Real estate firm Clarion Partners and the real estate arm of DHL Supply Chain, with an unnamed client as partner, will develop three logistics facilities totaling 1.4 million square-feet in suburban Sao Paulo, Brazil.
Clarion and the unnamed partner on Wednesday announced a $100 million investment in the 78-acre site, which will be fully built out by 2017. Construction of the first phase began in December and completion is expected in mid-2012.
The project in a northwest suburb of San Paulo is near factory and distribution centers operated by Pepsi, Coca Cola, Unilever, Siemens, Avon, Kraft, Samsung and Bosch, Clarion said. The DHL-Clarion venture plans to announce other industrial warehouse projects in Brazil in the future.
“With a lack of high quality warehouse space in many parts of the country, we believe this provides an excellent opportunity to participate in the continued expansion of this increasingly important market,” said Jeb Belford, managing director at Clarion.