Dow Jones Newswires | Chicago real-estate magnate Sam Zell’s
investment company, Equity International, has reduced its stake in
Brazilian home builder Gafisa to 7.18 percent from 11.48 percent,
Gafisa said late Thursday.

Equity International sold 9 million Gafisa ADRs at an undisclosed price. Based on company’s ADR price Thursday of $15.50, however, it would total $139.5 million.

The company’s common shares closed 6.19 percent lower at 11.35 Brazilian reals ($6.41) on the Sao Paulo Stock Exchange, the BMFBovespa.

Equity International is a privately held investment company focused exclusively on real estate-related businesses operating outside of the United States. It was founded in 1999 by Sam Zell and Gary Garrabrant.