Brazil real estate company to sell millions of shares
Brazil real estate company Multiplan Empreendimentos Imobiliarios SA will sell up to 26 million voting shares in an attempt to cash in on investor demand for the nation’s builders.
Based on their closing price earlier this week, the move could make about 644 million reais (£216 million) for the Rio de Janeiro based company as Brazil’s equity market continues to rally.
Earlier this year government policymakers cut interest rates to record lows in Brazil in a bid stave off the effects of the worldwide recession.
President Luiz Inacio Lula da Silva also put a housing stimulus plan into action which has led to shares in Brazil real estate and building companies rising.
Earlier this month two other Brazil real estate companies, Brookfield Incorporacoes SA and Rossi Residencial SA, also confirmed that they were planning to sell shares, with Brookfield hoping to raise as much as 700 million reais.
