Brazil’s Cyrela Commercial Properties SA is in talks with Canada Pension Plan Investment Board (CPPIB) for a potential asset swap and joint ventures to invest up to US$400 million in new commercial office space. Cyrela said in a securities filing on Tuesday that it had signed a non-binding agreement regarding the transfer of a 33 percent equity stake in its office buildings in exchange for CPPIB’s 25 percent stake in Cyrela’s warehouse business. Shares of Cyrela were flat at 10 reais after falling as much as 1 percent in morning trading on the São Paulo Stock Exchange.