BR Properties Plans Follow-on

BR Properties is planning to raise funds through an equity follow-on, it says. The commercial property developer and manager does not indicate the size or timing of the sale. It has hired Bradesco, Itau, Banco Safra and Santander as managers. BR Properties raised BRL1.07bn ($654m) in its IPO in March 2010, and followed that up with a $200m perpetual bond in October which it later retapped for $85m. CFO Pedro Daltro told LatinFinance in January that the company plans to grow through acquisitions in a sector it still sees as highly fragmented. BR Properties acquires, manages and develops offices, warehouses and retail centers in Sao Paulo, Rio de Janeiro and Parana states. BR Properties shares closed at BRL16.40 Monday.