BR Properties, BTG Pactual Agree to Merge Real Estate Assets

Banco BTG Pactual SA, whose chief executive officer is billionaire Andre Esteves, and BR Properties SA (BRPR3) agreed to merge their real-estate assets in an all-share transaction.

BR Properties, a Brazilian property developer, will incorporate the real estate assets of BTG and the bank’s WTorre Properties SA unit, BTG said in an e-mailed statement today.

In the new merged company, BR Properties shareholders will have 58.1 percent of the total capital, while BTG will have 30.8 percent, according to the statement. WTorre will have 8.4 percent and the remaining 2.7 percent stake will be held by other investors, BTG said.

To contact the reporter on this story: Adriana Brasileiro in Rio de Janeiro at abrasileiro@bloomberg.net

To contact the editor responsible for this story: Carlos Caminada at ccaminada1@bloomberg.net

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