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São Carlos wraps up 137.4M-real sale of 63% stake in Brazilian asset

São Carlos Empreendimentos SA said in a first-quarter business update that it has finalized the sale of its 63% stake in the Edifício Morumbi Park building in São Paulo for 137.4 million Brazilian reais to the building's tenant.

Avenues São Paulo paid a total sale price of 211.7 million reais for the asset, after factoring in São Carlos unit Top Center Empreendimentos e Participações Ltda's November 2017 agreement for the disposal of its 37% stake in the building to FII Renda Corporativa for 74.3 million reais.

The 22,200-square-meter asset is located in the Morumbi district of São Paulo, according to the release.

Additionally, São Carlos said its board approved on May 4 a buyback program of up to 1 million shares for a one-year period.

As of May 10, US$1 was equivalent to 3.55 Brazilian reais.