BTG RE Fund Sets Timing

BTG Pactual plans to price November 29 the follow-on sale of shares in its corporate real estate fund, according to bankers on the deal. The reopening of the Fundo de Investimento Imobiliario (FII) BTG Pactual Corporate Office Fund is offering 6.2m primary quotas – as the shares are known – and 6.9m secondary quotas, in a deal that would raise BRL2.01bn if done at Tuesday’s BRL153.80 closing price. Unlike the initial sale, the fund is marketing to international investors, in what is being billed by the issuer as the first international Brazilian REIT-like offering. BTG, Bank of America Merrill Lynch, Bradesco, Credit Suisse and Santander are managing the transaction. The fund initially raised BRL700m in 2007 and invests in commercial property in Brazil. Brazilians are returning to the equity pipeline, with Minerva expected to price a follow-on November 27, followed by Marfrig on December 4 and Aliansce on December 12.