Hines joint Vitacon in Brazil aiming real estate market prominent recovery

SAO PAULO, Feb. 8, 2017 /PRNewswire/ -- Vitacon, one of the main real estate developer in Brazil, has just consolidated a joint venture with Hines. The total investment sums up to R$800 millions. The joint venture aims to develop a portfolio of VGV of R$1.5 billions. Vitacon will be responsible for the portfolio's development, management and sales.

Regarding the operation, Alexandre Lafer Frankel, Vitacon's CEO, states that "This  joint venture represents an important framework for our company. With governance and transparency we can become greater and far more profitable than companies listed in the stock market(plc), yet abiding by the  market cycles. The projects will join both Vitacon's DNA with Hines' real estate expertise. By so, we will reinvent urban living."

Together with Deloitte's auditing and highest corporate governance and  levels, VITACON S.A. branches out with Vitacon Capital, aimed at raising international capital for new projects, mainly in the residential rental market segment. "We are in talks with international private equity funds to take advantage of the current Brazilian GDP's recovery period and local sharp drop in interest rates".

For Antonio Ferreira, Hines' CEO in Brazil, "This operation with Vitacon consolidates Hines' stake in the residential market, by investing in well located high-end developments".

Vitacon is a role model in reinventing urban life in Brazil. So more than a real estate company, Vitacon has an innovative vision of how to improve people's lives in the city - "We are a proptech ready to revolutionize the way people live"- says Alexandre. The company created a mobility concept, promoting smart residential properties near work and public transportation optimizing the day to day, providing convenience and being innovative with a revolutionary design.

VITACON is a pioneer in innovations such as the 14m2 apartment, the shared car, co-working, shared apartment and service-apps present in all the real estate developments. The company has already delivered more than 7 thousand units with its 40 developments, netting in R$3 Billion worth of sales in just 7 years.

VITACON INCORPORADORA E CONSTRUTORA : +55 11 3588 4700

SOURCE Vitacon