May
17

Sam Zell Sells Stock in Brazilian Homebuilder

May 17, 2010

Last June, Chicago real estate magnate Sam Zell called Brazil “the number one country for investments.” Looks like he’s changed his mind.

Sam Zell

Last week, Zell’s Chicago-based Equity International sold part of its shares in Gafisa S.A., one of Brazil’s largest homebuilders.

According to Bloomberg, Zell’s investment company bought a 32 percent stake in Gafisa for $50 million in 2005, months before Gafisa’s American Depositary Receipts (ADR) started listing on the New York Stock Exchange. ADRs represent ownership in a company located outside the country whose shares trade in U.S. financial markets.

On Thursday, Equity International sold 9 million Gafisa ADRs — the equivalent of 18 million shares — for approximately $139.5 million.

Zell’s company still holds a stake in Gafisa, but since the sale, the Brazilian homebuilder’s shares have fallen more than 7 percent.

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Tracey

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[...] Monday, we reported about Sam Zell selling off some of his shares in Gafisa S.A., one of Brazil’s largest homebuilders. [...]

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