(Dow Jones) June 18, 2010 – Brazilian real-estate company Brookfield Incorporacoes SA (BISA3.BR) and International Finance Corporation, or IFC, will create a joint venture in Brazil to build low-income housing, Brookfield said late Thursday in a statement.
IFC, an arm of World Bank, will control a 10% in the joint venture after a capital injection of up to 30.3 million reals ($16.9 million). Brookfield will control a 90% stake in the new company.
The joint venture will focus on low-income housing developments under the government program called Minha Casa Minha Vida.
In addition, Brookfield said it will obtain a seven-year loan worth BRL54.5 million from IFC.
By Rogerio Jelmayer