SAO PAULO, Brazil—Gazit Brasil Ltd. isbuying 100% ownership of Mais Shopping Center inSao Paulo, for $72 million. The acquisition will be financed by thecompany. Mais Shopping was owned until now by a CreditSuisse fund, a real estate company and a private investor,which together held 60% of the asset, while the remaining 40% washeld by Banco Bradesco, Brazil's second largestprivate bank.

"The acquisition of Mais Shopping strengthens our position inthe city of Sao Paulo, the business capital of Brazil and thenation's wealthiest and most populous city with approximately 12million people with a high GDP," said Mia Stark,Gazit Brasil CEO.

Mais Shopping is an urban shopping center located in a rapidlygrowing neighborhood in southern Sao Paulo. Situated at theintersection of a major bus terminal and a metro station, theretail center is close to regional government offices,universities, a hospital and the headquarters of severalmultinationals (including IBM andSantander) and is within walking distance of atrain station. Approximately 1 million people pass through the areaon a daily basis.

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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.