EI Exits Gafisa

Equity International (EI) has sold its last remaining stake in Brazilian homebuilder Gafisa, completing a series of share sales that began in 2007. The US investment vehicle founded by Gary Garrabrant and billionaire Sam Zell sold the final 2.7% portion over the course of this year. A spokeswoman says the selldown was done through small separate transactions and no values were disclosed. The 2.7% stake – which is the equivalent of about 11.7m shares, according to Economitica – would be worth about BRL84m ($54m). EI made its first investment in Gafisa in 2005. It still has positions in 5 Brazilian companies, including BR Malls.