U.S. Pension Fund TIAA Sells Part of Stake in Brazil Land Owner

Pension fund Teachers Insurance and Annuity Association of America (TIAA) has sold a part of its stake in land owner Radar SA to its Brazil partner in the venture amid an investigation over foreign ownership restriction rules.

Brazilian conglomerate Cosan SA will pay about 1.5 billion reais ($282 million) for 47% stake in the business in a deal which will raise its share to over 50% of Radar’s total equity, the company said in a statement late Monday.

The ownership of Radar has been under investigation by Incra, the Brazilian government body that demarcates farming land. In a preliminary report, ...