BTG Pactual is acquiring a majority stake in Brazilian commercial real estate developer, WTorre Properties, Reuters reports, citing Valor Economico. The independent securities firm will pay about $1.1 billion for the acquisition.
As a part of the deal, BTG would acquire over 50% of the unit, which will be spun off from holding company WTorre. The real estate developer will also commit about $894.7 million to WTorre Properties in the form of stakes in ongoing and finished projects.
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