BR Malls acquires Sao Paulo retail center via structured transaction

11/23/2010 | Wall Street Journal, The

BR Malls Participacoes SA has signed an agreement to buy Tijuca, a shopping center in Sao Paulo, for $465 million. The deal will close in a series of transactions, with BR Malls acquiring a 49.99% ownership stake of CIMA, the company that owns Shopping Tijuca and three commercial towers, that are part of the same complex. It will pay the acquisition price in 10 quarterly installments. The company also received a guarantee for a call option to acquire the leftover 50.01%.

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