Gazit Globe's Brasil Unit Buys 60% Of Mais Shopping In Sao Paulo For $46 Mln

(RTTNews) - Gazit Globe Ltd. (GZT, GZT.TO), an Israeli real estate company, announced Monday that its subsidiary Gazit Brasil Ltda. has purchased 60% ownership of "Mais Shopping" in the city of Sao Paulo, for R$125 million or approximately $46 million, including transaction costs.

Mais Shopping, built in 2010, is an urban shopping center located in a rapidly growing neighborhood in the south of the city. It currently has 238 stores with a total GLA of approximately 13,300 sqm and contains 770 parking spaces, comprising in total of approximately 18,000 sqm of land.

In addition, the transaction includes 1,150 sqm of adjacent land available for future expansion. The property will be managed by Gazit Brasil.