US-based Goldentree Insite Partners and Brazil’s Yuny have announced a 300 million reais (US$187 million) extension to their joint venture for real estate development in Brazil.
The extension was agreed on 6 June, and expands an initial JV set up in May. The relationship’s total value is now 500 million reais (US$312 million).
Gabriel Kuznietz, a partner at Demarest e Almeida Advogados and counsel to Goldentree, says, "Both parties closed in the last 10 months three JVs for an amount of 700 million reais. Those transactions demonstrate that both parties have the capability and the expertise to move fast in a very competitive real estate market.”
The venture is part of Goldentree’s long-term investment into Brazil’s real estate sector. The first two projects are office developments in Sao Paulo's Faria Lima commerical district, worth a total of around US$150 million.
In addition to the extension, the joint venture is planning five additional development projects as part of the strategic alliance in Brazilian real estate. The venture, which all together are targeted to generate total sales proceeds in excess of 1.2 billion reais.
Counsel to Goldentree Insite Partners
In-house counsel - Natália Campos Carneiro de Souza
Demarest e Almeida Advogados
Partner Plínio Ando Yoshiyasu and associates Gabriel Ricardo Kuznietz, Larissa Muniz Sgarbi and Danielle Christine Tubert
Counsel to Yuny Incorporadora
Machado, Meyer, Sendacz e Opice Advogados
Partner Antonio de Souza Corrêa Meyer and associates Luiz Felipe Costa, Artur Fernandes Andrezo, Pedro Darahem Mafud and Juliana Bastianello Baldin
(Latin Lawyer 27.06.2008)
