Seeking value in the Brazilian towers market
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Seeking value in the Brazilian towers market

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The Brazilian towers market has been capturing investors’ attention, with ten major tower transactions since 4Q 2011 and approximately 7000 new towers expected to be built during 2014. A peculiarity of the market is the distinction between the players focusing on the buy-and-leaseback market, and those focusing on the build-to-suit market. In this article, we examine the value drivers for both these segments of the tower space.

Buy and leaseback: the attractiveness of towers varies considerably between portfolios

In recent transactions in Brazil, tower portfolios have been sold at an average price of USD175 000 per tower (see Figure 1).


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