July 3, 2016 / 10:52 AM / 2 years ago

Israeli realtor Gazit-Globe sells stake in Brazil's BR Malls

JERUSALEM, July 3 (Reuters) - Gazit-Globe, Israel’s largest real estate development company, said on Sunday it sold part of its stake in Brazil-based BR Malls for $52.6 million and used the funds to buy new property in Sao Paulo.

Gazit-Globe said its share in BR Malls was now less than 5 percent and was valued at roughly 90 million shekels ($23 million). It reported a 40 million shekel profit from the sale.

As part of its expansion in Brazil, Gazit-Globe purchased an office building and parking lot attached to a Sao Paulo commercial center for $47 million.

Gazit-Globe operates in the United States through Equity One and in Canada through First Capital Reality Inc . It is the largest shareholder in Finland’s Citycon and controls shopping mall developer Atrium European Real Estate. ($1 = 3.8460 shekels) (Reporting by Ari Rabinovitch)

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