BRMalls Expands Sao Paulo Footprint

BRMalls Expands Sao Paulo Footprint

Brazil M&A

BRMalls has moved to purchase a mall from Camargo Correa in a R$460m ($249m) deal that expands the company’s footprint in Sao Paulo. In addition to the all-cash payment, BR Malls purchased plots of land adjoining the Jardim Sul mall in Sao Paulo for an additional R$30m. Camargo retained the services of Citigroup for the sale. Under the mall acquisition, 60% goes to BRMalls Participacoes and the remaining 40% to the Rubi Real Estate Investment Fund, fully owned by BRMalls. The company estimates t

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