PDG Realty targets new acquisition after Agre
DCI
After announcing the acquisition of Agre, merger of the land developers Agra, Abyara and Klabin Segall, through a stock swap agreement, PDG Realty says it has another negotiation underway, to be announced in the coming days, according to the CEO of PDG Realty, José Grabowski, through a teleconference with analysts yesterday evening. "PDG always seeks companies that complement our geographical operation and the operation per segments", he said.
In the acquisition of Agre, for instance, Asacorp Empreendimentos e Participações, which operates in the same segment of Goldfarb, subsidiary of PDG aimed at the low income, stayed out of the deal. Agre will sell its 70% interest in Asa to Veremonte Participações, a company owned by the Spanish investor Enrique Bañuelos, who will also be a shareholder of the new company, with 5% of the shares. With the acquisition of Agre, PDG increases its operation.
The new company is born with the biggest goal of launchings among the publicly-listed companies of the real estate market: between R$ 6.5 billion (US$ 3.7 billion) and R$ 7.5 billion (US$ 4.3 billion), surpassing Cyrela Brazil Realty, whose goal reaches R$ 5 billion (US$ 2.9 billion). Ninety per cent will be intended for the middle class and low income.
The union between PDG Realty and Agre forms the second largest publicly-listed company in the real estate sector, as per market value of Latin America and the United States, indicates a study made by the consulting firm Economatica. At the closing of Monday (3), the market value of the company was US$ 5.116 billion, behind Cyrela, with nearly US$ 5.245 billion of market value. It is also behind in land bank, with R$ 29 billion (US$ 16.6 billion) against R$ 32 billion (US$ 18.3 billion).
Another giant of the sector, Gafisa reported net profits of R$ 64.819 million (US$ 37 million) in the first quarter of 2010, an increase of 76.5% compared to the R$ 36.733 million (US$ 18.6 million) assessed in the same period of 2009. The net income grew 67.5%, to R$ 907.585 million (US$ 518.6 million). According to Wilson Amaral, CEO of the company, the improvement of the income took place because of the good performance of the operational synergy among Gafisa, Tenda and Alphaville.