BR Properties’ Primary offering of 84.375 million common shares

Lefosse, Cleary Gottlieb Steen & Hamilton, Pinheiro Guimarães and Davis Polk & Wardwell advised on the deal

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.

Lefosse advised BR Properties S.A. with Luiz Octavio Lopes (Picture), Ricardo Prado, Douglas Ogata and Matheus Maiotto.

Cleary Gottlieb Steen & Hamilton advised BR Properties S.A. with Juan G. Giráldez, Paula Seabra Carvalho Reis, Silvia Fittipaldi, Jonathan Gifford and Michael Eis.

Pinheiro Guimarães advised Banco Itaú BBA S.A., Bank of America Merrill Lynch Banco Múltiplo S.A., Banco Santander (Brasil) S.A. and Banco BTG Pactual S.A. with Ivie Moura Alves, María Carolina Ricciardi, Fernando John Friedmann and Caio Tonani Gioielli.

Davis Polk & Wardwell advised Itau BBA USA Securities, Inc.; BofA Securities, Inc.; Santander Investment Securities Inc. and BTG Pactual US Capital LLC with Manuel Garciadiaz, Elliot M. de Carvalho, Lucy W. Farr, Ben Levenback and Danielle Rapaccioli.

Involved fees earner: Michael Eis – Cleary Gottlieb Steen & Hamilton; Silvia Fittipaldi – Cleary Gottlieb Steen & Hamilton; Jonathan Gifford – Cleary Gottlieb Steen & Hamilton; Juan Giráldez – Cleary Gottlieb Steen & Hamilton; Paula Seabra Carvalho Reis – Cleary Gottlieb Steen & Hamilton; Elliot de Carvalho – Davis Polk & Wardwell; Lucy Farr – Davis Polk & Wardwell; Manuel Garciadiaz – Davis Polk & Wardwell; Ben Levenback – Davis Polk & Wardwell; Danielle Rapaccioli – Davis Polk & Wardwell; Luiz Octavio Lopes – Lefosse; Matheus Maiotto – Lefosse; Douglas Ogata – Lefosse; Ricardo Prado – Lefosse; Fernando John Friedmann Junior – Pinheiro Guimarães; Ivie Moura Alves – Pinheiro Guimarães; María Carolina Ricciardi – Pinheiro Guimarães;

Law Firms: Cleary Gottlieb Steen & Hamilton; Davis Polk & Wardwell; Lefosse; Pinheiro Guimarães;

Clients: Banco Itau BBA; Banco Santander Brazil; Bank of America Merrill Lynch; Bank of America Securities; BR Properties; BTG Pactual; BTG Pactual US Capital, LLC; Itaú BBA USA Securities; Santander Investment Securities Inc.;

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Author: Ambrogio Visconti.