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BRASILIA, March 14 (Reuters) - GP Investments Ltd , Latin America's largest private equity firm, set a price of 10 reais per share for its offer to buyout up to 70 percent of Brazilian real estate company BR Properties , GP said in a statement late on Sunday.
GP Investments made on Dec. 11 a 1.87 billion-real ($470 million) offer for a controlling stake in BR Properties, in which Brazilian bank BTG Pactual is a leading shareholder.
GP plans to hold an auction on May 11 to conclude the operation, the company said in the statement. BR Properties shares closed at 8.65 reais on Friday. (Reporting by Silvio Cascione; Editing by Mark Potter)