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Brazil’s Tecnisa Advances After Selling Stake in Windsor

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Dec. 23 (Bloomberg) -- Brazilian real-estate firm Tecnisa SA advanced after a stake sale in its Windsor Investimentos Imobiliarios Ltda. subsidiary boosted the unit’s valuation.

The stock rose 0.4 percent to 10.05 reais at the close in Sao Paulo, trimming an earlier surge of as much as 6.5 percent.

The company, in a filing today, said it sold a 6.25 percent stake in Windsor, which owns property in Sao Paulo, to BV Empreendimentos & Participacoes SA for 50 million reais ($27 million), implying a value of 800 million reais for the unit. In 2008, Tecnisa sold 25 percent of Windsor for 65.5 million reais, which valued the unit at 262.2 million reais. That’s a threefold jump.

“It’s a big appreciation,” Wesley Bernabe, an analyst at Banco do Brasil SA, said in a telephone interview from Sao Paulo. “And it doesn’t impact control.”

To contact the reporter on this story: Alexander Cuadros in Sao Paulo at acuadros@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos in New York at papadopoulos@bloomberg.net