Commercial Developer Readies IPO

WTorre, the privately-held Brazilian commercial and industrial real estate developer, is close to filing an IPO on the Bovespa, according to an executive away from the deal. A request to issue is heard to have been sent to the CVM late Friday and is expected to include holdings of Walter Torre, founder of the Sao Paulo-based company. WTorre has for several years financed its developments through local real estate securitization funds called CRIs. It claims to have become the leading user of the funds. Through CRIs, WTorre has raised debt backed by future flows from rentals to build large properties including commercial office buildings and infrastructure facilities. The company has an engineering arm, a commercial development arm and a homebuilder. WTorre operates in a similar space to BR Properties, which is scheduled to issue shares this week via Itau BBA Bradesco BBI, Goldman Sachs, Safra and Santander.