Craven House buys $3m of land in Brazil

5th Dec 2016 09:05

(ShareCast News) - Merchant bank Craven House Capital has bought a Brazilian property company, including its land, for $3.1m.The AIM-listed company bought Universal Properties Brasil Administracao de Imoveis (UPBAI), including its sole asset, 500 hectares of land in Canavieiras in the Bahia region of Brazil.The land comprises of four neighboring land parcels with 7.5km of ocean front properties.Craven's director Mark Pajak said: "We are delighted to announce the acquisition of this outstanding asset which represents our second substantial land holding in Bahia, just a few hundred kilometers from the 1,967 hectare property in Caravelas in which the company is a minority shareholder."The land owned by UPBAI is ideal for both agricultural use or property development and we look forward to announcing further plans for these properties in due course. We continue to evaluate further land acquisitions in the region."Shares in Craven House Capital were down 1.79% to 6.88p at 0942 GMT.