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RIO DE JANEIRO, BRAZIL - BR Malls reported yesterday that it has completed the sale of seven shopping malls to a real estate fund managed by BTG Pactual for R$696 million (US$174 million).

According to the company, the sale is part of a reorganization plan intended to eliminate assets which are not essential to the business. In the wake of comments on the deal, the company's stock rose by 5.7 . . .

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