LISBON (AFX) - Sonae Sierra SGPS, the property development unit of Portuguese conglomerate Sonae SGPS, said it has agreed to sell a 50 pct stake in Sonae Sierra Brazil to New York-listed Developers Diversified for 150 mln usd.
It estimates it will make a capital gain of about 15 mln eur.
The companies have each undertaken to invest 150 mln usd in shopping and leisure centres in Brazil, making a total commitment by the partnership to invest 300 mln usd in Brazil over the next three years, Sonae Sierra said. equitynext@afxnews.com tfn-lon-an COPYRIGHT Copyright AFX News Limited 2006. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited