BTG Pactual plans BR Properties buyout with repurchase program

jueves 26 de febrero de 2015 09:34 GYT

SAO PAULO Feb 26 (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)