BTG Pactual, through its retail banking unit Banco PanAmericano, signed a non-binding agreement to acquire Brazilian Finance & Real Estate (BFRE), which specializes in property and real estate securitization.

According to a Reuters report, BTG has agreed to pay up to 1.21 billion reais ($638.72 million) for the firm.

BFRE has issued over 8 billion reais in real estate-backed securities known as certificados de recebiveis imobiliarios, or CRIs.

It also offers financing for households and construction companies and has committed 800 million reais to construction loans, according to the report.

 

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