14 July 2015, Singapore – GIC will be acquiring a 35% equity stake in Via Parque Shopping, a mall in Rio de Janeiro, Brazil, for US$41.89 million (R$132.43 million) from Aliansce Shopping Centers S.A, a mall developer which manages the second-highest number of malls in Brazil among the sector’s publicly traded companies.
Occupying a prime location in Barra da Tijuca, west of Rio de Janeiro, Via Parque Shopping has a large catchment area for shoppers, strong transportation links and a quality tenant mix. With 56,802 sqm of gross leasable area, the mall underwent extensive renovation in 2013 and 2014 to improve its retail environment and shopping experience for customers. Works included an expansion in retail space, a new movie theatre and an updated building façade.
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.