Investor Sam Zell purchases 4.86% of Tenda
Valor Econômico 03/20/2009
The American real estate megainvestor Sam Zell made his first direct investment in the Brazilian market of low income. His company, Equity International, invested nearly R$ 28 million (US$ 12.2 million) in the purchase of 4.86% of the share capital of Tenda. Sam Zell already has 18.7% of the shares of Gafisa - that purchased 60% of Tenda last year - and he already held, indirectly, nearly 11% of the company. Now, he becomes the holder of nearly 16% of Tenda. The sale of the almost 5% was made by the company founders, who, from now on, hold 15% of Tenda. The entrance of Gafisa, at a first moment, and now of Sam Zell, mean an important revolution in the trajectory of Tenda, which even before the international crisis faced serious problems. Since its entrance, Gafisa has put pressure on the model for granting credit and showed its intention of exploring the retail profile of the building company. Such is true that the new main officer of the company, Carlos Trostli, came from the sector of consumption goods, having passed by Reckitt Benckiser. "A house is a main dream of consumption of C class", says Trostli. The investment of Sam Zell in Tenda, not coincidently, takes place near the disclosure of the Governmental housing package. "We are excited with the package, because Tenda has always operated with the low income segment, all its land reserve is aimed at such public and the company has conditions to react immediately to the measures", says Wilson Amaral, CEO of Gafisa. The focus of Tenda is the public whose income is between 4 and 20 minimum salaries, with a concentration of more than 60% earning up to 10 minimum salaries, the public which will be benefited the most by the measures. "Equity International is very excited with the Brazilian real estate aimed at the economic market, since the significant repressed demand, allied to the formation of families, provides an excellent opportunity of growth", said Gary Garrabrant, CEO of Equity International, through a document sent to the press. Zell's company has participation in the Mexican Homex, aimed at the low income segment of the population.