General Shopping Brasil S/A, CNPJ 08.764.621/0001-53, Announces it Concluded the Sales Negotiation with VBI GSBR Empreendimentos e Participacoes Ltda

SAO PAULO, Sept. 1 /PRNewswire-FirstCall/ -- GENERAL SHOPPING BRASIL S/A (the Company) (BM&FBOVESPA: GSHP3), a publicly held company headquartered in the city of Sao Paulo, State of Sao Paulo, at 2466 Avenida Angelica, suite 221, enrolled with the General Taxpayer's Register (CNPJ/MF) under number 08. 764. 621/0001-53, informs hereby, as pursuant to the terms of CVM Ruling no. 358/02, to its shareholders and the market in general that, on this date, it concluded the sales negotiation of 48% of "Projeto Barueri" with VBI GSBR Empreendimentos e Participacoes Ltda, an investment company controlled by VBI Real Estate, totaling R$ 68,750,000.00 (sixty eight million, seven hundred and fifty thousand reais), an amount which was set on the base date of May 25, 2010, and will be restated using the inflation index until payment, of which R$ 6,600,000.00 (six million, six hundred thousand reais) will be in cash and the remainder at the project's completion. The "Projeto Barueri" is a shopping center of 32,000 m2 of Gross Leasable Area (GLA), in its first phase, implemented on a 60,000 m2 lot which in its planning also contemplates the prospect of office skyscrapers and expansions. The Company has reserved for itself, excluded from the negotiation, the remaining area of approximately 15,000 m2 of land reserved for landbanks.

As such, the Company improves its profitability in the project, continues to manage the shopping mall and the exclusive operation of complementary services, has increased the Total Gross Leasable Area in the project's first stage from 25,000 m2 to 32,000 m2 and redistributes the equity allocated to its greenfields and expansions, accelerating its growth. The Company continues to hold 48% of the project (and 100% of the remaining landbank), with preference to acquire 4% of additional minority interest.

SOURCE General Shopping Brasil S/A