Brazil's homebuilder MRV sold two Texas apartment complexes for 139 million dollars, a fifth below book value, to speed its retreat from the United States.
Markets · Brazil · Real Estate
— Key Facts
—The deal. Brazil’s biggest homebuilder, MRV, sold two Texas apartment complexes, Ten Oaks and Rayzor Ranch, for $139m (R$716m) through its United States arm, Resia.
—Sold cheap. The pair were on the books at $188m, so the sale crystallises a 26% loss to book value, accepted to bring cash in sooner.
—Debt cut. The transaction lowers MRV’s group net debt by $87m, a drop of about 7.5%, with completion due in July.
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