American Raises Brazil Mall Stake

US-based General Growth Properties has agreed to raise its stake in Brazil’s Aliansce Shopping Centers to 46% from 31%, it says. The real estate investment trust is purchasing the 14% for $195.2m cash from Pershing Square Capital Management. “It’s basically a signal that they are vouching for the growth prospects and the value of our operation in Brazil,” Henrique Cordeiro Guerra, executive director of Aliansce Shopping Centers, tells LatinFinance. He notes 40% year-on-year Ebitda growth as of the second quarter, and a 30% expansion by year-end 2013. Both sides used in-house advisors for the transaction. The remainder of Aliansce is held by investors including Singapore’s GIC.