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Brazilian property developer makes £274m in share offering

Date added: 29th June, 2011 at 14:29
(view all articles from June, 2011)

Categories: Property News

One Brazilian property developer has made millions of pounds through its latest share offering.

According to Reuters, a market filing from real estate company BR Properties showed that the firm made 690.3 million reais (£274 million) by selling shares on Tuesday (June 27th).

The offer was led by investment bank Itau BBA and the money the developer made will be used to make further investments in Brazil.

BR Properties will direct the cash toward acquiring new commercial properties, Reuters explained.

Shares in the company were sold at 17.15 reais each in the offer, which was also managed by Santander Brasil, J Safra and Bradesco BBI.

As many as 40.25 million were put on sale and were priced at the value of the stock by the close of the BM&FBovespa exchange on Tuesday.

Buyers of the shares may see a profit from their purchase, as a note from analyst Carlos Sequira of BTG Pactual recently predicted that Brazilian property developer stocks would perform well this month, according to Bloomberg.

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