Client: Generali do Brasil
- Asset and real estate consulting;
Purpose: to provide Generali with proper knowledge, planning and restructuring of the respective asset and investment portfolios.
- Acquisitions and demobilization projects.
Locations: São Paulo, Belo Horizonte, Porto Alegre and Rio de Janeiro.
- Study of alternatives for both the new headquarters and investments.
Alternatives analyzed (Rio de Janeiro)
Botafogo close to Shell/Chase Manhattan
The present Caemi headquarters
Santa Casa (Sete de Setembro St.)
Rede Globo (Jardim Botânico)
- Development of renovation projects for both the Rio de Janeiro and São Paulo headquarters.
- Technical and engineering expert opinions in important bid bond and performance bond insurances for large scale hydroelectric power plants.
Client: Light - Serviços de Eletricidade S.A.
- Organization, evaluation and preparation of the company assets when the company was sold to the Federal Government:
- Land strips under transmission lines;
- Power plants;
- Rural and urban real estate properties.
During the last 20 years, Balbi & Associados has developed over one hundred (100) appraisals for Light, comprising locations in almost all cities and towns of both the Baixada Fluminense region and Vale do Paraíba, along the São Paulo and Rio de Janeiro coast lines, in addition to São Paulo’s industrial zones.
Some of the properties and facilities appraised at the time by Balbi & Associados are listed below:
- Outlets and branches;
- Administrative headquarters (Rio de Janeiro and São Paulo).
Client: FURNAS – Centrais Elétricas S.A.
- Consulting services during the negotiations to sell the Fundação Real Grandeza headquarter building;
- Appraisal of the headquarter building;
- Appraisal of the real estate asset.
Client: BNDES – Banco Nacional de Desenvolvimento Econômico e Social
- Preparation of courses and seminars for its economists and engineers;
- Appraisals and expert opinions on industries, agribusiness, including cattle raising activities, properties appropriate for urban development, farms, optical industry, tanneries, steel mills, real estate development and a portfolio of shops, supermarkets, etc.
Client: Banespa - Banco do Estado de São Paulo
- Technical staff forming and know-how development in the assets area, with a view to reviewing planned acquisitions, investment analysis and locations, demobilization of shops/outlets and other properties;
- Planning, selection and appraisal of owned real estate comprising shops, buildings, land, offices, etc. for the purpose of demobilization and acquisition;
- Consulting and appraisal of various properties, aiming to offer them guarantees and payment in kind concerning the financing of major projects.
Client: BNDESPAR – BNDES Participações
- Outside consulting and appraisals.
Since 1988, Balbi & Associados has been registered at BNDESPAR as a consultant for federal privatization processes.
Client: FINEP – Financiadora de Estudos e Projetos
- Location studies for space rental for their São Paulo offices;
- Study for the acquisition and/or construction of the Rio de Janeiro headquarters;
- Appraisal for collateral guarantees in finance operations.
Since 1987, Balbi & Associados has been registered at FINEP both as consultant and assessor for in-house and external asset affairs.
Client: Governo do Estado do Rio de Janeiro
- Study, analysis, appraisal and participation in the assemblage of a bid to acquire from the Caixa Econômica Federal the Torre do Rio Sul offices to install the Administrative Headquarters of the State Government.
Client: US Department of State
- Development of both appraisal and analysis for possible uses of the Rio de Janeiro Consulate Building;
- Studies for relocating the US Consulate (work carried out in conjunction with both the directors and staff at the Office of Foreign Buildings Operations).
Client: White Martins Gases Industriais
- Industrial demobilization (Volta Redonda and Paraty);
- Best-use, utilization and demobilization of the Rio de Janeiro headquarters building.
Client: Chase Manhattan
- First study carried out involving the acquisition of the Praia de Botafogo building;
- Analysis of headquarters (Rio de Janeiro, at Ouvidor St. and São Paulo – historical downtown area), including FF&E for all its premises in Brazil;
- Appraisal of all the bank’s fixed assets in Brazil (land, buildings, machinery, equipment, furniture, installations).
Client: Carvalho Hosken Engenharia e Construções Ltda.
- Studies for real estate projects in the development of the Barra da Tijuca area, Rio de Janeiro;
- Appraisal of the entire real estate assets since 1970;
- Consulting services for the following projects: Blue Chip, Centro Metropolitano, Rio II Norte, Rio II Sul, Golden Green, etc.
