November 11, 2016 / 8:47 PM / 2 years ago

Israel's Gazit interested in buying more malls in Brazil -executive

SAO PAULO, Nov 11 (Reuters) - Gazit-Globe Ltd is looking to acquire more shopping malls in Brazil, the chief of the Israeli company’s unit in the country said on Friday, a day after it announced the purchase of 33 percent of an upscale mall in Sao Paolo for 410 million reais ($121 million).

Mia Stark, chief executive of Gazit’s Brazilian unit, said in an interview the acquisition of the stake in Shopping Cidade Jardim from Brazil’s JHSF Participações SA was the largest investment in the country so far.

Gazit may collaborate in new projects with JHSF and plans to concentrate its assets in São Paulo, Brazil’s largest city, Stark said.

One alternative would be to increase Gazit’s 4.3 percent stake in Shopping Eldorado, a mall in an affluent São Paulo neighborhood, Andres Andrade, a director at Gazit Brasil, said in an interview.

Gazit could also sell controlling stakes in shopping malls outside the city, Andrade said. ($1 = 3.3992 Brazilian reais)

Reporting by Gabriela Mello; Writing by Tatiana Bautzer; Editing by Richard Chang

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