Cookie Error:

Cookies deactivated. To use all functions on this portal, for example the login, Cookies must be activated. Please activate Cookies in your browser settings.

News » UK
    Print Print 

Standard Life sells the Alana II Building in São Paulo

Standard Life Investments has announced that its Select Property Fund has sold the Alana II Building in São Paulo, Brazil for £11.60 million. The multi-let office property has been purchased by a Brazilian wealth management family. The Select Property Fund has achieved a GBP capital profit on investment of +41.4% over the 2.5 years it has held the building.Acquired in October 2009 the 13 storey office building was Select Property’s first Brazilian office acquisition. Following purchase a substantial refurbishment was undertaken leading to the building becoming fully let in August 2011 to high quality tenants. Throughout the Fund’s ownership, the average rental rate in the building has increased by 79%.

Commenting on the sale, Andre...[…]