Brazilian real estate investment company, Pactual Desenvolvimento e Gestao Realty (PDGR3.BR), or PDG, has acquired a 40% stake in local real estate company CHL Desenvolvimento Imobiliario, for 48 million Brazilian reals ($23 million), PDG said in a statement Wednesday.

“The acquisition of the stake in CHL is in line with our investment strategy … and includes active participation in the business strategy,” PDG said in a note.

CHL Desenvolvimento Imobiliario is based in Rio de Janeiro state.

PDG was created in 2004 by a group of investors, which also founded local investment bank Banco Pactual. The company invests in projects along with local developers.

In January, PDG completed its initial public offer of shares on the Sao Paulo Stock Market Exchange, the Bovespa, raising BRL630 million, after selling 45 million common shares.

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