Gibson Dunn & Crutcher LLP's New York office and Brazilian firm Pinheiro Neto Advogados have helped Goldman Sachs agree to invest 600 million reais (US$186 million) in Brazilian storage company Metrofit.
Metrofit is a joint venture between US company Metro Storage and Brazilian real estate developer TRX Group. It hired Brazil's Tauil & Chequer Advogados in association with Mayer Brown for the deal, which closed on 15 July.
Goldman Sachs has committed to teaming up with Metrofit to buy self-storage sites currently operated by the Brazilian company. The pair has also agreed to buy more sites across Brazil. Metrofit already owns two facilities in São Paulo state and plans to expand, by building up to ten facilities a year across Brazil.
Brazil's self-storage sector is continuing to experience growth, even as the economy suffers the worst recession in more than 80 years. The deal marks Goldman Sachs' entry to the Brazilian real estate market.
Counsel to Goldman Sachs
Gibson Dunn & Crutcher LLP - Partner Mathew Kidd in New York
Pinheiro Neto Advogados - Partners José Luis Homem de Mello and Caio Ferreira Silva and associates Karen Schiavon, Leandro Vivarelli Molina, Gustavo Freitas and Alessandra Martins
Counsel to Metrofit
Tauil & Chequer Advogados in association with Mayer Brown - Partners Caio Cossermelli and Celso Grisi, and associates Julia Visconti, Ralff Barilli and Luiz Felipe Eustaquio