Brazil’s Cyrela eyes asset swap with Canadian public pension fund

Jan 24 Brazil’s Cyrela Commercial Properties SA is in talks with Canada Pension Plan Investment Board for a potential asset swap and joint ventures to invest up to $400 million in new commercial office space. Cyrela said in a securities filing on Tuesday that it had signed a non-binding agreement regarding the transfer of a 33 percent equity stake in its office buildings in exchange for CPPIB’s 25 percent stake in Cyrela’s warehouse business.