BR Properties sells assets to reduce debt

The company closed an agreement to sell more than half of its portfolio and has no plans to rebuild it in the short term.

05/20/2022

The agreement for the sale of twelve commercial towers and two plots of land from BR Properties to Brookfield, signed on Wednesday, is expected to generate R$ 5.5 billion in net income, the company's largest sale. The amount will be used to prepay at least part of the company's debt, of R$ 2.1 billion in net form.

According to President Martin Jaco, the rationale behind the sale was to assess that the company's portfolio was mature and able to generate capital gains. At the same time, the increase in interest rates raised the company's debt. "The financial cost erodes our results, but the financing was prepared to be prepaid, but for that, we need cash", he said in an interview with Valor. BR Properties expects to turn the cash over to a positive result.

Read the full story (in Portuguese).

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