General Growth Properties Announces Opening of Boulevard Shopping Belo Horizonte in Brazil
November 03 2010 - 5:59PM
Business Wire
General Growth Properties (NYSE: GGP) and Aliansce Shopping
Centers (Bovespa: ALSC3) today announced the opening of Boulevard
Shopping Belo Horizonte in the city of Belo Horizonte. Belo
Horizonte is Brazil’s third-largest consumer market with a
population of more than 5 million inhabitants in the metropolitan
area.
Boulevard Shopping Belo Horizonte is the second-largest mall in
the city with GLA of approximately 462,800 square feet. The mall
has 200 in-line stores and is anchored by Renner, Riachuelo,
C&A, Carrefour and a multiplex theater. The center’s roster
includes major national chains such as Casas Bahia, Ponto Frio,
Fastshop, Centauro, Leitura and Camicado.
Adam Metz, chief executive officer of General Growth Properties
stated, “Boulevard Shopping Belo Horizonte is a dynamic shopping
environment. The center has a beautiful design. The retailers in
the mall will help fill a void of top quality merchants in this
trade area.” Metz continued, “Aliansce is a strategic part of GGP’s
retail platform. We believe there are a lot of synergies between
our domestic and Brazilian portfolios. GGP looks forward to
participating in the continued growth of the Aliansce portfolio and
believes there is a tremendous opportunity in Brazil due to its
growing economy and under-retailed market.”
This project also will include a 15-floor corporate tower, with
each floor offering 10,000 square feet of GLA. The commercial tower
development will enable the project to provide much needed Class A
office space to the city of Belo Horizonte and enhance the retail
traffic for the shopping center.
ABOUT GGP AND ALIANSCE
GGP maintains a 31.4% ownership interest in Aliansce, which is a
publicly traded company on the Brazilian Stock Exchange under the
symbol ALSC3. Aliansce went public in January of 2010 at an initial
share price of R$9 and currently has a share price of R$14.11.
Aliansce develops, owns and manages shopping centers in Brazil with
a portfolio that includes 14 operating shopping centers and 3
active development projects. GGP currently has ownership and
management interest in more than 185 regional shopping malls in 43
states and internationally. The Company’s portfolio totals
approximately 200 million square feet of retail space and includes
more than 24,000 retail stores nationwide. The Company’s common
stock is currently traded on the New York Stock Exchange under the
symbol GGP. For more information, please visit the Company website
at http://www.ggp.com.
GGP Inc. (NYSE:GGP)
Historical Stock Chart
From Jun 2024 to Jul 2024
GGP Inc. (NYSE:GGP)
Historical Stock Chart
From Jul 2023 to Jul 2024