Real Estate Shop Lands Equity, Primes IPO

Real Estate Shop Lands Equity, Primes IPO

Brazil

Brazilian Finance & Real Estate (BFRE), the Sao Paulo-based real estate specialist, has agreed to sell a 20.7% stake in itself to Equity International (EI), a company owned by US real estate mogul Sam Zell, for an undisclosed amount. Executives at the Chicago-based investment firm say this will be the largest first-round investment EI has made in a Brazilian entity to date, suggesting it tops the $55m (BRL136m at the time) it shelled out for a 32% stake in Gafisa in June 2005. EI will become

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