Westfield make £286mn investment in Brazil
Date added: 10th August, 2011 at 10:24
(view all articles from August, 2011)
Categories: Economy
The Westfield Group, a global mall chain, has made a 740 million reais (£286 million) investment in Brazil.
It has bought a 50 per cent stake in Almeida Junior Shopping Centers, which will be rebranded as Westfield Almeida Junior Shopping Centers.
Five malls in southern Brazil will be owned and managed by the new partnership, while two more are currently in development and the firm is already in charge of three facilities in Santa Catarina state.
Commercial property in Florianopolis is to be leased by the group by 2012, with Westfield noting this area is home to a people with higher incomes.
It was also highlighted that Brazil's economy is growing quickly and retail sales are up, with a 110 million individuals now identified as middle class or wealthier.
Indeed, the country's statistics office recently revealed that shopping transactions increased by 0.6 per cent in May.
"The underlying characteristics of the Brazilian market combined with a strong and diversified local retailer base and growing consumer spending makes Brazil a strategic long term growth opportunity for the Group," Steve Lowry, co-chief executive officer of Westfield said.
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