Brazilian real estate management company, BR Properties, has purchased a real estate investment fund, Commercial Real Estate Investment Fund II Progressive, AméricaEconomía reports. The fund, which is managed by Banco Ourinvest, has been sold for about $284 million. BR Properties paid about $281.6 million for a plot, which represents 98% of the fund, and $5.7 million for the remaining 2% to holding company, Brazilian Finance & Real Estate. BR Properties has received a portfolio of commercial properties, which includes 29 retail stores and 4 office buildings, as part of the deal. Bank Ourinvest will continue to be the portfolio manager of the fund.

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