- What Ontario Teachers’ Pension Plan is selling its stake in a Brazilian mall operator
- Why The fund started to sell its shares in April
- What next Multiplan shareholders will meet in October to vote on the deal
Rio de Janeiro-based mall company Multiplan Empreendimentos Imobiliários has announced that Ontario Teachers’ Pension Plan plans to sell all the shares it owns in Multiplan.
OTPP is selling 111,260,914 shares at 22.21 Brazilian reais apiece, for a total of $2.47bn reais ($608.5m).
Multiplan will repurchase 90m shares from the Canadian fund, subject to shareholders’ approval at an Oct. 21 meeting. The remaining 21.2m shares will be bought by the Peres family, the mall operator’s founder and controlling shareholder.
According to a report in the Financial Post, OTPP initially invested in the company in 2006. The fund began selling shares in Multiplan in April.
Founded in 1974, Multiplan owns 20 retail properties spanning 874,000 sq m.
