Tecnisa (TCSA3) Firm agreement with Cyrela (Cyre3) for sale of land in the garden of Perdizes for up to $ 510 million

Tecnisa (TCSA3) communicated to the market on Friday (27) that the Windsor Real Estate Investmentscompany from which it holds about 52% of the social capital, signed a memorandum of understandings (Mou) with Cyrela (Cyre3) for the sale of land located in the Garden of Perdizesreal estate development located in a noble area of ​​São Paulo.

According to relevant fact, Windsor, which is controlled by Tecnisa, is selling land in the venture for a value that can reach R $ 510 million. There are R $ 450 million paid in cash, and another R $ 60 million additional conditional on the meetings provided for in the agreement.

The operation involves 7 land and 146,941 additional construction potential certificates (Cepacs), which are securities issued by municipalities. They allow real estate owners to build above the limits provided for by traditional urban rules, functioning as a kind of “additional construction license”.

The sale does not include projects already launched and currently under development by Windsor, Tecnisa said.

The construction company also stated in the document that the conclusion of the business depends on the signing of the definitive documents, the approval by the Windsor corporate bodies and the regulatory authorizations, including the endorsement of the Administrative Council for Economic Defense (Cade).

It is worth remembering that Windsor is responsible for the development of the Garden of Perdizes and has as partners, besides Tecnisa, the Hines (42.5%), Zeev Chalom Horovitz (2.5%), Joseph Meyer Nigri (1.825%) and Renato Meyer Nigri (1%).

Tecnisa said it will keep the market and its shareholders up to date on the next steps of the transaction.