BR Malls, Brazil’s largest mall operator, has signed an agreement to sell seven of its malls to a real estate fund controlled by BTG Pactual for US$184m.

(Yahoo Finance) 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 regions with a large consumer base.

Earlier in the day, the firm said it had agreed to purchase a minority stake in a shopping mall in the southern Brazilian city of Caxias do Sul for 84 million reais.

According to the firm, BTG will pay an additional 22.4 million reais for the assets if net operating income at the malls sold reaches certain targets by the end of 2019.

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

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