SAO PAULO (Bloomberg) ? Bermuda-based GP Investments Ltd., a private equity fund, will create a company to invest in real estate projects in Brazil, Latin America?s biggest economy.

GP Investments will hold a 30 percent stake in the new company through its private equity fund GP Capital Partners III LP. The new company, BR Properties SA, will start with an investment of $100 million, GP said in a filing with the Brazilian securities regulator.

The company will invest mainly in office buildings and retail projects in Brazil.