Carvalho Hosken, one of the largest urban real estate owners in the country, is a client of Balbi & Associados up to this day.
Client: Plarcon Engenharia
- Real estate consulting and appraisals.
Client: BNH – Banco Nacional da Habitação
- Counseling aimed at ensuring the continuity of the vast and problematic housing project of the Delfim Group (a job carried out by indication of Carvalho Hosken);
- Seminars and courses requested by the Escola Nacional de Habitação e Poupança (National School of Housing and Savings);
- Appraisal of 17 housing ventures of Banerj – Crédito Imobiliário in the Rio de Janeiro state.
- Investment appraisal and analysis;
- Appraisal and studies in cases of collateral guarantees offered as payment in kind;
- Analysis of rentals and uses of the rental values;
- Operational cost analysis of all floors and basements in practically all buildings they have constructed in Brazil, comprising the two large and technologically innovative buildings in Rio de Janeiro (Assembléia St.) and São Paulo (Citicorp Center – Paulista Ave. and the former headquarters in the downtown area).
Based on the above mentioned studies new standards for property investment analysis were established. Such standards became internationally mandatory of corporate level. According to world-of-mouth information, the incorporation of the world-famous Manhattan building (NYC) was almost entirely based on the experience and benchmarks acquired/defined at the Ave. Paulista Citicorp Center. Some examples of the above mentioned benchmarks are:
- Operational and condominium costs;
- Rental value and market liquidity;
- Depreciation and maintenance;
- Use and replacement values.
- Analysis of a proposal presented by the Gd/Multiplan Group referring to the incorporation of a 150,000 sq.mts. area on Sernambetiba Ave. – Barra da Tijuca (currently the Barra Golden Green development). The land belonged to a barter company formed by and between Citibank and Carvalho Hosken. Details of the work:
Balbi & Associados has been providing a number of banks and insurance companies with services similar to the ones listed subsequently:
- Analysis and cash-flow proposal;
- Dimensioning and equating expenses and revenues;
- Value analysis and proposal;
- Preparation of an expert opinion regarding deadlines, values and opportunities;
- The required steps to make the business a viable venture.
Banco América do Sul
Banco Boa Vista
Banco da Bahia
Banco de Londres
Banco de Tókio
Banco do Brasil
Banco Estado de Minas Gerais
Chase Manhattan Bank
Banco de Mitsubishi
Multibanco Nacional Brasileiro
Sul América Seguros
- Property analysis and appraisals;
- Financing and mortgaging projects (farmland, large, undeveloped real-estate properties, buildings, shops and shopping-malls, hotels, industries and industrial compounds, machinery, equipment and companies);
- Assessment and analysis of “payment-in-kind” decisions;
- Definition of analysis and liquidity criteria;
- Acquisitions and demobilizations;
- Studies and assessment of investment projects.
Client: Eletrobras S.A.
- Participation in the negotiations to sell eight 1,000 sq.mts. floors (building owned by Banco Multiplic located on the corner of Rio Branco and Presidente Vargas Avenues);
- Analysis, study and appraisal required to decide on the location of the ONS – Operador Nacional do Sistema Elétrico (National Electric System Operator) headquarters.
Client: CESP – Companhia Energética de São Paulo
- Project consulting, among which was the new headquarter designed by Oscar Niemeyer (Ave. Paulista area);
- Project to transform the job-sites implanted during the construction of large hydroelectric power plants into small, sustainable villages of 5,000 people. Work carried out in conjunction with the BNH.
Client: CONERJ - Companhia de Navegação do Estado do RJ
- Appraisals of both the properties and real-estate rights at the Praça XV ferryboat station. Analysis of potential uses.
Together with CONERJ, Balbi & Associados studied, conceived and planned both the use and urban development of the Ferryboat Station. The Project comprised the area of the XV de Novembro Square from the Cibrazem building up to the Albamar Restaurant (at the top of the remaining old-market tower).
Clients: The City of Rio de Janeiro Cultural Department and Rio-Urbe
- Development of projects to revitalize the XV de Novembro Square using both the ferryboat station and Cibrazem facilities;
- Development, planning and feasibility study to implement the Wharf Market (XV de Novembro Square). Arthur Andersen, João Maurício Pinho and Coutinho Diegues also contributed to the team. BAlbi & Associados obtained Oscar Niemeyer’s cooperation in the architectural design.
