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Standard Life: Calling time on Brazil property

Posted on 28 March 2013

The sale of two office buildings in central São Paulo may sound like a rather insignificant event in the scale of things. However, Standard Life’s decision to sell the two properties, marking an exit of the British insurer’s real estate fund from Brazil, could be a bad omen for the country’s property market.
Standard Life Investments Select Property Fund said on Wednesday it had sold its two remaining assets – Madison Building in Vila Olímpia and Bela Paulista Building on Avenida Paulista – for a combined total of R$181m ($90m) to a domestic fund manager………………………………………..Full Article: Source


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