Provident group advises on US$ 30 million capital raise for Construtora Altana, a brazilian real estate developer (Market Watch)

NEW YORK, Feb 04, 2009 (BUSINESS WIRE) - Provident Group announced the closing of a US$ 30 million capital raise for A-Pima, a real estate joint venture focused on building superior quality homes for the Brazilian Affordable Entry Level ("AEL") market formed by Sao Paulo based real estate developer Construtora Altana ("Altana"). Altana was advised by New York based Investment Banking firm Provident Group which acted as exclusive financial advisor to the Company. Altana's President Frederico Melo Azevedo stated: "This investment will provide Altana with significant capital to expand into additional select urban areas in the Sao Paulo and Minas Gerais States, allowing us to leverage our expertise and proven track record developing projects for the AEL market, thus becoming a dominant niche developer in this segment. Altana is confident that demand in this segment will prove to be very resilient, and that the measures currently being taken by the Brazilian government such as increasing the availability of credit, lowering interest rates and the proposed tax reductions for the real estate sector will contribute to this market's continued strong performance throughout 2009."

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