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Brookfield buys 2nd corporate building speculating the end of remote work

Canadian Brookfield reinforced its coins in the corporate buildings sector, despite current uncertainties about the duration of remote work and the future of post-pandemic work. The multinational has agreed with the construction company REM, owned by businessman Renato Mauro, to acquire a 70% stake in a corporate building built on the axis of Rua da Consolação and Alameda Jaú, less than 500 meters from Avenida Paulista, in the capital. The high standard development will have 25,000 sq metres of gross leasable area (GLA) and will be ready in 2025. The transaction amount hasn't been disclosed.

This is the second project acquired by Brookfield since the beginning of the pandemic, a sign of confidence in the sector. Last year, the group acquired the high standard office complex and convenience centre called O Parque from the construction company Gamaro, with 22,000 sq metres around Shopping Morumbi. The work is scheduled to be completed in 2022.

With these acquisitions, Brookfield accumulates four projects under development in its portfolio, totalling 120 thousand sq metres. It represents R$ 2 billion of assets under projected management – how much these assets will be worth once they are ready.

The Canadian company is also building an office building on Rua da Consolação in partnership with Fibra Experts' construction company, which will be delivered next year. Another investment is a custom-made building in Vila Leopoldina to house the WPP Group, a multinational in advertising. Brookfield's buildings in operation total 290 million sq metres of GLA – one of the largest portfolios in the country.

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