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Gazit-Globe unit to buy 70% stake in São Paulo mall for 937M reais

Gazit-Globe Ltd. subsidiary Gazit Brasil signed a binding agreement to buy a 70% stake in the Internacional Shopping mall along the Dutra Highway in São Paulo for 937 million reais, excluding closing costs.

Gazit Brasil will control and manage the 77,000-square-meter property that sits on a 123,000-square-meter land and has building rights for nearly 200,000 square meters of additional space. The mall is 98% leased to 360 tenants and also offers 4,200 parking spaces.

The company said it will settle the all-cash deal with funds raised from sale of assets, retained free cash flow and other sources of capital. The deal is expected to close in the latter part of the first quarter of 2018.

As of Dec. 27, US$1 was equivalent to 3.31 Brazilian reais.