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BR Malls sells stake in Brazilian mall for 166M reais

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BR Malls sells stake in Brazilian mall for 166M reais

BR Malls Participações SA divested its 50% interest in Natal Shopping, based in Brazil's Natal city, for 166.3 million Brazilian reais.

The deal, expected to wrap up March 6, 2018, represents a post-tax cap rate of 8.7%.

It is BR Malls' fourth mall divestment in 2017 and aligns with its portfolio recycling strategy. The company intends to reinvest the proceeds in investments, according to a release.

As of Dec. 20, US$1 was equivalent to about 3.29 Brazilian reais.