US Markets

Subdivision arm of Brazil developer MRV files for potential IPO

Urba, the residential and commercial subdivision arm of Brazilian real estate developer MRV Engenharia e Participacoes SA, has filed for a potential initial public offering, according to a Friday securities filing.

SAO PAULO, Aug 28 (Reuters) - Urba, the residential and commercial subdivision arm of Brazilian real estate developer MRV Engenharia e Participacoes SA MRVE3.SA, has filed for a potential initial public offering, according to a Friday securities filing.

Urba would use the proceeds of the potential IPO for capital expenditures and to expand its land bank. The process will be coordinated by Banco BTG Pactual SA BPAC3.SA, Banco Itau BBA SA, Banco Bradesco BBI, Banco Santander Brasil SA SANB3.SA and Caixa Economica Federal.

Brazil has seen a glut of real estate firms file for potential IPOs in recent months. MRV, focused mainly on the lower- and middle-income segment, is Latin America's largest real estate firm.

(Reporting by Aluísio Alves; Writing by Gram Slattery; Editing by Leslie Adler)

((gram.slattery@thomsonreuters.com; +55-11-95057-1453))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest Markets Videos

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More