A real estate firm controlled by the families of Brazil’s richest businessmen gained after agreeing to sell four commercial properties for about $177 million, the latest step in a selling spree.
Sao Carlos Empreendimentos e Participacoes SA, which was founded by Jorge Paulo Lemann, Marcel Telles and Carlos Sicupira, announced in a filing Tuesday the sale of the buildings in Sao Paulo and Rio de Janeiro with a combined 58,875 square meters of gross leasable area to a real estate investment fund.
Shares gained as much as 8% in Sao Paulo on Wednesday morning before trading was halted. The company, with a market capitalization of 1.6 billion reais ($330 million), has rebounded since hitting a 14-year-low in early March.
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