Client: The Rio de Janeiro City Department of Economic Growth
- Participation in the groups formed to:
Upgrade the São Cristóvão Pavillion
Implement the Cinema and Video complex in Barra da Tijuca (Rio de Janeiro);
- Proposal of values and analysis of the possibility of auctioning off the present Teleporto area (Frei Caneca Prison Compound, Teleporto-Valia plot of land and the Pasquim Group area);
- Suggestion of values and analysis for the Urban Real-Estate Value Chart of Rio de Janeiro, aimed the change of both the law and the values of the Urban Territorial Tax (IPTU) in force at the time.
Client: J. P. Morgan
- Promotion and participation in various real-estate negotiations such as: sale of office floors in the Bank Boston Building, the Linneo de Paula Machado Building (landmarks on Rio Branco Avenue) and the Banca Commerciale Italiana Building (now Fiat).
Client: Coca-Cola Indústrias Ltda.
- Study of expansion possibilities;
- Assessment, guidance and support studies for the use of both industrial installations and laboratories (Campo Grande and Suburbana Ave.);
- Acquisition of a building on Botafogo Beach to house the Chase Manhattan headquarters in Brazil;
- Demobilization of the two previous headquarter buildings and incorporation and sale of the Botafogo plot of land;
- Planning, viability, negotiation, incorporation and sale of the former land in Botafogo which housed the headquarters.
Balbi & Associados was recommended by J.P. Morgan – NY – to participate in a US$50 million Coca-Cola project in Atlanta.
Client: Citur Group – Megaland (México) and G. P. Investimentos (Banco Garantia)
- Advisory in the analysis and selection of the five areas, each one over 1 (one) million square meters, required for the implementation of five large hotels on the southern coast of Rio de Janeiro. These studies involved:
- Area selection and use analysis;
- Study of both the economic potential and the urban-legal development;
- Possible acquisition values;
Clients: M. Roberto Arquitetos and Embratel
- Advisory and planning regarding the following projects: The Rio de Janeiro City Hall Building, Embratel and ABRAPP, aiming the implementation of the TELEPORTO compound in downtown Rio.
The study of this area had been commissioned to Balbi & Associados by the Rio de Janeiro City Hall at the time two plots were sold. On one of them Valia built the technologically innovative Teleporto building.
Clients: Grupo Carioca and Cristiani Nielsen
- Definition of values during the processes of spin off and merger of the companies of both groups (project over US$100 million).
Client: Construtora Odebrecht
- Feasibility study for the implementation of the Fundação Getúlio Vargas complementary buildings designed by Oscar Niemeyer (Praia de Botafogo);
- Constitution, organization and advisory services provided for the investment consortium (Odebrecht, Balbi & Associados and SGC Group) in the incorporation of the Fundação Getúlio Vargas building.
Client: Grupo Odeon
- Study for the development of a real-estate project in Búzios, where the group owns approximately 80% of possible growth in the peninsula area.
Client: COELCE – Companhia de Eletricidade do Ceará and FAELCE –
Fundação COELCE de Seguridade Social
- Analysis and appraisal of the real-estate assets of both COELCE and
- Study of the properties and proposed use to maximize the return;
- Study of investment alternatives;
- Proposal for both the location and implementation of the new headquarters;
- Analysis of ten-year flow and investment requirements;
- Elaboration of the investment and demobilization plans.
Client: Jornal do Brasil Administração e Participações S/A.
- Value-oriented Planning, Analysis and Use Proposal for the Jornal do Brasil headquarters building; determining the potential usefulness of the building; consulting and advisory services to regularize the venture’s asset planning.
Client: REFER – Fundação Rede Ferroviária de Seguridade Social
- Economic and financial consulting and appraisal services for Norte Shopping aiming to provide the client with supporting data in the decision to acquire equity participation in this venture;
- Appraisals, in 1997 and 2000, of the entire real-estate assets, which comprised plots of land, buildings, shopping centers and equity in large enterprises, totalizing over 30 properties;
- Consulting, Appraisal and Advisory services in determining the values in order to update and restructure the real-estate portfolio, with a view to demobilizing and, during negotiations, to sell entire buildings, floors and office space;
- Demobilization of a plot of land in Niterói, offices on Flamengo Beach and a property near the Central do Brasil building.
