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Land in Barra da Tijuca Sold by Tycoon for R$370M.
Many eyes turned to the heirs of banker Aloysio Faria, who passed away in 2020 at the age of 99. Last Sunday (3), it became public that the banker’s daughters completed a deal that is being called the largest real estate transaction of this century in Brazil: the sale of a 30,000 square meter plot of land on Tijuca beach in Rio de Janeiro for a mere R$ 370 million. The **real estate negotiation**, revealed by columnist Lauro Jardim from
O Globo
, drew attention due to the movement started by the heirs to divest from the assets left by their father, whose fortune was estimated at US$ 1.7 billion, according to a report by Forbes magazine. The **real estate transaction** stood out in the real estate market and generated significant repercussions.
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Aloysio de Andrade Faria and His Direct Heirs
Faria died in September 2020 and was considered for many years one of the most traditional bankers of his generation. With a background in medicine, at 28 he inherited from his father the Banco da Lavoura de Minas Gerais. Years later, with his brother Gilberto Faria, he divided the business and created Banco Real.
Real Estate Transaction in the Real Estate Market
Since his death, the direct heirs began to pursue their father’s plans, established in a will, for the sale of the family’s considerable estate. Aloysio always kept his daughters away from the businesses and preferred to have the management of the companies professionalized.
Daughters of Aloysio de Andrade Faria and Company Management
Thus, Lúcia de Campos Faria, Junia de Campos Faria Ziegelmeyer, who live in São Paulo; Flávia Faria de Vasconcellos, in Rio de Janeiro; Cláudia Faria, who resides in New York; and Eliana Faria, in London, never worked in the businesses. With a 20% stake each, they spent a few months familiarizing themselves with the size of the conglomerate’s assets before any movement.
Real Estate Negotiation in Rio de Janeiro
The first negotiation was made in September 2022 to transfer the right to explore the Transamerica Hotel and Teatro Alfa, in São Paulo, to a developer, who plans to transform the 70,000 square meters located in the southern part of São Paulo into a large club, which would even have a wave pool and be aimed at the wealthier residents of the city.
Sale of Investment Bank and Real Estate Market
The second major deal was the sale, in November 2022, of the investment bank Alfa for R$ 1.03 billion to Banco Safra. Alfa was Aloysio Faria’s second bank, created when he was already 70 years old, after selling Banco Real to the Dutch giant ABN Amro in 1998. At the time of the negotiation, Alfa had an estimated net worth of R$ 23 billion by the Central Bank.
Sale of Retail Chain and Financial Negotiation
Another major deal, concluded in October 2023, was the sale of the retail construction materials chain C&C to Arcos Gestão e Investimento (AGI), for an undisclosed amount. The conglomerate still comprises important businesses such as the Transamérica hotel chain, La Basque ice cream shops, the beverage manufacturer Águas da Prata, and Rádio Transamerica. There is also a long list of properties included in the inventory such as farms, as well as a considerable art collection.
Transaction Involving Palm Oil and Private Banking
But one of the most significant deals, which is expected to involve millions, is considered the
crown jewel
in agribusiness: Agropalma. The largest producer of palm oil in the country, the company has six extraction units, an export terminal, and two refineries. It covers a total of over 107,000 hectares of land in Northern Brazil. The products are intended for food and cosmetics industries, and revenue exceeds R$ 2 billion.
Inheritance and International Financial Negotiation
There was also another bank owned by the family in the United States: Delta Bank, headquartered in New York, which maintained private banking advisory services for South American investors. Safra’s North American division acquired Delta for an undisclosed amount. Legislation from the Lula Government is considering a bill that would allow states to tax inheritances from abroad. Many states have issued their own regulations to carry out this collection, but in 2021 the Supreme Court ruled that they did not have the authority to do so. Source: Info Money
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