New York-based GoldenTree InSite Partners has sold 70% of E-Office building, condominium project in Sao Paulo, Brazil, to local investors. The 25-story building is in the Berrini area of the city.
Brazilians tend to gravitate toward hard assets like real estate during economic slowdowns. "Brazilians live in this place that’s had hyperinflation and other economic crises, much more so than the U.S., so they’re kind of ‘been there done that,’" said Tom Shapiro, president. "They tend to not be stock market investors, and when the market starts going bad they tend to go to hard assets." He declined to disclose pricing.
For Brazilians with currency offshore, this is a good time to convert from dollars to reals and buy hard assets, Shapiro said. "The problem with Brazil is not Brazil. It’s other countries that affect Brazil like China and the U.S. - when China doesn’t need as much iron ore, that affects Brazil," he added.
More stories from Real estate finance and investment