Brazilian property developer acquires local rival
Brazilian property developer Cyrela is to acquire local rival Goldsztein Participacoes, the company has revealed.
The firm released a statement announcing its plans to take over fellow Brazilian real estate developer Goldsztein for an undisclosed sum.
It said it will pay the company’s controllers with its shares, although it did not reveal how many it will issue through the operation.
Cyrela currently owns 50 per cent of Goldsztein’s stock and will gain a 100 per cent holding following conclusion of the merger deal.
The new firm will be called Goldsztein Cyrela Empreendimentos Imobiliarios and the management will be based in Porto Alegre, controlling Cyrela’s business in the southern region, which includes the states of Parana, Santa Cararina and Rio Grande do Sul.
In other Brazilian property news, Pat Creevy, managing director at Charles Oliver, said the current investment in infrastructure in the country makes it attractive for investors.
