BTG Pactual plans BR Properties buyout with repurchase program: Reuters

(Reuters) – Grupo BTG Pactual SA‘s private equity unit and its partners plan to buy the shares they do not already own of Brazilian commercial real estate company BR Properties SA, offering minority shareholders a 17 percent premium for their shares.

BR Properties said in a securities filing on Thursday that an investment vehicle called FIP Bridge unveiled plans to carry out a voluntary repurchase of the 15 percent stake it does not own of BR Properties. FIP Bridge is controlled by BTG Pactual Participations Ltd and partners include a unit of Brookfield Asset Management Inc.

FIP Bridge will offer 8.98 reais per share of BR Properties once dividends are declared, according to the filing. That represents a 35 premium over the average trading price of the past 30 sessions and 17 percent over BR Properties’ closing price on Wednesday.

(Reporting by Guillermo Parra-Bernal and Marcela Ayres; Editing by Jeffrey Benkoe)

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