SOURCE: Camargo Correa Desenvolvimento Imobiliario

Camargo Correa Desenvolvimento Imobiliario

December 23, 2009 08:12 ET

CCDI Announces the Sale of the Second Phase of Ventura Corporate Towers for R$247.0 Million

SAO PAULO, BRAZIL--(Marketwire - December 23, 2009) - Camargo Correa Desenvolvimento Imobiliário (BOVESPA: CCIM3) today announced that the Company sold its 50% ownership interest at Projeto Rio, the subsidiary responsible for the development of the Ventura Corporate Towers, a "AAA" office building located in downtown Rio de Janeiro, Brazil.

For the 50% stake in the Company, CCDI will be paid R$211.0 million. The company acquiring the participation, BTS, will be responsible for the payment of subscriptions and capital pay-ins necessary for the conclusion of the second phase of the project, which is estimated for June of 2010. The required investments for the conclusion of the project amount in R$36.0 million. Therefore, the total transaction volume was R$247.0 million.

The remaining 50% ownership interest on Projeto Rio is still owned by an affiliated company to USA-based Tishman Speyer.

The sale of its participation in the Ventura further strengthens CCDI's cash position, and clearly restates the relative relevance to the Company's business model of the development and sale of "AAA" office buildings.

Ventura was the first office complex to be awarded the "Green Building" Certificate by LEED. The project's first phase was developed between 2006 and 2009 and was sold to international investors during the first quarter of 2008.

For detailed information, please contact CCDI's IR at (+55) 11 3841-5880, or


CCDI is one of the most important Brazilian residential and commercial real estate developers. Acts on all market segments; and has presence in various Brazilians regions. It has an R$9.2 billion-Potential Sales land bank with areas for future development in Sao Paulo -- including a 1,300 acre land located 11 miles out of downtown Sao Paulo -- and lands in Rio de Janeiro, Espírito Santo and Paraná. In 2009, CCDI has already launched projects with total PSV of R$ 551 million. CCDI owns 100% of HM Engenharia's capital, a subsidiary for the development of low income housing in the country-side of Sao Paulo.

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