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Aliansce Gains as Mall Owner Raises Iguatemi Salvador Stake

Dec. 22 (Bloomberg) -- Aliansce Shopping Centers SA rebounded from a four-week low after it agreed to buy an additional stake in Iguatemi Salvador shopping mall to boost its presence in Brazil’s northeast region.

Aliansce, Brazil’s fourth-largest shopping mall owner by market value, advanced 0.7 percent to 13.60 reais at the close of trading in Sao Paulo. The benchmark Bovespa index added 1.2 percent.

The company agreed to pay 81.4 million reais ($43.9 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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