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The São Paulo office of Hines, the international real estate firm, announced that it was selected by Caixa, Brazil's largest savings and loan bank, as consultant to the Porto Maravilha REIT, an investment fund set up to finance the redevelopment of the old docklands of Rio de Janeiro. After a long period of decay, the five million-square-meter (two-square-mile) port district is undergoing massive renewal in preparation for the 2014 FIFA World Cup and 2016 Olympic and Paralympic games.
Porto Maravilha, which translates to "wonderful port," is the world's largest urban redevelopment project. It includes demolition of a large section of the elevated coastal freeway, upgrades of local streets, sidewalks and public transportation, and construction of new architecturally significant buildings such as cultural centers, museums and parks.
Caixa's asset management department was in charge of the financial structuring and capital raising for the Porto MaravilhaREIT, which is now the largest real estate investment fund in Brazil, at R$ 3,5 billion (US$2 billion).
As the real estate consultant to the Porto Maravilha REIT, Hines will be responsible for evaluating all proposed new developments in the area. With Hines' financial and development expertise, the fund will also act as co-investor in private sector developments including office towers, hotels, retail and residential projects. The development period for the entire project is estimated to be 15 years.
Hines entered the Brazilian real estate market in 1998. Since then the firm has developed more than 15 million square feet of premier office, industrial and residential space in the country, and currently manages 9.5 million square feet there. Hines has operations in seven markets throughout Brazil, including São Paulo, Louveira and Embú (suburban São Paulo), Rio de Janeiro, Curitiba, Campinas and Manaus.
Fonte: CS della Società
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