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Rio de Janeiro To Raise $2B For RE Fund

The city of Rio de Janeiro is planning to raise around $2 billion for a real estate fund.

    The city of Rio de Janeiro is planning to raise around $2 billion for a real estate fund,Bloombergreports. The Brazilian city will use the amount to renovate its downtown port area for the 2016 Summer Olympics.

    TheFundo de Investimento Imobiliario da Regiao do Portowill raise the funds by selling 6.4 million certificates authorizing developers to build in the port area. The Cepac certificates, which will be sold in auctions, are to be regulated by Brazil’s securities agency.

    Click here for the story fromBloomberg.

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