The Rio de Janeiro office of Hines has announced the acquisition of Cargo Center Dutra II (CCDII), a four-building distribution facility within a 30-acre logistics park in suburban Rio de Janeiro, minutes from Rio's International Airport and in close proximity to the city's main arterial highways including Linha Vermelha, Avenida Brasil and Avenida Washington Luiz.
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Hines REIT buys logistics center in Rio de Janeiro
The property was purchased from Parso Participações Societárias Ltda., an entity affiliated with GB Armazens Gerais, a local industrial developer that also developed the property, by a joint venture between Hines CalPERS Brazil II (HCB II) fund and Hines Real Estate Investment Trust, Inc. (Hines REIT). Hines represented HCB II and Hines REIT in the transaction. Hines is the sponsor of Hines REIT, and is responsible for the management and leasing of its assets.
Designed by architect Gilberto Buffara, CCDII is comprised of four distinctive buildings totaling 693,000 rentable ft². The buildings were completed between 2001 and 2007 and have separate and secured entrances.
CCDII is 97% leased to multinational tenants including DHL and Unilever, as well as leading Brazilian logistics providers. It is considered a prime multi-tenant logistics facility in Rio de Janeiro due to its excellent location, above-market construction standard and efficient floor layouts.
"This acquisition marks the first Hines REIT acquisition outside of North America," said Hines REIT President Charles Hazen. "We are bullish on Brazil, which is the 9th largest economy in the world and is expected to experience significant growth as its middle class continues to expand."
Source: Hines
