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BR Malls sells 2 Brazilian properties for 370M reais

BR Malls Participações SA shed its full stakes in two malls in the Brazilian cities of Cotia and Salvador for 369.8 million reais to Hemisfério Sul Investimentos.

The company, which has recently been selling its stakes in Brazilian malls, sold its interests in Shopping Granja Vianna in Cotia and in Shopping Paralela in Salvador. The sale amount reflects a cap rate of 9.4% on a cash basis and 10.0% on an accrual basis.

The company noted that it has fully divested its stakes in 16 assets since 2011 for 2.0 billion reais, with six such deals in 2017.

As of Dec. 21, US$1 was equivalent to about 3.31 Brazilian reais.