Pactual Fund Readies PDG Cash Out

A fund controlled by investment manager Pactual Capital Partners (PCP) called FIP PDG I has filed to sell its shares in Brazilian real estate company PDG Realty. The company says the move is part of a plan to turn PDG into a so-called full corporation, with an atomized shareholder structure. In a filing with the CVM, the company says it estimates the sale of the share will be worth BRL1.9bn, based on a unit price of BRL17.35 on December 30 2009. PDG closed down 5.48% Monday at BRL16.40. Investors in Vinci Partners, a separate asset manager also run by former Pactual executives, have pledged to acquire 10% of the issue. The company does not state timing or underwriters for the deal, a prospectus for which is yet to be filed with the CVM.