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BRMALLS Announces the Sale of 100% of Shopping Center Fashion Mall
Rio de Janeiro, November 27th, 2014 - BR MALLS PARTICIPAÇÕES S.A., a publicly held company headquartered at Avenida Borges de Medeiros nº 633, 1st floor in the city and state of Rio de Janeiro ("BRMALLS"), announces today the sale of 100% of Shopping Center Fashion Mall ("Fashion Mall") located in Rio de Janeiro, RJ.
The acquisition of a 100% stake of Fashion Mall, was part of the of the "In Mont" portfolio deal in 2007 when BRMALLS acquired four assets. Fashion Mall was sold for R$175 million paid on the transaction day.
The sale of Fashion Mall supports our portfolio recycling strategy in order to maximize value for our shareholders. We will reinvest the sale proceeds seeking greater returns to the company.
After this deal, BRMALLS has now 48 assets totaling 1,687.3 thousand m² of total GLA and 986.3 thousand m² of owned GLA.