BR Properties Sells Brazilian Warehouses For $1.3B

Law360, New York (November 21, 2013, 4:16 PM EST) -- Brazilian real estate developer BR Properties SA has agreed to sell a portfolio of warehouses and logistics centers to an Australian-Brazilian joint venture for 3.1 billion reals ($1.34 billion), the company announced Wednesday.

WTGoodman IBP Participacoes, owned half-and-half by Australian real estate firm Goodman Group and Brazilian realtor WTorre, will acquire the 34 properties after regulatory approval. BR Properties will use the cash proceeds to pay dividends and reduce its debt, in reaction to weaker than expected economic performance, it said.

BR Properties didn't immediately respond...
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