Canada Pension Plan Investment Board and Cyrela’s $400 Million Joint Venture


Shearman & Sterling, Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga, Tauil & Chequer and Goodmans advised on the deal

Canada Pension Plan Investment Board (“CPPIB”) and Cyrela Commercial Properties S.A. (B3: CCPR3) (“CCP”) today announced the closing of a portfolio exchange transaction under which CPPIB has acquired a 33% interest in CCP’s office portfolio in Brazil and CCP has in turn acquired CPPIB’s 50% equity stake in their existing logistics joint venture, CCP Logística Empreendimentos Imobiliários S.A.

Further, CPPIB and CCP have jointly committed US$400 million to a newly formed joint venture that will focus on additional investments in top-tier office properties in Brazil.

The CCP office portfolio is among the largest in Brazil comprising 12 Class-A properties totalling 90,500 square metres (approximately 975,000 square feet) of leasable space. Predominantly located in São Paulo’s prime Faria Lima office district, the high-quality office properties are more than 90% leased, and anchored by a broad mix of strong tenants in financial and legal services.

Shearman & Sterling advised Cyrela Commercial Properties S.A. with Jonathan Kellner (Picture), Jeffrey Tate, Thomas Ayres and Filipe Lima.

Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga advised Cyrela Commercial Properties S.A. with Fernando Amendola, Andrea Bazzo Lauletta, Rossana Fernandes Duarte, Cristina Rangel Maciel, Juliana Katsue Motinaga Sato, Giovanna Camargo e Orru, Manoela Vargas Nunes Dias and Janaína de Cássia Gomes Vargas.

Tauil & Chequer advised Canada Pension Plan Investment Board with José Paulo Marzagão, Eduardo Gaban, Celso Grisi, Guilherme Vieira and Ludmila Braga.

In Canada, Goodmans advised CPPIB with Juli Morrow.

Involved fees earner: Fernando Amendola – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Cristina Rangel Maciel – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Juliana Katsue Motinaga Sato – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Giovanna Camargo e Orru – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Andréa Bazzo Lauletta – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Manoela Vargas Nunes Dias – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Rossana Fernandes Duarte – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Janaína de Cássia Gomes Vargas – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Juli Morrow – Goodmans; José Paulo Marzagão – Mayer & Brown; Ludmila Arruda Braga – Mayer & Brown; Eduardo Molan Gaban – Mayer & Brown; Celso Grisi – Mayer & Brown; Guilherme Vieira da Silva – Mayer & Brown; Jonathan Kellner – Shearman & Sterling; Filipe Lima – Shearman & Sterling; Jeffrey Tate – Shearman & Sterling;

Law Firms: Mattos Filho Veiga Filho Marrey Jr & Quiroga; Goodmans; Mayer & Brown; Shearman & Sterling;

Clients: Canada Pension Plan Investment Board; Cyrela Commercial Properties S.A.;

Author: Ambrogio Visconti.