Aliansce Advances as Mall Owner Raises Iguatemi Salvador Stake

Aliansce Shopping Centers SA, Brazil’s fourth-largest shopping mall owner by market value, rebounded from a four-week low after it agreed to buy an additional stake in Iguatemi Salvador shopping mall.

Aliansce advanced 0.7 percent to 13.60 reais at 12:29 p.m. in Sao Paulo, after earlier rising as much as 1.4 percent. The benchmark Bovespa index rose 0.3 percent.

The company agreed to pay 81.4 million reais ($43.7 million) for a 7.9 percent stake in Iguatemi Salvador mall in the Brazilian state of Bahia, according to a regulatory filing. After the deal, Aliansce will own 53.1 percent of Iguatemi Salvador.

“We highlight the importance of this transaction as Aliansce will now effectively control this high-quality mall, with a significant presence in the northeast and potential for expansions in the future,” Credit Suisse Group AG analysts including Guilherme Rocha wrote in a note to clients.

To contact the reporter on this story: Ney Hayashi in Sao Paulo at ncruz4@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos in New York at papadopoulos@bloomberg.net

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