Australian-based global shopping centre giant Westfield is to take a 50 per cent stake in a Brazilian shopping centre portfolio.

Details of the investment will be announced at a press conference late Wednesday morning, but Inside Retail understands the investment will be in a portfolio owned by Almeida Junior Shopping Centers SA.

Almeida Junior is one of the eight largest Brazilian companies operating in the shopping centre sector and is the leader in Santa Catarina State, which according to its website, boasts one of the highest per capita income rates in Brazil, despite being home to just 3.19 per cent of the population.

“Santa Catarina was the state chosen to concentrate company activities thanks to its pungent economy and strong cultural tradition,” says the site.

“SC has the sixth largest economy among Brazilian states and accounts for 3.93 per cent of Brazilian GNP.

Full details will be published on InsideRetail.com.au later in the day.