Lopes Builds Follow-on

Brazilian real estate developer Lopes has raised BRL207m from an equity follow-on. It priced 5.52m shares at BRL37.51, flat to Thursday’s BRL37.51 closing price. The total includes a 720,000 share greenshoe. The issuer expects to spend about BRL50m of proceeds on purchasing a 31% stake in Rio real estate consultancy RV Patrimovil, which would give it control. The remainder will go to future acquisitions, with Lopes noting it is in discussions with 4 possible targets. BTG, Goldman Sachs and Itau managed the transaction. Lopes raised BRL475m in a late 2006 IPO through Pactual.