Brookfield Incorporacoes, the Brazilian real estate unit of Canada's Brookfield Asset Management, said on Tuesday it raised $272 million in a share offering.
The company and shareholders sold 70,000 shares at an opening price of 6.80 reais, yielding 476 million reais, Brascan said in a securities filing. The amount is considerably less than the 700 million reais it said last month it expected to raise.
The unit, formerly known as Brascan Residential Properties, is the latest real estate developer seeking to benefit from investors' demand for companies in the sector.
The country's housing market has benefited from record-low interest rates and an $18 billion government program for low-income homes that has helped lift Brazil's economy out of recession.
Since June, shopping mall operator BR Malls and builder of low-cost homes MRV Engenharia sold about 1.6 billion reais of stock and several other companies have lined up to sell shares in the coming weeks.
Brazilian real estate companies were among the most active in stock offerings in the boom years 2006-2007, but later became among the worst performers in the local stock market because of a glut in share sales.
(Reporting by Brian Ellsworth; Editing by Guillermo Parra-Bernal)