Zell Fund Sells Piece of Gafisa Stake

Equity International, the investment company owned by Sam Zell, has sold 9m ADRs in Brazilian homebuilder Gafisa, raising at least $100m according to a person close to the block trade. The price was not stated, though if done at Thursday’s close of $12.91, it would have raised $117m. The real-estate focused investor lowered its stake to 7.18% from 11.48% in the block trade through Citi that had been expected by bankers. Its ADRs, worth 2 local shares, closed at $11.96 Friday and domestic shares at BRL10.69.