GIC continues property shopping spree with Brazil office tower acquisition

This is its first wholly-owned investment in Latin America.

GIC’s is aggressively pushing through with its recent property shopping spree. Through an affiliate, Singpaore’s sovereign wealth fund has signed an agreement to acquire Eco Sapucai, an office building in Downtown Rio de Janeiro.

The 86,060 sqm AAA office development project is currently under development by Hemisfério Sul Investimentos(HSI) and construction is expected to be completed in the first quarter of 2015. This is GIC’s first wholly owned investment in Latin America.

Eco Sapucai is designed by renowned Brazilian architect, Oscar Niemeyer. At delivery, it will be one of the highest quality buildings in the Rio de Janeiro market with floor plates of up to 5,000 sqm and one of the city ́s best parking ratios.

Tia Miyamoto, Regional Head, Americas, GIC Real Estate said: "Eco Sapucai is a welcome addition to
our global portfolio of best‐in‐class assets. It is a quality asset in a prime location. We believe strong  demand for this first‐rate office property will translate into a stable income stream which suits GIC as a long‐term investor.”

GIC has recently invested in a number of properties, the most prominent of which is the $10.6b acquisition of Blackrock’s IndCor Properties.