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Cyrela Commercial selling stakes in 2 Brazilian shopping centers

Cyrela Commercial Properties SA signed separate agreements with a fund managed by BTG Pactual Serviços Financeiros SA DTVM to sell its stakes in two shopping centers in Brazil, for 120.0 million reais.

Under the deals, the commercial real estate developer will sell its entire stake in Norte Shopping Belém SA, which owns the 28,677-square-meter Parque Shopping Belem, to XP Malls Fundo de Investimento Imobiliário, or FII. Cyrela's stake represents 25% of the total shares in the holding company, according to a Cyrela release.

FII will also purchase an 8% stake in the 16,619-square-meter Shopping Cidade Sao Paulo, held by Cyrela's wholly owned subsidiary Micônia Empreendimentos Imobiliários Ltda. The purchase will include documents needed to regulate the management of the asset, Cyrela said in the release.

Closing of the deals remains subject to certain conditions set by the parties.

As of March 15, US$1 was equivalent to 3.29 Brazilian reais.