Sabesp plans to sell some of its properties to high-end real estate developer Cyrela, according to a filing submitted to Brazil’s Administrative Council for Economic Defense (Cade). Sabesp was privatized in July 2024.
The filing says Cyrela is interested in the properties for future real estate projects in São Paulo. The developer said the acquisitions would expand the supply of new buildings and described the transaction as part of the ordinary business of a real estate company.
The identities of the properties and the transaction value are confidential in the document. Cyrela and Sabesp declined to comment when approached by the column that reported the filing.
One possible property is a contested plot in Jardins, one of São Paulo’s most valued areas. Located at the corner of Alameda Ministro Rocha Azevedo and Rua Barão de Capanema, a short distance from Oscar Freire, it is considered one of the last large plots available in the area. Sabesp put it up for sale at the start of the year, and Trisul was reportedly among the companies involved in negotiations.
Real estate consultants familiar with the deal said ten developers showed interest in the plot. Offers ranged from R$50,000 to R$70,000 per square meter, which could imply a sale price of R$154 million to R$215 million. The report said it could not confirm whether this land is part of the transaction with Cyrela.
Sources: Folha Mercado.