Canada's pension fund CPPIB sold nearly 35 million shares of mall operator Allos BMFBOVESPA:ALOS3 and fashion retailer Azzas 2154 BMFBOVESPA:AZZA3, according to securities filings from the two Brazilian companies on Friday.
CPPIB's stake in Allos was reduced by about 24.6 million shares, to 9%.
The fund remains the biggest shareholder in the firm.
Regarding Azzas 2154, CPPIB sold 10.1 million shares, reducing its stake to 1 million shares.
CPPIB said that its stake in Azzas 2154 no longer exceeds 5% following the sale, without providing more detail.
The financial terms of the sales were not disclosed.
Local news outlet Brazil Journal reported that the pension plan raised about 1 billion reais ($183.9 million) with the sales executed through block trades.
($1 = 5.4390 reais)