Press Release
Cyrela Brazil Realty announces Joint Venture
with Cury Empreendimentos Imobiliários for the
SUPER ECONOMIC segment
São Paulo, July 4, 2007 – Cyrela Brazil Realty S.A. Empreendimentos e Participações
(“Cyrela”, Bovespa: CYRE3) and Cury Empreendimentos Imobiliários Ltda. (“Cury
Empreendimentos”) announce the creation of the Joint Venture Cury Construtora e
Incorporadora S.A. (“Cury Construtora”). Cyrela’s interest in this new company will be 50% of
its capital stock, and 50% for Cury Empreendimentos. The purpose of this partnership is to
generate value through business leverage which takes advantage not only of expertise of both
parties but also of existing synergies.
Cury Construtora will launch starting in 2007, 5,000 units in the Super-Economic segment in the
metropolitan region of São Paulo, with the Living brand, and sales unit value beginning with
R$55 thousand, adding R$400 million of new projects.
The projects to be launched by Cury Construtora will be financed by the Super-Economic
segment financing mode already announced by Cyrela, as follows:
- financing via developer until delivery of keys, i.e, for 2 years. During this period, the
installment will be adjusted for inflation only by INCC (Civil Construction National Index);
- after delivery of keys, the financing will be made via partner banks for a term of up to 20
years at the cost of TR (Reference Index) + 9% p.a.
keys
For units up to R$120 thousand:
INCC
Developer
2 years
TR + 9% p.a.
Partner Bank
20 years
20%
80%
The onlending is total, not existing co-obligation. We also point out that negotiations with
partner banks are conducted for each launched project and there is not relation of obligation
with other Company’s projects.
About Cury Empreendimentos Imobiliários Ltda.:
Cury Empreendimentos Imobiliários Ltda. is a developer and building contractor with 45 years
of experience, and its main focus is the super-economic residential segment in São Paulo. The
company stands out for its enduring partnership with Caixa Econômica Federal (Federal Savings
Bank) and its building technology for this segment.
Press Release
About Cyrela Brazil Realty S.A.:
Cyrela Brazil Realty S.A. Empreendimentos e Participações is a relevant company in the high
quality residential development sector in the cities of São Paulo and Rio de Janeiro. Cyrela Brazil
Realty S.A. also operates in the development, leasing and commercialization of high quality and
high technology office buildings. Cyrela composes “Novo Mercado” of Bovespa and it is traded
under the ticker CYRE3.
For further information, please contact:
Investor Relations - Cyrela Brazil Realty S/A
Phone: (55) (11) 4502-3153
e-mail: [email protected]