Gazit-Globe Acquires Prado Shopping Center in Sao Paulo, Brazil for $20M
Gazit-Globe (NYSE: GZT) announces that its private subsidiary, Gazit Brazil, has completed the acquisition of Prado Shopping Center located in the city of Campinas, in the state of Sao Paulo, Brazil, for BRL 40 million (approximately US$ 20 million).
The city of Campinas, which is located approximately 100 kilometers northwest from the state capital, Sao Paulo City, has an affluent population and is considered to be one of the richest cities in Brazil, hosting multiple domestic and international companies.
Prado Shopping Center comprises of 9,500 square meters of GLA and is anchored by Pao de Acucar, one of the leading supermarket chains in Brazil. The property is situated on one of the city's main streets that serves as a direct traffic artery to the city center; approximately 130,000 inhabitants live within a 3 kilometer radius of the property and approximately 470,000 within a 6 kilometer radius. Prado Shopping Center offers entertainment with a 4-auditorium movie theater, as well as convenience services that include a bank, a pharmacy, a food court with McDonalds, Subway and other