Canada Pension Plan Investment Board signed a non-binding agreement to acquire 33.43% stake in office portfolio in Brazil from Cyrela Commercial Properties S.A. Empreendimentos e Participações.
January 24, 2017
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Canada Pension Plan Investment Board signed a non-binding agreement to acquire 33.43% stake in office portfolio in Brazil from Cyrela Commercial Properties S.A. Empreendimentos e Participações (BOVESPA:CCPR3) on January 24, 2017. Cyrela Commercial Properties will transfer 33.43% stake in office buildings in exchange for Canada Pension Plan Investment Board's 50% stake in CCP Logística Empreendimentos Imobiliários S.A.. In a related transaction, Cyrela entered into non-binding agreement to sell a 50% stake in its warehouse business to Prologis Inc. The closing of each deal is conditional on the completion of the other. The transactions are also subject to approval by Brazilian antitrust agency (CADE), completion of corporate reorganizations and a debt restructuring, the negotiation and execution of the definitive agreements, the obtainment of the necessary respective corporate approvals of the parties and shareholder approval. As of July 26, 2017, the deal was approved by CADE. Thomas Ayres, Jonathan E.Kellner and Jeffrey Tate of Shearman & Sterling acted as legal advisor to Cyrela Commercial Properties S.A.
SYN prop e tech SA, formerly known as Cyrela Commercial Properties SA Empreendimentos e Participacoes, is a Brazil-based company involved in the real estate sector. The Company focuses on the development, trade and management of commercial properties in Brazil. Its activities are divided into five business segments: Commercial Buildings, which consists of the sale and leasing of completed office properties; Real Estate Development, which is involved in the sale of office units under construction; Warehouses, which offers leasing of industrial warehouses; Shopping malls, which is responsible for the lease of stores in shopping malls; and Services, which provides management of shopping malls and parking lots, as well as development of properties. The Company owns a number of subsidiaries, such as Aquarius Empreendimentos e Participacoes Ltda, Millennium de Investimentos Imobiliarios Ltda and Miconia Empreendimentos Imobiliarios Ltda, among others.
Canada Pension Plan Investment Board signed a non-binding agreement to acquire 33.43% stake in office portfolio in Brazil from Cyrela Commercial Properties S.A. Empreendimentos e Participações.
SYN PROP & TECH S.A. 
