July 3, 2020 / 2:35 AM / a month ago

Brazil's JHSF signs MOU with XP to build a real estate project outside Sao Paulo

SAO PAULO, July 2 (Reuters) - Brazilian real estate company JHSF Participacoes SA has signed a memorandum of understanding (MOU) with brokerage XP Inc on an area as big as 500,000 sq m (5.4 million sq ft) just outside Sao Paulo, according to a filing late on Thursday.

Under the agreement, JHSF will assist XP in the development of a new real estate project called Villa XP in the area located in Sao Roque, a city 35 minutes distant from Sao Paulo capital, where JHSF already has an outlet mall and an airport.

“The MOU was built within a broad context of relationships between JHSF and XP, being another step of narrowing ties between the companies,” JHSF said in the securities filing. (Reporting by Gabriela Mello; Editing by Tom Hogue)

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