Builder of affordable housing projects sells £132.1m in shares
Date added: 11th February, 2011 at 09:09
(view all articles from February, 2011)
Categories: Property News, Social and Affordable Housing in Brazil
Brazilian property builder Direcional Engenharia, which earns 70 per cent of its revenues from affordable housing projects such as Minha Casa Minha Vida (My House, My Life), has sold 354.2 million reais (£132.1 million) worth of shares in a recent offering.
According to Reuters, Itau Unibanco, Banco Santander and Bank of America were among the investment banks managing the transaction, which saw 32.2 million shares purchased.
The news provider cited International Financing Review, which said the company had organised the sale as a way of widening the variety of people in its investor base.
Credit Suisse noted Direcional Engenharia, the initial public offering of which was held last year, is one of the most successful Brazilian property firms, with a rate of return of 20 per cent on its assets, according to the information source.
Each share went for 11 reais on Wednesday (February 9th) when the sale was held.
Practice leader of Frontier Strategy Group's Quantitative Analytics Matt Lasov recently stated that those making an investment in Brazil could be better protected against the potential for another financial crisis, as it does not have as much of a dependence on exports as some more developed countries.
For anyone wishing to invest in the full potential of Brazil, Property Bond Brazil has an excellent array of Brazilian property. 
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