JFL will invest around R$ 350 million in the growing residential rental market

Estadão – Economia

The São Paulo developer JFL is investing around R$ 350 million in the construction of two new residences whose apartments will be placed for lease. The development of residential buildings for rent is a big market in the United States and Europe and has recently become a reality in Brazil, thanks to the drop in interest rates. Companies like Luggo (from the MRV group), Cyrela, SKR and Vitacon have also started to invest in this sector, in the last two to three years.

The developer JFL belongs to the entrepreneurs Jorge Felipe Lemann – who has made a career in brokerage since the 90s (and is the son of billionaire Jorge Paulo Lemann, owner of the brewery Ab InBev) – and Carolina Burg Terpins, a real estate executive who has passed through Brookfield , Rossi, Klabin Segall and Braskem.

With the two new projects, JFL reaches a total of nine in the residential rental segment. One of the newly acquired land is on the corner of Alameda Lorena and Rua da Consolação, in Jardins, and will consist of two towers, one of which is Tecnisa (which should sell the units). Another is on Rua General Menna Barreto near Avenida São Gabriel, a few minutes from Ibirapuera.

After they are ready and generating rental income, the projects will have stakes sold to the real estate fund JFL Living, which concluded its fundraising of R$ 150 million at the turn of the year. About 40% of the shares were held by funds under the management of Credit Suisse Hedging Griffo. JFL Living already has two buildings in operation and which still has its own developer as a partner.

Circe Bonatelli