H.I.G. Capital, a Miami-based global private equity investment firm managing $23 billion of equity capital, purchased Urbanity Corporate Center in São Paulo’s South Region for an undisclosed amount.
Urbanity Corporate, a AAA office building with 29,248 square meters (95,958 square feet) of space, is part of a recently completed mixed use complex developed by Even, which specializes in high-end residential, office and mixed use complexes in Brazil’s Southeast Region.
The acquisition “reflects our belief that the real estate sector in Brazil is set for a meaningful recovery,” said Fernando Marques Oliveira, head of H.I.G. Brazil and Latin America. “As such, H.I.G. is looking forward to committing a significant amount of capital to the sector, building on H.I.G.’s extensive local presence and relationships.”
Daniel Nader, head of H.I.G. Realty in Brazil, said the low volume of new office buildings expected to go up in São Paulo in the next few years made the purchase even more attractive. “The South Marginal Region in particular, where Urbanity is located, is benefiting substantially from the recent improvements in the infrastructure of the city,” he added.
Data show real estate on upswing
Recent data suggests the country’s real estate market is inching its way out of the recession doldrums, at least as far as residential units are concerned. São Paulo state saw 7,888 residential real estate sales in July, up from 7,197 in the year-ago month, according to local real estate body Secovi-SP.