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BR Properties sells assets to Brookfield to get back in the black

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BR Properties agreed to sell 12 business buildings and two plots of land to Brookfield. The deal signed Wednesday is expected to generate a net result of R$5.5 billion, the company’s chief financial officer André Bergstein said.The amount will be set aside for prepayment of debts -BR Properties’s net debt amounts to R$2.1 billion - but the company has not decided whether it will be fully paid.The sale makes sense because the company’s portfolio is mature and able to generate a capital gain, considering that high interest rates increase the company’s debt, BR Properties CEO Martin Jaco said. "The financial cost erodes our result, but the financing was prepared to be prepaid. For that, we needed cash," he told Valor. "We are going to eliminate this financial cost." BR Properties expects to make cash flow positive with the proceeds of the deal.The company is also studying which portion of the proceeds will be distributed as dividends to shareholders. The remainder is likely to be invested in the company’s logistics warehouse projects and part will remain in cash.The company is rebuilding its portfolio in the industrial and logistics segment after having sold all such assets four years ago.BR Properties has no plans to rebuild the size of its portfolio in the short term, the CEO said in a conference call about the deal. "The market is not easy, so we will maintain this volume for some time," he said.Following the approval of the sale, the next step will be to discuss new investments or a plan to take the company private.The sale includes six business buildings in São Paulo...

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