Client: Condomínio Via Parque Shopping Center
- Consulting and Advisory Services, real estate and assets appraisals to determine the values for acquisition and sale, revitalization, asset restructuring and negotiation of equity holdings in the venture called Via Parque Shopping.
- Reappraisal of assets aimed at a capital increase to enable BNDES financing.
Client: Texaco do Brasil S.A.
- Consulting on the renegotiation for port-facilities lease contracts with Cia. Docas do Rio de Janeiro S.A.
Client: PETROS – Fundação Petrobras de Seguridade Social
- Studies and analysis to support sale planning, to define the agreement and negotiate payment conditions of a building in São Paulo;
- Appraisal of various buildings, shops and floors in Rio de Janeiro, São Paulo and Brasília, to buy, sell and rent;
- To determine the market value for the sale of both the 8th and 12th floors of the OAB Building, located at the Setor de Autarquias Sul (SAS), Bloco N, Quadra 05 – Brasília, DF.
Client: Generali do Brasil
- Re-appraisal of the real-estate properties included in the company assets;
- Determining the market values, both for rental and insurance coverage, of commercial properties and parking spaces;
- Revision of all real-estate properties, land areas, contracts and their respective profitability, in order to support the decision whether to mark them for securitization or demobilization.
Client: SENAC – Serviço Nacional de Aprendizagem Comercial
- First appraisal to analyze the ROI of SENAC headquarters building, at Marquês de Abrantes St. 99, and its incorporation into the organization real estate assets.
- Appraisal of the buying and selling asset value of real-estate properties.
Client: LATASA – Latas de Alumínio S.A.
- Consulting on real-estate and other assets;
- Identification, surveying, characterization and appraisal of areas of land intended to be used in the implementation of the new Rio Grande do Sul plant.
Client: Sociedade de Ensino Superior Estácio de Sá
- Consulting for value analysis in the purchase and sale of real estate properties.
Client: Frutan – Frutas do Nordeste do Brasil S.A.
- Determining the market value for real estate acquisitions and sales as well as for mortgaging purposes.
Client: Associação Pro-Matre
- Determining the market value for purchase and sale of the commercial property at Domingos Lopes St. nº 795, Store A – Madureira, Rio de Janeiro, RJ;
- Determining the market value for purchase and sale of the commercial property at Venezuela Ave. nº 153, Rio de Janeiro, RJ;
- Determining purchasing/selling and rental values of the residential property at Pinheiro Machado St. nº 103, apt. 501, Laranjeiras, Rio de Janeiro, RJ.
Client: Carvalho Hosken Engenharia e Construções Ltda.
- Determining purchasing/selling and rental values of the building at Prefeito Dulcídio Cardoso Ave. nº 2.900, Barra da Tijuca, Rio de Janeiro, RJ.
Client: Generali do Brasil
- Determining the market values, for purchasing/selling, rental and insurance coverage, of a commercial property at Rio Branco Ave., 128, Rio de Janeiro, RJ;
- Determining the market values, for purchasing/selling, rental and insurance coverage, of a commercial property at Dr. Bráulio Gomes St. nº 36, São Paulo, SP;
- Determining the market values, for purchasing/selling, rental and insurance coverage, of a commercial property at Comendador Araújo St. nº 143, rooms 103, 104 and 105, Curitiba, PR;
- Determining the market values, for purchasing/selling, rental and insurance coverage of 08 parking lots at do Carmo St. nº 55 – Garagem do Carmo Building, Rio de Janeiro, RJ;
- Determining the market values, for purchasing/selling, rental and insurance coverage of 36 parking lots at Sete de Setembro St. nº 111, Cidade do Carmo’ Building, Rio de Janeiro, RJ;
- Determining the market values, for purchasing/selling, rental and insurance coverage of a commercial property at Santa Luzia St. nº 685 / store A, Rio de Janeiro, RJ;
- Determining the market values, for purchasing/selling, rental and insurance coverage of a commercial property at Quitanda St. nº 3, rooms 801 to 805, Rio de Janeiro, RJ.
Client: Info JBS
- Appraisal of real estate properties, FF&E, machinery, equipment, vehicles, facilities, owned and developed software;
- Appraisal of real estate properties to determine purchasing and selling values.
