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Starwood Capital Invests $156M in Brazil Industrial

SAO PAOLO, BRAZIL-The Greenwich, CT-based firm has acquired a 33%-stake in MRV Logistica, with a plan for 10 million square feet of new industrial development in the country.

By Robert Carr | Updated on July 19, 2011

SAO PAOLO, BRAZIL-Greenwich, CT-based Starwood Capital Group is investing about $156 million to acquire a 33% stake in the commercial real estate branch of locally based MRV Engenhana e Participacoes SA, a publicly traded low-income homebuilder. The MRV Logistica currently is funding a $478-million plan to develop 10 million square feet of industrial properties in Brazil.

MRV Logistica historically focuses on industrial, but also will take on retail and office on an opportunistic basis. The other shareholders of MRV Logistica are contributing about $64 million to the development fund, which has already delivered or is in development on about 1.5 million square feet of the 10 million square feet planned. Rubens Menin, chairman and CEO of the commercial MRV firm, said in a statement that there is a huge pent-up demand for industrial space in his country.

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