China’s Fosun buys office property in Brazil for $140.1m

A company logo of Fosun International is seen at the Fosun Fair held alongside the annual general meeting of the Chinese conglomerate in Hong Kong, China May 28, 2015. REUTERS/Bobby Yip/File Photo

China-based Fosun Group has struck its second major deal in Brazil with the purchase of the Torre Sucupira, an office building in Sao Paulo, for $140.1 million (R$440 million) .

The deal follows Fosun’s purchase of Brazilian fund manager Rio Bravo Investimentos last year.

Torre Sucupira is one the property portfolio of private equity fund managed by HSI Investimentos, which in February 2016 paid R$270 million for the building, previously owned by Saul Klein and developed by Odebrecht, the Brazil Journal reported.

Located a few meters from Morumbi Shopping and Market Place Shopping, the Sucupira Tower is a corporate AAA building with 36,602 m² of GLA divided into 24 floors. In its five basements, the building offers 1,001 parking spaces.

The Parque da Cidade complex, where the tower is located, has a large green area and modern solutions focused on sustainability, which qualified the venture to the LEED-ND certification program.

Fosun last February attempted to buy a large real estate asset in São Paulo, the Tower Bridge Corporate located in the Berrini region for $703 million, but the real estate fund shareholders who control the building rejected the offer.

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