RIO DE JANEIRO, Oct 11 (Reuters) - The board of Brazilian real estate company Log Commercial Properties e Participacoes SA approved on Friday a follow-on share offering worth up to 676 million reais ($164 million), as the company seeks to expand amid increasing demand for warehouses in Brazil.
In a securities filing, the board said the company would offer 21 million new shares, with the possibility of 7.35 million more shares in an additional allotment. The company used 23.83 reais as a reference share price, roughly where Brazil-listed shares closed on Thursday.
Log, which has a significant amount of warehouse space in its portfolio, is among a number of investors seeking to take advantage of an e-commerce boom in Brazil.
Banco BTG Pactual SA is the lead coordinator on the deal. The new shares are scheduled to start trading on Oct. 24.
($1 = 4.11 reais)
Reporting by Gram Slattery; Editing by Steve Orlofsky