Capright announced plans today to spin off SiiLA, its proprietary commercial real estate data platform in Latin America. The transaction will move all of SiiLA’s data, systems, intellectual property and staff outside of Capright and will facilitate the entrance of new investors to capitalize expansion of the platform.
This news follows the announcement earlier this year that SiiLA will begin offering subscription access covering the major markets of Brazil. SiiLA Brasil, which is set to launch on October 1, 2015, will be a comprehensive data platform allowing users to access information about closed transactions, market statistics, listings of available properties, and news relevant to Brazil’s commercial real estate industry.
Discussing the spin-off, Capright CEO Jay Marling said, “SiiLA was born out of Capright’s bold commitment to bringing greater transparency to Latin America’s real estate markets. When we started the SiiLA project five years ago, we did it because there were no good sources of transaction or capital markets data. It has been gratifying to watch SiiLA evolve into such a robust platform with a fantastic research staff, state-of-the-art technology and a host of new investors funding the expansion.” Mr. Marling also added, “Now that SiiLA has taken flight, Capright is thrilled to be joining the ranks of its loyal customers and data contributing partners.”
The transaction is expected to be complete by June 30, 2015 and is subject to regulatory approvals.