Brascan Gets MB, Plots Buyback

Brascan Residential Properties has completed the acquisition of Brazil’s MB Engenharia for at least BRL164m. The real estate company controlled by Canada’s Brookfield Asset Management will pay BRL24m cash to MB shareholders, and at least another BRL140m in 2011, depending on cash flow generation. Brascan aims to tap housing markets in MB’s stronghold in the country’s center-west region. Banco Brascan advised Brascan on the transaction, and Credit Suisse and Unibanco advised MB. Separately, Brascan’s board approved a buy back of up to 7.4m of its shares, authorizing up to BRL110m for the operation.