10:19 AM EST, 11/29/2024 (MT Newswires) -- Brookfield Asset Management ( BAM ) and Brazilian shopping center operator Iguatemi are nearing a deal to sell Patio Paulista and Patio Higienopolis malls in Sao Paulo, Reuters reported Friday, citing unnamed sources familiar with the plan.

The parties have just finalized the price for the majority share Brookfield owns in the malls, planning to complete the deal by the end of next month, the report added, citing sources

The sale, valued at roughly 2.5 billion Brazilian reais ($414.2 million) upon completion, will mark Brookfield's exit from the Brazilian malls sector, the sources told Reuters.

Other groups have also expressed interest in the malls, according to the news outlet.

Neither Brookfield nor Iguatemi immediately responded to MT Newswires' requests for comment.

Shares of Brookfield were up nearly 1% in recent Friday trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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