Brazilian Developer Joins Equity Rush

Brazil’s Rossi Residencial plans to raise BRL500m-BRL600m through a primary share offering. The real estate developer aims to take advantage of increasing demand spurred by the government’s Minha Casa Minha Vida program, it says, and will use proceeds to finance a new growth plan starting in 2010. Rossi does not indicate when the sale will happen. The move follows PDG Realty’s announcement Tuesday that it plans to sell up to BRL800m in new equity. Rossi closed Wednesday at BRL10.86.