SAO PAOLO, BRAZIL-A partnership of Hines and the California Public Employees’ Retirement System has closed a $270 million fund for the development of office, residential and industrial projects throughout the country. The nine projects netted a $60 million profit for the firms, and the partnership plans to announce another venture in the third quarter.

Starting in 2005, the HCB LP I Fund developed, operated and sold two office buildings, three residential complexes and four logistics projects here and in Rio de Janeiro and Curitiba. The list includes the 167,000-square-foot Castelo office complex in Rio. The venture invested $100 million in equity and brought in $160 million.

Steve Dolman, VP and fund manager for Hines, tells GlobeSt.com that Brazil’s improved economy, growing middle class and favorable demand for shopping centers, warehouses, offices and residential benefited the partnership. “We were one of the first institutions to take advantage of the internal growth in the economy and consumer demands,” Dolman says. “We feel that the economic fundamentals of Brazil continue to be buoyant and robust.”