Odebrecht sells São Paulo headquarters to raise funds 28 jun 2023

Odebrecht sells São Paulo headquarters to raise funds

Author: Emilio Demetriou-Jones

Source: Latin Lawyer

Bicalho e Molica Advogados has helped investor SDI Gestão e Barzel Properties acquire Odebrecht’s São Paulo headquarters.

Odebrecht hired Campos Mello Advogados while Banco Itaú, which granted acquisition financing to SDI, enlisted Machado Meyer Advogados.

The deal closed on 22 May with no value disclosed.

Odebrecht will use the funds to pay off a 500 million-real debt it incurred when financing the construction of the building, which was inaugurated in 2013.

The company will continue its operation from parts of the building, but by renting the space.

Odebrecht was one of the central players in the cash-for-contracts graft scheme uncovered by Brazilian federal police in Operation Car Wash. The probe revealed what is widely to be considered the biggest political graft scheme in modern history. It contributed to the company defaulting on some US$3 billion of debt in November last year after settling for billions of dollars and cancelling projects across the region.

For the acquisition

Counsel to SDI Gestão e Barzel Properties

Bicalho e Molica Advogados

Partner Rodrigo Bicalho

Counsel to Odebrecht

Campos Mello Advogados

Partners Theo Keiserman de Abreu and Rafael Bussière and associate Cristiano Schiller

For the financing

Counsel to Banco Itaú

Machado Meyer Advogados

Partner Paolo Markossian Nunes

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