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Blackstone Group LP And Partner To Acquire Brazilian Developer Alphaville For About $1 Billion-DJ

Thursday, 6 Jun 2013 04:30pm EDT 

Dow Jones reported that Blackstone Group LP and a partner have agreed to acquire Alphaville Urbanismo, a high-end residential developer owned by Brazilian homebuilder Gafisa SA (GFA, GFSA3.BR), for around $1 billion, according to people familiar with matter. The buyer is a joint venture of the New York private-equity firm and Patria Investimentos, a Brazilian buyout shop in which Blackstone took a 40% stake in 2010. Alphaville develops high-priced homes and apartment buildings in about 20 Brazilian states. Gafisa's decision to market the unit attracted widespread global interest, including from Sam Zell's Equity International. A Blackstone spokeswoman declined to comment. A spokeswoman for Equity International wasn't immediately available for comment. The acquisition, the first for the partnership, represents Blackstone's largest investment in Brazil as it expands its global footprint at a fast pace. Alphaville's revenue in the first quarter of this year represented about one quarter of Gafisa's total revenue. 

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25 Jul 2014