Forbes reports that New York-based real estate investment firm GTIS Partners (Golden Tree InSite Partners) has brought in a total of $810.2 million from 24 institutional investors to put toward real estate projects in São Paulo and Rio de Janeiro states. The GTIS Brazil Real Estate Fund II closed on February 24 and it includes many of the same investors that bought into GTIS Brazil Real Estate Fund I, which raised $510 million in 2008-2009.

This latest fund has spent about 30 percent of its commitments on a warehouse and residential project in São Paulo and on one new office building (pictured below). GTIS is also planning to build about 400,000sf of Class A office space near Rio’s port at an expected cost of $150 million and more projects are in the planning phase. According to Tom Shapiro, president and founder of GTIS, the firm is offering its investors cap rates beyond 16 percent.

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Last Updated on March 22, 2012 by Ramin Seddiq