July 30, 2019 / 11:29 PM / 3 months ago

Brazil's BR Malls sells mall stakes to BTG fund for $180 mln

RIO DE JANEIRO, July 30 (Reuters) - BR Malls Participacoes SA, Brazil’s largest mall operator, has agreed to sell its stakes in seven malls to a real estate fund run by investment bank BTG Pactual SA for 696.4 million reais ($184 million), it said on Tuesday.

In a securities filing, BR Malls said the sale to Fundo de Investimento Imobiliario BTG Pactual Shoppings is consistent with its strategy to consolidate its operations into larger shopping malls in major population centers.

$1 = 3.79 reais Reporting by Gram Slattery; Editing by Sandra Maler

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