Sao Paulo-based BR Properties and its shareholders plan to raise as much as 1.71 billion reais ($914 million) by selling shares of the Brazilian real estate developer next month.

BR Properties and its stockholders is revealed to jointly offer 71.88 million voting shares at a price range between 14 reais and 18 reais, according to a statement published in a local newspaper on Wednesday.

The developer will start trading on Brazil's Bovespa exchange on March 8.

In addition, the banks advising in the transaction could sell an additional 10.78 million shares, and stockholders could sell an additional 12.20 million, it said in a prospectus published in the Valor Economico newspaper today.

The deal is announced after Gafisa's last week unveils its plan to sell up to 1.1 billion reais of new stock to fund growth. However, analysts have cautioned of a glut of real estate share offerings, which builders are using to grab profits from boosting stock prices and finance expansion.

Brazilian homebuilders are selling stock as the real-estate industry benefits from the recovery of Latin America's largest economy and a Government plan to build 1 million homes by 2011.