Gazit Acquires Remaining Stake in Sao Paulo Shopping Centre.
M2 EQUITYBITES-March 2, 2015-Gazit Acquires Remaining Stake in Sao Paulo Shopping Centre
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2 March 2015 - Israeli real estate company Gazit-Globe's (NYSE: TSX) (TASE: GZT) Gazit Brasil Ltda Brazil subsidiary is buying the remaining 40% stake in the Sao Paulo's "Mais Shopping" centre for BRL 75m (approximately USD 26m).
The company acquired 60% ownership of Mais Shopping in the beginning of February for BRL 125m (approximately USD 46m).
Mais Shopping is an urban shopping centre located in a neighbourhood in the south of the city situated at an intersection surrounded by a bus terminal hub, a metro station, the only government agency in the area, universities, a hospital, corporate offices (IBM and Santander) and within walking distance of a train station.
The shopping centre was built in 2010, currently has 238 stores with a total GLA of approximately 13,300 sqm and contains 770 parking spaces, comprising in total of approximately 18,000 sqm of land. In addition, the transaction includes 1,150 sqm of adjacent land available for future expansion.
Gazit-Globe owns and operates 540 properties in more than 20 countries, with a gross leasable area of approximately 6.4m square meters and a total value of approximately USD 21bn.
Its Gazit Brasil subsidiary is active in the acquisition, development and management of shopping centres in Brazil. With the closing of this transaction Gazit Brasil owns and operates seven shopping centres (one of which is under development) with a total GLA of over 90,000 sqm and a total value of more than BRL 1bn (more than USD 350m).
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|Publication:||M2 EquityBites (EQB)|
|Date:||Mar 2, 2015|
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