CAIXA Selects Hines as Consultant for Porto Maravilha - Hines

CAIXA Selects Hines as Consultant for Porto Maravilha

(SÃO PAULO, BRAZIL) – 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 Maravilha REIT, 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.

Jorge Hereda, president of Caixa, commented, “Porto Maravilha is especially important because it is both an interesting investment opportunity and a chance to play a vital role in the most ambitious urban revitalization project in Brazil.”

Hines Brazil President Douglas Munro said, “Caixa had an amazing vision, and it is our privilege to assist in revitalizing a wonderful area of Rio for the benefit of REIT shareholders and, in fact, the entire city and country.”

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

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Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,192 properties representing more than 482 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments.

With offices in 110 cities in 18 countries, and controlled assets valued at approximately $22.9 billion, Hines is one of the largest real estate organizations in the world. Visit www.hines.com for more information.

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