Blackstone, Patria Pairing Up for Brazilian Development Buyout
June 10, 2013
The Blackstone Group and Pátria Investimentos have signed an agreement to purchase a 70% stake in Alphaville Urbanismo, an urban community development company in Brazil, from homebuilder Gafisa S.A. (NYSE: GFA). The transaction puts Alphaville at an equity value of R$2.01 billion ($943.48 million). Gafisa has also agreed to purchase the outstanding 20% stake in the company from Alphaville's founding partners for a total consideration of R$367 million. Alphaville focuses on horizontal developments, planned neighborhoods and urban centers, and has a presence in 21 Brazilian states.