Gazit Brasil acquires shopping mall in São Paulo for $281m

Gazit Brasil, a subsidiary of Gazit-Globe, has entered into a binding agreement to acquire 70 percent of Internacional Shopping, a 829,000-square-foot shopping mall in the northern part of metropolitan São Paulo, for R$937 million ($281 million).

The all-cash deal is expected to close in the later part of first quarter 2018, and will be funded by recent dispositions including gains on sales of assets, retained free cash flow and other sources of company capital.

Opened in November 1998, Internacional Shopping is located between the busiest international airport of South America, Guarulhos airport (40 million passengers a year) and São Paulo city.

The mall includes 4,200 parking spaces. It is currently 98 percent, occupied by 360 tenants, dominated by hypermarket, food operators, entertainment and an array of services and convenience uses, with sales of approximately R$1 billion ($300 million) visitors and 4 million vehicles annually.