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BR Malls sheds Brazilian mall stake for 170M reais

BR Malls Participações SA sold its 54.2% stake in the Maceio Shopping mall, located in Maceio in Brazil's Alagoas state, for 170.0 million Brazilian reais.

The sale price reflects a post-tax cap rate of 8.7% on a cash basis and 9.7% on an accrual basis.

The company intends to reinvest the proceeds in investments with higher yield, it said in a release.

As of Dec. 19, US$1 was equivalent to around 3.30 Brazilian reais.