Client: Vale Sul – Alumínio S.A.
- Determining of the market value for the renewal of port-facilities lease at the Port of Sepetiba, owned by Cia. Docas do Rio de Janeiro, S.A.
Client: Aurizônia Empreendimentos
- Appraisal of a plot of land located at Estrada do Pontal, lot 1 of PAL 39.508, Recreio dos Bandeirantes, Rio de Janeiro – RJ, with 3,215.39 m² in order to determine the respective purchasing and selling values.
Client: César Guinle and Rocha Miranda Families
- Planning, implementation studies and project approval, partnership, participation and new funds sourcing for the construction of a hotel compound coupled with a leisure and tourism center (Nova Friburgo - RJ);
- Planning, implementation study of a convention center, a hypermarket and a horticultural market with tourist/cultural characteristics (Nova Friburgo - RJ);
- Development of a Cultural Revitalization Project with federal tax incentives and direct investment in order to revitalize Friburgo’s Park Hotel;
- Works start-up and sales of a condominium area with one hundred residential plots of land.
Client: Tuffy Habib – Poliondas
- Demobilization, planning and real-estate development, management, reorganization and study aiming the better use and maximization of results.
Client: Eletrobras S.A.
- Determining purchasing/selling and rental market values of commercial properties, Ed. Herm Stolz, Ed. CORRFA, among others, also located in downtown Rio de Janeiro.
Client: Double Sound –Studios and Productions
- Acquisition and appraisal of real estate property where the company’s operational facilities would be installed. Location: Fonseca Teles St. nº 19, São Cristóvão, RJ.
The client obtained the best cost/benefit ratio in meeting their need to acquire a larger property to install their headquarters, obtaining an economy of nearly 50% based in world-class studies and appraisals and the experience of Balbi & Associados.
Client: Monteiro Aranha Participações S/A
- Determining purchasing/selling and rental market values of the 2° to the 22° floor, besides penthouse and offices, at Alberto Monteiro Building, Rio Branco Ave., 80 – Centro, Rio de Janeiro, RJ.
Client: Gelli - Promóvel Participações Ltda.
- Determining purchasing/selling and rental market values of a commercial property at Brazil Ave., nº 12.025, Rio de Janeiro, RJ.
Client: Concremat Engenharia
- Determining the purchasing and selling market value in order to secure the approval of a FINEP financing for the acquisition of the building located at Euclides da Cunha da Cunha St. nº 106 and the plot of land located at Fonseca Teles St. no. 39 – both in São Cristóvão, Rio de Janeiro, RJ.
Client: CHESF – Companhia Hidrelétrica do São Francisco
- Determining the purchasing/selling values of the Esperança, Jequitibá and Lagoa Bonita farms located at BA-698 Highway, KM 15.5; 23 and 28 – Municipality of Mucuri, BA.
Client: Concrejato S.A.
- Determining the purchasing/selling value in order to secure financing from FINEP for the building located at Fonseca Teles St. No. 40 – São Cristóvão, Rio de Janeiro, RJ.
Client: São Paulo Guanabara Empreendimentos
- Determining the purchasing/selling and renting values of a commercial building located at Rodrigues Alves Street no. 303/331, Gamboa, Rio de Janeiro, RJ.
Client: Pinto de Almeida Engenharia S.A.
- Feasibility study for two undertakings and determination of the purchasing/selling values of the respective plots of land, both located in Charitas and Niterói, RJ.
Client: Central Clearing de Compensação e Liquidação S.A.
- Appraisal of the organization’s assets, which consisted of software developed by the client, aiming to support the decision of selling the properties, alienating them in an orderly fashion, in view of the liquidation of the company.
Client: Academia Brasileira de Ciências
- Planning, negotiation and implementation of both the new headquarters and a shopping mall (in downtown Rio).
Client: UNE – União Nacional dos Estudantes
- Planning, development and implementation of the new Flamengo Beach headquarters, in Rio de Janeiro.
Client: André La Saigne de Botton
- Determining the rental market value of a residential property located at Aprazível St. no 39, with additional fronts on Francisca de Andrade St. and Ladeira dos Meireles, Santa Tereza, Rio de Janeiro, RJ.
