GIC invests S$56.9m in Brazil mall

The Singapore sovereign wealth fund will take a 35 per cent equity stake in Via Parque Shopping, which is located in Rio de Janeiro.GIC will take a 35 per cent stake in Via Parque Shopping mall. (Photo: GIC)

SINGAPORE: The Republic’s sovereign wealth fund GIC will acquire a 35 per cent stake in a mall in Rio de Janeiro, Brazil, for US$41.89 million (S$56.9 million), it announced on Tuesday (Jul 14).

GIC will acquire the stake in Via Parque Shopping from Aliansce Shopping Centers, a mall developer which manages the second-highest number of malls in Brazil among the sector’s publicly traded companies, according to the press release.

“This acquisition reflects GIC’s confidence in both the long-term growth prospects of the Brazilian retail sector and the attractiveness of Via Parque Shopping as a retail asset,” it said.

- CNA/kk