BR Properties Sheds Industrial Assets

BR Properties Sheds Industrial Assets

Brazil M&A

Brazilian builder BR Properties has agreed to sell all its 34 industrial and logistics properties to WTGoodman for BRL3.18bn ($1.38bn), in a bid to cut leverage and increase returns to shareholders. BR Properties’ net debt equaled 5.2x adjusted Ebitda at the end of the third quarter, down from 7.3x a year earlier. As well as further trimming leverage, the firm plans to use the proceeds for a share buyback program, and for dividend payments. The deal demonstrates an “aggressive stance” by managem

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