Golden Square Shopping Mall
Squarestone successfully concluded a major joint venture with Ancar Ivanhoe (Ivanhoe Cambridge Brazil) for its Golden Square shopping mall in São Bernardo do Campo for $135 million. Cushman & Wakefield acted on behalf of Squarestone.
Findings from Cushman & Wakefield’s International Investment Atlas 2013 revealed that the global property investment market is estimated to be more robust in 2013, with a 14% increase in activity to reach more than US$1 trillion for the first time since 2007, with a modest boost to values from yield compression and rental growth for the best stock.
The Squarestone Brasil transaction is an excellent example of this trend, which is driving a dramatic new phase of globalization.The successful outcome is testament to our local knowledge of the São Paulo and Latin American markets, where we are the largest player, coupled with our in-depth knowledge of global retail, access to global capital markets and strong client relationships. Ancar Ivanhoe will invest $126 million into the development project in return for a 73.2% stake in the project.