Brazil’s Tecnisa Advances After Selling Stake in Windsor
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.
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