Cleary Gottlieb represented BR Properties in a primary offering of 84.375 million common shares.
The aggregate proceeds of the offering exceeded R$1 billion (approximately $251.1 million).
The offering priced at R$12.50 per common share on November 21, 2019, and is expected to close on November 26, 2019. The common shares were offered in Brazil in an unregistered public offering with restricted placement efforts to professional investors, in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act, and to non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act.
BR Properties is one of the leading commercial real estate investment companies in Brazil, focusing on acquiring, leasing, managing, developing, and selling commercial real estate, including office space and industrial and logistics warehouses, located in the main metropolitan areas of Brazil, such as São Paulo and Rio de Janeiro.