Standard Life property fund sells Brazilian office

Andrew Jackson’s £554m Standard Life Investments Select Property fund has sold one of its Brazilian holdings for more than £10m.

The multi-let office Alana II building in São Paulo has been sold to a Brazilian wealth management family for £11.6m, creating a capital profit on investment of 41.4% over the 2.5 years the fund has owned the property.

Jackson says: “Our strategy three years ago was to capitalise on the strong occupier demand for the Berrini district of São Paulo and also to improve the building’s profile through refurbishment.” (article continues below)

The 13-storey building was the fund’s first Brazilian office acquisition and underwent a substantial refurbishment after being acquired. Over the fund’s ownership of the building, its average rental rate has risen by 79%.