Canada Pension Plan Investment Board (CPP Investments), Greystar Real Estate Partners and Cyrela Brazil Realty have created a Brazilian multifamily development venture with SKR.

The partnership will own and operate a purpose-built 220-unit rental multifamily project in the Pinheiros/Rebouças district of São Paulo expected to be delivered in 2023, making it the first institutionally-owned and operated multifamily platform in Brazil.

Hilary Spann, managing director and CPP Investments Americas real estate head, said: “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.”

In September last year, Greystar marked its entry into the Brazilian rental housing market by joining CPP Investments and Cyrela’s existing partnership formed a year earlier to develop a portfolio of residential properties in the southeast region of Brazil.

At the time, Greystar said it joined the duo to develop a portfolio of rental housing assets across São Paulo.

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