Gazit-Globe Reaches 5% Holding In Brazil's BR Malls

(RTTNews) - Gazit-Globe (GZT) said it has reached a 5.16 percent stake in BR Malls, a leading Brazilian shopping center company.

Gazit-Globe is a leading multi-national real estate company focused on the management, acquisition, development and redevelopment of supermarket-anchored shopping centers in major urban markets,

BR Malls is engaged in the acquisition, development and management of shopping centers in Brazil. Its portfolio includes 46 shopping centers, comprising 1.65 million square meters of GLA and 966 thousand square meters of owned GLA.

BR Malls also has two shopping centers under development and has 6 expansion projects in existing shopping centers. This together will add about 146 thousand square meters of GLA, of which 103 thousand square meters will be owned by the company.

BR Malls has approximately 9,000 tenants. Its revenues and NOI in 2014 totaled approximately R$1.4 billion and R$1.3 billion, respectively.