February 26, 2015 / 1:38 PM / 3 years ago

BTG Pactual plans BR Properties buyout with repurchase program

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)

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