BR Properties Doubles Size, Set for More Buys: CEO

BR Properties Doubles Size, Set for More Buys: CEO

Brazil M&A

The acquisition of WTorre Properties will double BR Properties’ portfolio size to BRL10bn from BRL5bn, CEO Claudio Bruni tells LatinFinance, and it plans to continue buying. The commercial real estate developer agreed late Wednesday to a stock swap for 100% of developer WTorre’s shares, with BTG Pactual – owner of a controlling interest in WTorre since March – coming away with a 30.8% stake in BR Properties, WTorre 8.4%, and other holders getting 2.7%. Bruni says the assets are valued at BRL2.9b

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