Hines to Open 2 Logistics Parks in Brazil
- Apr 23, 2008
The São Paulo office of Hines has announced the start of a Brazilian investment program to acquire or develop strategically located logistics parks on major highway intersections in various cities to serve the needs of logistics and transportation clients. Currently, the firm has five logistics parks underway or completed in Louveira, Araucaria, Rio, Embu and Manaus. Hines plans to develop an additional 14 parks over the course of the next three years. Hines has just has broken ground on two: Louveira Swans Industrial Park and Cajamar Distribution Park, two speculative modular warehousing projects in Louveira, a suburb of São Paulo.The one-story, 1 million-square-foot Louveira Swans Industrial Park, which is situated on a 2.4 million-square-foot site, will be an expansion of the existing Louveira Distribution Park. The project will be constructed in three phases and is slated for completion in December 2009. Cajamar Distribution Park will contain 1.1 million square feet in one level. The property sits on a 3.4-million-square-foot site on the Anhanguera Highway, near the São Paulo Ring Road, a highway system that surrounds the city’s perimeter. The project will be constructed in two phases and has a December 2009 completion date. Funding for the projects will be provided by Hines and the California Public Employees’ Retirement System (CalPERS), through their Hines CalPERS Brazil Fund II (HCB II). The HCB II Fund is an investment vehicle organized by Hines and to invest primarily in Brazil’s office, industrial and residential markets, with the option of extending its reach to Argentina and Chile.Hines entered the Brazilian real estate market in 1998. Since then the firm has developed more than 12 million square feet of office, industrial and residential space in the country, and currently manages 9.5 million square feet there.