BR Properties Raises BRL690m

BR Properties has priced a BRL690m ($430m) equity follow-on, coming flat to Tuesday’s close. The commercial developer sold 40.3m primary shares at BRL17.15, matching the secondary level reached after shares fell 2.0% on the day. The total includes a 15% greenshoe. Proceeds will be used for acquisitions as BR Properties looks to consolidate its position in what is still a highly fragmented sector. Bradesco, Itau, Banco Safra and Santander managed the sale. BR Properties acquires, manages and develops offices, warehouses and retail centers in Sao Paulo, Rio de Janeiro and Parana states. It raised BRL1.07bn in its IPO in March 2010.