SAO PAULO, Brazil—Gazit Brasil Ltd. is buying 100% ownership of Mais Shopping Center in Sao Paulo, for $72 million. The acquisition will be financed by the company. Mais Shopping was owned until now by a Credit Suisse fund, a real estate company and a private investor, which together held 60% of the asset, while the remaining 40% was held by Banco Bradesco, Brazil's second largest private bank.
"The acquisition of Mais Shopping strengthens our position in the city of Sao Paulo, the business capital of Brazil and the nation's wealthiest and most populous city with approximately 12 million people with a high GDP," said Mia Stark, Gazit Brasil CEO.
Mais Shopping is an urban shopping center located in a rapidly growing neighborhood in southern Sao Paulo. Situated at the intersection of a major bus terminal and a metro station, the retail center is close to regional government offices, universities, a hospital and the headquarters of several multinationals (including IBM and Santander) and is within walking distance of a train station. Approximately 1 million people pass through the area on a daily basis.
Built in 2010, Mais Shopping currently has 238 stores with a total gross leasable area (GLA) of approximately 143,160 square feet (13,300 sq.m.) plus 770 parking spaces. In addition, the transaction includes adjacent land available for future expansion.
Upon the completion of the deal, Gazit Brasil will own seven shopping centers with a total GLA of nearly a million square feet. Gazit Brasil is a wholly-owned subdivision of the Gazit Group.
This transaction joins three other major acquisitions made recently by the Gazit Group: its subsidiary Atrium European Real Estate bought the Palac shopping center in Pardubice, Czech Republic, from Africa-Israel Europe for 83 million euros and 75% ownership of Arkady Pankrac shopping center in Prague for 162 million euros; and its subsidiary in the Nordic states, Citycon Oyj, acquired a shopping center in the greater Copenhagen area for 75 million euros. The total value of the three acquisitions is 320 million euros.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
