Shopping center-focused Multiplan Empreendimentos Imobiliários SA said it exercised an option to match a third-party offer for a 2.19% stake in the RibeirãoShopping property in Brazil for 28.7 million reais.

Multiplan owns 81.6% of the property, which spans a gross leasable area of 74,898 square meters in Ribeirão Preto.

Completion of the transaction is subject to customary approvals, such as antitrust authorities' consent.

As of Dec. 6, US$1 was equivalent to 4.18 Brazilian reais.