Chow Tai Fook Enterprises, the majority shareholder of New World Development, and France-based Groupe Allard, which specialises in reviving heritage buildings, are investing an additional US$95 million for the renovation of a large heritage site in Brazil.
The additional funds will be used to complete construction of Cidade Matarazzo, a mixed-use development, located in the vibrant Paulista Avenue corridor of Sao Paulo and incorporates the historic former Matarazzo hospital. The additional capital infusion follows an initial US$126.3 million equity funding.
“The Brazilian economy has undoubtedly started to rebound from the worst recession. We feel this is an opportune time for us to expand our commitment to the country,”said Patrick Tsang, chief executive of Chow Tai Fook Enterprises
The Cidade Matarazzo project, which is the largest heritage site renovation in Brazil, includes 274 hotel rooms and luxurious suites managed by Rosewood Hotels & Resorts, a luxury congress centre with seven ballrooms, event places, a chapel, a cultural centre with theatre, an exhibition hall, a music studio and cinema, 34 restaurants, a campus for creative technology ventures, a 20,000 square metre garden with 15 terraces, a retail village housing more than 200 brands and artisans, and 1,500 parking spaces. Planning permission, including approval from the heritage council, was given in 2015.