In early 2007, we teamed up with our good friend and F15 partner, James
Morse, to start looking at the Brazilian property market. We were initially
attracted to this market by the growth and increased economic stability
witnessed in Brazil in recent years, resulting in an emerging middle
class with expendable incomes.
After several months of research, we
became convinced that the retail sector offered us
the best opportunity.
Following this decision, James relocated to São Paulo on a permanent
basis and we created a strong relationship with a local partner Claudio
Politi. Claudio has over 25 years of experience of planning and developing
retail projects in Brazil and his skill and reputation has enabled us
to effectively enter the market.
To date we have three projects in the retail sector and one in
distribution. We purchased our first asset, the Bonsucesso Shopping Mall in São Paulo,
in March 2008 we have extended this from 17,000
sq m to 25,000 sq m.
The scale of this opportunity is such that we anticipate having a long-term
presence in Brazil.
