Brazil's biggest real estate broker acquires main competitor
30/11/2007 17:16
Real estate broker Lopes Consultoria Imobiliaria, Brazil's leader in
the sector, acquired 100 percent of its main competitor Patrimovel for 250
million reals (about US$140 million), the local press said yesterday.
It was
the biggest acquisition ever held in the country's real estate market.
Patrimovel was the market leader in Rio de Janeiro state and the runner-up in
the national market. Its revenues in 2007 amounted to 1.7 billion reals (about
US$950 million).
With the acquisition, Lopes will increase its share by 70
percent in Rio de Janeiro's market, where it is expected to reach a sales volume
of 2.5 billion reals (about US$1.4 billion) and rely on approximately 1,100
autonomous brokers.
The company will lead the five most important real state
markets in the country: the federal district Brasilia, southern Brazil, the
metropolitan region of Campinas in Sao Paulo state, Rio de Janeiro and the
capital city of Sao Paulo.
Xinhua
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