EI Unloads Chunk of BR Malls

Equity International (EI) has raised $245m equivalent from the sale of a stake in BR Malls, it says. The sale of 18.2m shares at BRL24.00 each reduces its stake in the shopping mall developer to 6%. The price compares to a BRL24.10 close Thursday. EI, co-founded by billionaire Sam Zell, made its original investment in BR Malls in 2006 and a follow-on investment three years ago. Credit Suisse managed the trade, according to a BR Malls IR official. EI in May sold 9m ADRs in Brazilian homebuilder Gafisa, raising at least $100m according to a person close to the block trade. The real-estate focused investor lowered its stake to 7.18% from 11.48% in the sale through Citi.