Direcional forms real estate fund

Direcional forms real estate fund

Asset Management Capital Markets Funds Brazil

Brazil's Direcional said it has accepted an offer from the local brokerage firm XP Investimentos to create a real estate investment fund for up to BRL210m ($54.4m). Direcional will use the money to buy shares in its subsidiary Lago da Pedra Empreendimentos Imobiliários, the construction company said in a securities filing. Direcional also said it will transfer 11 real estate development division to Lago da Pedra as part of the deal. The company's shareholders will vote on the proposal on July 26

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