The city of Rio de Janeiro is planning to raise around $2 billion for a real estate fund, Bloomberg reports. The Brazilian city will use the amount to renovate its downtown port area for the 2016 Summer Olympics.
The Fundo de Investimento Imobiliario da Regiao do Porto will 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.
