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Gazit-Globe unit completes 350M reais sale of Sao Paulo asset

Gazit-Globe Ltd. subsidiary Gazit Brasil closed the sale of the Extra Itaim property in Sao Paulo for 350 million Brazilian reais.

The company realized cash gains of 140 million reais from the sale, with the price representing a 108 million-reais premium above the company's fair value, which was stipulated in its Sept. 30 financial report.

Gazit Brasil purchased its first 17.5% interest in the property in 2010 and bought a further combined 52.5% stake from three pension funds in 2013, before becoming the shopping center's full owner in April from a bankruptcy court ruling.

Extra Itaim has a gross leasable area of 18,260 square meters, along with 1,365 carpark spaces. The property is leased to Extra Hypermarket (Casino Group).

As of Dec. 8, US$1 was equivalent to 3.31 Brazilian reais.