Brazil
Through Sonae Sierra, 50% of which is owned by the Group, Grosvenor is active in Brazil in the shopping centres activity. Sonae Sierra has established a partnership with Developers Diversified Reality, an American listed property company for the development of its operation in Brazil. Sonae Sierra Brazil co-owns and manages nine shopping centres and has agreed to proceed with the development of a tenth shopping centre in Manaus, the capital of the state of Amazonas.