December 28, 2017 / 7:38 AM / a year ago

Israel's Gazit-Globe buys 70 pct of Brazil mall for $284 mln

JERUSALEM, Dec 28 (Reuters) -

* Gazit-Globe, Israel's largest real estate company, said on Thursday it entered into a binding agreement to buy 70 percent of Brazil's Internacional Shopping, one of the biggest shopping centres in the Sao Paulo area.

* Gazit-Globe said it will pay 937 million real ($284 million) for the stake.

* The mall, with 77,000 square meters (828,821 square feet) to rent, will be under control of Gazit Brasil, which has an option to build another 200,000 square meters.

* It is 98 percent occupied with 360 tenants including supermarkets, entertainment and food services.

* The closing of the all-cash deal is expected at the end of the first quarter, subject to various conditions. It will be financed by the company's own resources.

* Another 20 percent of the mall is held by the unnamed seller, a public real estate firm in Sao Paulo with the remaining 10 percent owned by a financial institution.

* ($1 = 3.3149 reais) (Reporting by Steven Scheer; Editing by Tova Cohen)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below