Corporate Profile

Cyrela Commercial Properties S.A. Empreendimentos e Participações (CCP) is a leading Brazilian Company of real estate acquisition, lease, sales, development and operation. The Company focuses in the segments of high-end corporate buildings and shopping malls, with investments mainly in the states of São Paulo, Rio de Janeiro, and is part of projects located in Minas Gerais, Goiás and Bahia.

With over 16 years of experience in the segment, CCP is the result of the spin-off in 2007 of the activities related to commercial real estate of Cyrela Brazil Realty.

The Company has knowledge and experience in several technical aspects of performance and occupation, which leads to assets with a high standard of quality and sophistication, helping the Company to consistently achieve occupancy rates higher than those verified in the market.

Currently, CCP has around 231,000 sqm in leasing areas under its operation.

In the segments of Triple A and Class A Corporate Buildings, the Company’s portfolio includes 14 operating properties, totaling a leasing area of around 90,000 square meters, held exclusively by CCP.

CCP is part of 7 ventures in shopping malls, directly managing 6 of them, which total around 142,000 square meters of ABL under its operation.

 

 

History

CCP was established as a spin-off from Cyrela on April 11, 2007. Cyrela, in turn, was formed with the merger of the Cyrela Group into Brazil Realty. The former controller of the companies of the Cyrela Group, established in 1962, was dedicated exclusively to the activity of developing residential buildings and office suites in office buildings, and subcontracted the construction and sale of the projects. Brazil Realty was established in 1994 as a joint venture between Cyrela’s controlling shareholder and IRSA, with the purpose of building and leasing high quality office buildings.

As a result of the spin-off, Cyrela transferred its assets that included activities related to the development and acquisition of office buildings and shopping centers, as well as the management services of these properties, to CCP. Each Cyrela shareholder received one share issued by CCP for each share held in Cyrela. The appraisal that was the basis for the transaction was prepared by Terco Grant Thornton. It appraised the spun off amount at R$228.2 million, equivalent to 11.7% of Cyrela’s net worth.

Milestones

2008

  • Formation of a partnership (50%-50% joint venture) with the American multinational AMB Property.
  • Formation of a partnership with the multinational Prologis Inc.
  • Adhesion to the United Nations Global Pact.

2009

  • Alpine Woods Capital Investors LLC acquire 5.0% of the total common shares of CCP.
  • Announcement of a joint venture with global financial leaders to invest in the commercial real estate market in Brazil
  • Announcement of the acquisition of land for the future development of a Shopping Mall in São Paulo.

2010

  • Announcement of the 1st Issue of Debentures
  • Development of the Logistics Park in São Paulo in partnership with AMB Property Corporation.
  • Announcement of the partnership with BRMalls to develop the Shopping Estação BH mall.
  • Acquisition of land to expand the Logistics Park in Cajamar.
  • Acquisition of 7,500 m² of land along Avenida Faria Lima in São Paulo.
  • Approval and launch of the Shopping Metropolitano Barra mall project.
  • Increase in the Company’s stake in the Torre Matarazzo project.
  • Development of the Logistics Park in the State of Rio de Janeiro (Rodovia Presidente Dutra).
  • Development of the Logistics Park in the State of São Paulo (Jundiaí).
  • Announcement of the partnership with Aliansce Shopping Centers S.A. for the development of the Parque Shopping Belém mall.

2011

  • Delivery of the Logistics Park in Cajamar.

2012

  • Announcement of the 2nd Issue of Debentures.
  • Opening of the Parque Shopping Belém mall.
  • Development of the Shopping Center mall in Goiânia.
  • Opening of the Shopping Estação BH mall.
  • Sale of the Matarazzo Corporate Tower.
  • Opening of the Shopping Grand Plaza mall expansion, in Santo André, São Paulo.
  • Delivery, leasing and partial sale of the Cajamar Industrial Park, in Cajamar (SP).
  • Sale of the Company’s stake in “CEO Offices” to a Real Estate Investment Fund.

2013

  • Delivery, leasing and partial sale of the Jundiaí Industrial Park, in Jundiaí (SP).
  • Announcement of the 3rd Issue of Debentures.
  • Announcement of the 4th Issue of Debentures.
  • Acquisition of the additional 50% in the Shopping Cidade São Paulo mall.
  • Announcement of the 5th Issue of Debentures.
  • Delivery of CEO – Corporate Executive Offices in Rio de Janeiro (RJ).
  • Opening of the Shopping Metropolitano Barra mall, in Rio de Janeiro (RJ).
  • Opening of the Tietê Plaza Shopping mall in São Paulo (SP).

2014

  • Announcement of the 6th Issue of Debentures.
  • Increase in Shopping Cerrado’s interest
  • Completion of the Thera Corporate construction
  • Announcement of Gasômetro Project.
  • Stand-by Letter of Credit.

2015

  • Inauguration of Shopping Cidade São Paulo: 17,500 sqm of Gross Leasable Area and 160 stores.
  • Building Leasings: Thera Office Occupancy – 86.3% and Conclusion of the CEO South Tower project leasing.
  • Capital increase of R$400 MM.
  • Sale of assets: CENESP Building – R$15 MM, Agência Rio de Janeiro project – R$17 MM and Thera Corporate – R$236 MM (Concluded in 1Q16).

2016

  • Sale of the Thera Corporate project, located in São Paulo
  • Delivery of Blocks 3100 and 3200 of the Prologis CCP Cajamar III project and Blocks 100 and 200 of the Prologis CCP Caxias project.
  • Inauguration of Shopping Cerrado.
  • Sale of Tamboré III Industrial Park
  • Issue of R$150 million in Commercial Papers
  • 7th and 8th Debenture Issue

2017

  • Delivery and Lease of the Miss Silvia Morizono Building
  • Issue of R$135 million in Commercial Papers
  • Prologis and CPPIB transactions
  • Sale of the Logistic Warehouses portfolio
  • Sale of Parque Industrial Tamboré I
  • Prepayment of R$730 million in debt
  • Payment of R$345 million in dividends

2018

  • 9th Issue of Debentures
  • Pre-payment of the 1st Promissory Note and of the 6th Issue of Debentures
  • Sale of ‘Parque Shopping Belém’
  • Sale of ‘Parque Logístico Tamboré II’

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