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Prologis to Buy Cyrela’s Share in Brazilian Partnership

The joint venture currently owns and operates 8.8 million square feet of logistics space in the Sao Paulo and Rio de Janeiro markets.

Exterior of warehouse in Sao Paulo A warehouse within the Prologis CCP Cajamar I logistics park in Sao Paulo.

SAN FRANCISCO—Prologis Inc. said Tuesday it had agreed to buy out Cyrela Commercial Properties’ share of a Brazilian joint venture between the two companies. Currently known as Prologis CCP, the JV on Prologis’ Brazilian portfolio will be renamed Prologis Brazil when the logistics giant completes the R$1.2-billion (US$362-million) acquisition of Cyrela’s share.

At present, the JV owns and operates 8.8 million square feet of logistics space in the Sao Paulo and Rio de Janeiro markets. The two companies established the venture in 2008.

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Paul Bubny

Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.

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