By Brazil Stock Guide – Tecnisa S.A. (B3: TCSA3) said its board approved a binding proposal from BTG Pactual to acquire its 26.09% stake in Windsor Investimentos Imobiliários, the vehicle tied to the Jardim das Perdizes development in São Paulo, for R$260.9 million in cash. The price implies a proportional valuation of roughly R$1 billion for the project structure.
The payment will be made upfront, strengthening Tecnisa’s liquidity position. The transaction forms part of the developer’s strategy to optimize its capital allocation and recycle assets amid a still cautious funding backdrop for Brazilian real estate.
Completion remains subject to negotiations and customary conditions precedent, including creditor consents and regulatory approvals — notably from Brazil’s antitrust authority, Conselho Administrativo de Defesa Econômica (CADE). BTG may carry out the acquisition through affiliated entities or investment funds.
If concluded, the deal would further consolidate BTG’s footprint in large-scale urban development platforms, while giving Tecnisa greater financial flexibility to manage leverage and future launches. The company said it will keep shareholders and the market informed of relevant updates.
Leave a Reply