October 28, 2019 / 10:51 PM / 23 days ago

UPDATE 1-Brazilian commercial real estate company CCP raises $190 mln

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SAO PAULO, Oct 28 (Reuters) - Brazilian commercial real estate company Cyrela Commercial Properties raised 760 million reais ($190.4 million) in a share offering on Monday, the company said in a securities filing.

Cyrela priced its offering of 40 million new shares at 19 reais per share, above its 18 reais closing price on Monday in Sao Paulo stock exchange.

The company will raise its capital to 1.6 billion reais with the proceeds of the offering. CCP, as the company is known, is the fourth homebuilder to raise capital this year. During Brazil's harshest recession in decades, homebuilders faced losses and did not access capital markets.

The offering signals renewed interest by investors in Brazilian real estate, as the country's interest rates fall to their lowest level ever.

Tecnisa raised $118 million in a share offering last July. Helbor Empreendimentos SA and Eztec Empreendimentos also sold shares this year.

$1 = 3.9909 reais Reporting by Tatiana Bautzer; Editing by Sandra Maler and Lisa Shumaker

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