Gazit-Globe hits 5 percent stake in Brazil's BR Malls

Israel's Gazit-Globe recently grew its stake in BR Malls, the leading shopping center company in Brazil, to 5.16 percent.

The investment was made through a wholly owned subsidiary active in Brazil. “Our stake in BR Malls is for investment purposes," Rachel Lavine, CEO of Gazit-Globe, said, "and is based on our deep, existing knowledge of a market in which we have established our presence, thereby allowing us to take advantage of attractive investment opportunities such as this one.”

BR Malls’ portfolio includes 46 shopping centers that contain 1.65 million m2 of GLA and 966,000 m2 of owned GLA. BR Malls is also developing two shopping centers and expanding six existing shopping centers. The company has approximately 9,000 tenants. In 2014, its revenues and NOI added up to around R$1.4 billion and R$1.3 billion, respectively.

“We are well familiar with the company's assets as well as its management and we are confident that this investment will bear fruit in both the medium and long term while further enhancing the Brazilian market's awareness with Gazit-Globe," Lavine said.

Gazit-Globe is a leading global real estate company that is concentrated on the acquisition, management and development of supermarket shopping centers in urban markets.