"The Acquisition of MALL11 is Highly Significant," Says Abbud About Patria's Entry Into Listed Shopping Mall FIIs

In total, 15 shopping malls, a industrial property, and an office building were acquired, along with funds invested in FoFs, CRIs, and CRAs

Rodrigo Abbud, partner and head of real estate at Patria in Brazil

By: SiiLA News

06/03/2025

Pátria made the offer, and Genial accepted. The firm is expanding its presence in the real estate investment fund (FII) market with the acquisition of six FIIs from Genial Investimentos. Among them is MALL11 — Pátria's first listed shopping mall fund. The transaction marks a significant expansion of Pátria's portfolio, adding approximately R$ 2.5 billion in assets under management (AUM).

The deal is still subject to approval by Brazil's antitrust authority, CADE. If cleared, Patria's real estate portfolio will reach R$ 26 billion in AUM.

The REsource editorial team spoke with Rodrigo Abbud, partner and head of real estate at Patria in Brazil, to understand the details behind the deal.

"This acquisition of MALL11 is highly significant. We are one of the largest managers in the market, with a strong presence in office, logistics, urban income, CRIs, and FoFs. The only segment we hadn't yet entered was shopping malls. It's a very difficult sector to break into, so we chose the M&A route," Abbud explains.

The executive also highlighted that the macroeconomic environment contributed to making the acquisition feasible. With interest rates still high and the primary capital markets effectively frozen, the landscape proved more favorable for the firm's mergers and acquisitions strategy.

Although Pátria's activity in listed shopping malls is new, Abbud emphasizes that the team already has experience in the sector. This foundation comes from VBI, acquired in 2024, which already held two shopping malls in unlisted funds.

"This transaction is extremely meaningful for Patria. Back in 2022, when we acquired a portion of VBI — with the remainder incorporated in 2024 — we launched our real estate arm with about R$ 700 million under management. In less than three years, we've reached R$ 26 billion," he comments.

Details of the transacted portfolio

The Patria acquisition includes FIIs operating across various segments: shopping centers, offices, industrial properties, as well as funds of funds (FoFs), real estate receivables certificates (CRIs), and agribusiness receivables certificates (CRAs).

MALL11

Photo: Disclosure

According to the latest management report, MALL11 holds interests in 15 properties, with full ownership of two: Península Open Mall and Rio2Shopping, both located in Rio de Janeiro.

Here’s the full list of shopping malls:

Maceió Shopping (AL) – 54.2%
Shopping Tucaruna (PE) – 6.67%
Suzano Shopping (SP) – 25%
Shopping Taboão (SP) – 8%
Boulevard Shopping Feira (BA) – 29.8%
Shopping Park Lagos (RJ) – 40%
Shopping Park Sul (RJ) – 40%
Madureira Shopping (RJ) – 80%
Campinas Shopping (SP) – 20%
Boulevard Shopping Bauru (SP) – 35%
Caxias Shopping (RJ) – 17.5%
Península Open Mall (RJ) – 100%
Rio2Shopping (RJ) – 100%
Shopping Metropolitano Barra (RJ) – 20%
Rio Anil Shopping (MA) – 45%

SPTW11

The SPTW11 FII is a single-asset fund, consisting of the Badaró Building located in São Paulo. The fund holds 100% ownership of the property, a Class B office building with 13,400 sqm of space, currently fully leased to Atento Brasil. According to the latest report, SPTW11's net asset value is R$ 104.9 million.

GLOG11

Like the office fund, GLOG11 is also a single-asset FII, holding a 50% stake in Parque Logístico Pernambuco — a Class B asset with 70,300 sqm, located in Ipojuca (PE). The other half belongs to another fund.

Currently, the property has a 41% vacancy rate and is partially leased to two companies: Supporte Logística and CT Botelho. According to the most recent report, GLOG11's net asset value is R$ 81.4 million.

Other funds

The other FIIs acquired by Patria are: BPFF11 (a fund of funds), PLCR11 (focused on CRIs), and PLCA11 (focused on CRAs).

Currently, Patria Investimentos' real estate portfolio includes 18 FIIs listed on B3, plus two others traded over-the-counter. The firm operates across the market's main segments, including logistics, office, urban income, credit, and securities.

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