Standard Life Investments, the global fund manager, has announced on behalf of its Select Property Fund, that the Alana II building in Brazil is now fully let to a range of high quality tenants.
Purchased in October 2009, the Alana II building is a 13-story office property located in Berrini, one of Sao Paulo's most established office locations.
The recent letting campaign by Standard Life Investments' Brazilian partner, Eccelera and real estate consultancy, CBRE, follows a major refurbishment. Earlier this year, Eccelera and CBRE were successful in fully letting the Bela Paulista Building, also located in Sao Paulo. The recent lettings at Alana II mean that the Select Property Fund has achieved 100% occupancy across its portfolio of three office buildings in Sao Paulo.
Andrew Jackson, Manager of the Select Property Fund, Standard Life Investments, said: "Our strategy for the Fund three years ago was to access, and benefit from, Brazil's strong economic growth. With our Brazilian partner, Eccelera, we have now allocated 10% of the Fund's total assets to Brazil.
"Our strategy of investing in and developing properties in core office locations has borne fruits with the Brazilian portfolio now fully let, reflecting the strength of occupier demand in Brazil.
"This combination of economic growth, asset management and muted supply of new office space has resulted in the Brazilian portfolio providing the strongest returns amongst the Fund's global portfolio".
The first of its kind in the marketplace, the Select Property Fund offers both institutional and retail investors in the UK access to global property markets. The £600-million fund accesses commercial property markets via direct investment, unquoted specialist property products and stock exchange listed property vehicles globally.
Source: Standard Life Investments