Brookfield Shopping Centers invests US$ 167 million in expansion until 2012
Folha de S. Paulo
Brookfield Shopping Centers - former Brascan Shopping Centers - will invest nearly R$ 300 million (US$ 167 million) in the next two years in expansions and renovations in some of its undertakings. According to Filipe Vasconcelos, Executive Officer of Brookfield Gestão de Empreendimentos, manager of the business, the funds are part of a total of R$ 800 million (US$ 444 million) reserved to be injected from 2008 to 2012. Among the main projects underway in São Paulo, is the Pátio Paulista shopping mall, which has just been enlarged and improved. There is also a piece of land beside it where it is forecast the erection of four stores for a parking garage and five other for stores. The changes involve R$ 150 million (US$ 83 million). "Another undertaking to undergo expansions with the same characteristics is Pátio Higienópolis, with its delivery scheduled for September", he says.
In Rio, the major expansion is planned for the Riosul mall. Among the new undertakings, the company inaugurated the Vila Olímpia shopping mall (SP), a partnership with Multiplan and Helfer, in November. A complex is under construction in Alphaville (SP) and the company intends to resume the planning of another in Mogi Mirim (SP), which has already had its pre-launch, but it was slowed down in 2009. "The intention is to resume talking more about it. It should be delivered within three years", he says. The company has several participations in its portfolio of malls, which include Raposo Shopping (SP), West Plaza (SP), ItauPower (MG) and others. Nearly 70% of the resources are own resources. The rest was obtained from the partners.