Client: Eletros – Fundação Eletrobrás de Seguridade Social
- Determining the purchasing/selling market value for a participation of the client in the undertaking named Ilha Plaza Shopping Center, located at Maestro Paulo e Silva Ave. nº 400, Bairro Jardim Carioca, Ilha do Governador, Rio de Janeiro, RJ.
Client: ECIG – Empreendimentos Comerciais Ilha do Governador S/A – Pinto de Almeida
- Determining the purchasing/selling market value of the client’s participation in the undertaking named Ilha Plaza Shopping Center, located at Maestro Paulo e Silva Ave. nº 400, Bairro Jardim Carioca, Ilha do Governador, Rio de Janeiro, RJ.
Client: White Martins Gases Industriais LTDA.
- Determining the purchasing/selling market value of the São Gonçalo Farm, located at the previous Km 156 (currently Km 546) of BR-101 Highway (Rio-Santos), 3rd District of the Municipality of Paraty, RJ.
Client: ONS – Operador Nacional do Sistema Elétrico
- Determining the rental value of the commercial building located at Quitanda St. 202 – Rio de Janeiro, RJ.
Client: CBF – Confederação Brasileira de Futebol
- Appraisal of the purchasing/selling value of the building where the CBF headquarters were formerly located, at Alfândega St. 70, Rio de Janeiro, RJ;
- Appraisal of the purchasing/selling value of the real-estate and other existing capital goods comprising real estate, machinery, FF&E, installations, conventional software and the Granja Comary, in Teresópolis, RJ;
- Assets organization and appraisal of existing capital goods, comprising real estate, machinery and equipment, FF&E, conventional software and the present headquarters, located at Vitor Civita St. 66 – Bl. 1 – Ed.5 – 5º floor, Barra da Tijuca, Rio de Janeiro, RJ.
Client: Light - Serviços de Eletricidade S.A.
- Determining the market value for the disposal of a 400 sq.mts land at Paulino F. da Silva St. (BR-393), former km 69 (present 105), District of Jamapara, Sapucaia, RJ;
- Determining the market value for the disposal of a 3.019,50 sq.mts land known as lote 7, Quadra A, PAL 23360 at Servidão St., around km 16,5 of Av. das Américas, Recreio dos Bandeirantes, Rio de Janeiro, RJ.
Client: Daros Latinamerica AG.
- Research, survey, identification, appraisal and selection of the following real estates aiming the implementation of a Museum and a Cultural Centre;
- Former Esso building, located at Presidente Wilson Ave., nº 118 – Downtown, Rio de Janeiro, RJ;
- Real estate located at Candelária St. nº 6 – downtown, Rio de Janeiro, RJ;
- Educandário Santa Tereza building, located at General Severiano St. nº 159, Botafogo, Rio de Janeiro, RJ;
- Identification of the present status of Educandário Santa Tereza building, as “Ad Perpetuam Rei Memoriam”, located at General Severiano St. nº 159, Botafogo, Rio de Janeiro, RJ;
- Planning, researches, investigations, appraisals, analysis, opportunities creation for the acquisition, planning, development and implantation of Casa Daros – Museum and Cultural Centre – in a 12.000 sq.mts. real estate acquired in Botafogo, Rio de Janeiro, RJ;
- Constitution, organization and implementation of the Daros Latinamerica Desenvolvimento de Arte e Cultura Ltda. company.
Client: Banco do Brasil S.A.
- Determining the market value and immediate liquidation value of XPQ – Equipamentos located at Barão de São Francisco St., 177 – bl. II – 2nd floor, Rio de Janeiro, RJ.
Client: Porto Mar Empreendimentos e Participações Ltda.
- Determining the market value for purchase and sale of a 17.714,25 sq.mts land, located at Praia de Manguinhos, Armação dos Búzios, RJ.
Client: Pinto de Almeida Engenharia S.A.
- Determining the market value for purchase and sale of a land located at Estrada Leopoldo Fróes nº 47, São Francisco – Niterói, RJ and Critical Technical Report about the Appraisal Reports which make part of the process which is being handled at the Government Attorney’s Office of Niterói, RJ.
Client: Generali do Brasil
- Consulting in order to guide the decision of demobilization by determining the purchasing and selling values and the return on investment (ROI) of the Generali Building, at Dr. Bráulio Gomes St. 36, downtown, São Paulo.
Client: Royal & Sunalliance Seguros (BRASIL) S.A.
Re-appraisal of the real-estate properties included in the company assets.