In April 2021, SPX signed an Investment Agreement with SYN Prop & Tech S.A., to establish the terms for a joint venture between SPX and SYN for the creation of a management company focused on real estate development projects. SYN (SYNE3) was the result of the spin-off of Cyrela Brazil Realty’s commercial properties activities in 2007. It is one of the leading companies for the acquisition, leasing, sale, development and operation of commercial real estate in Brazil.

The new Management Company is comprised of a multidisciplinary team with relevant experience in real estate and finance. Through decades of market experience, we have built lasting relationships with market players and established a successful track record across all real estate assets (corporate, residential, and industrial). The team has worked together in the past, having invested over R$20 billion in dozens of real estate transactions in the Brazilian market.