03:08 PM EDT, 09/11/2024 (MT Newswires) -- Brookfield Asset Management ( BAM ) is seeking buyers for its majority stake in two Brazilian shopping malls as it seeks to exit the sector, Reuters reported Wednesday, citing people familiar with the matter.

The Canadian asset manager is looking to sell its majority interest in Sao Paulo-based malls Patio Paulista and Patio Higienopolis for around 3 billion reais ($531.2 million), the report said.

The firm is looking to complete the sale, either together or separately, by early 2025, according to the report.

After the sale, the company will reportedly concentrate its local real estate holdings in offices, apartment buildings and logistics.

Brookfield did not immediately respond to a request for comment from MT Newswires.

(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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