Just a few years after setting its sights on South America as the new frontier in mall development, U.S. shopping center REIT DDR decided to pull the plug on its joint venture with local partner Sonae Sierra Brazil. Reuters reports the company agreed to sell its 50 percent stake in the venture for approximately $344 million. "By exiting our investment in Brazil, we reinforce our commitment to lowering sovereign, currency, and development risk in a transaction with little friction," ...
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