centrally located and will provide a signature community lifestyle. The project will add an iconic building design to the São Paulo skyline. The property was designed by Brazilian architect Angelo Bucci of SPBR Arquitetos, with inspiration from local materials and architectural features – such as exposed concrete, natural hardwoods and Portuguese mosaic stones.
The building will have two entrances: one with more urban characteristics, facing the bustling Avenida Rebouças, and another more private entrance on Rua dos Pinheiros. Paying homage to the cosmopolitan life of the neighbourhood. The multifamily scheme will include amenities such as resident lounges designed to integrate with Greystar’s operations, and offer a unique and premier lifestyle experience. There will also be a state-of-the-art gym, common areas, co-working lounges, a dedicated podcast room, a rooftop pool with a bar and lounge, a world-class restaurant and retail shops.
“CPP Investments continues to see increasing demand in the rental multifamily sector in Brazil, which will particularly benefit developers of modern, high-quality residential space. We are pleased to venture with SKR on this project and we look forward to expanding our purpose-built multifamily portfolio in Brazil.”Hilary Spann, Managing Director, Head of Real Estate Americas, CPP Investments
The partnership is unique in being one of the first institutionally owned and operated multifamily real estate investment platforms in Brazil – which is experiencing a confluence of consumer behaviour and demographic trends, as well as structurally lower interest rates, that will continue to make this an attractive investment in Brazil over the coming years and beyond.
“We could not be more pleased in announcing SKR’s contribution to our partnership with CPP Investments and Cyrela. Silvio is a true visionary in Brazil’s residential development market. SKR’s unmatched development expertise will significantly contribute to our growing portfolio of best-in-class, purpose-built and professionally managed rental residential buildings.”Tom Livelli, Managing Director of South America, Greystar