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After selling R$1.8 billion in buildings, SYN start focusing on its shopping centres
- After selling the four buildings to Brookfield in October, in the most significant real estate transaction of 2021 in the country, the participation of shopping centres in the company's portfolio grew from 40% to almost 70%.
06/08/2022
After selling R$1.8 billion in high-end buildings in Faria Lima at the end of last year, Syn Prop & Tech (formerly Cyrela Commercial Properties) focuses on its portfolio of six shopping centres. Faced with strong competition, the options are restricted — Aliansce Sonae and BR Malls will form a colossus with 69 — but Elie Horn and Leo Krakowiak's company wants to show that size is not what generates value.
I get to go to all my shopping centres every month. If you have a vast portfolio, you can't. In times of change like now, it is an advantage to be more agile — says CEO Thiago Muramatsu, who joined the company as a trainee 14 years ago. — Gradually, we have removed the stigma that we only manage buildings. We want to show that we also know how to manage shopping centres.
After selling the four buildings to Brookfield in October, in the most significant real estate transaction of 2021 in the country, the participation of shopping centres in the company's portfolio grew from 40% to almost 70%. Among them are the carioca Metropolitano, in Barra da Tijuca, and Cidade São Paulo, on Av. Paulista.
When the crisis came, we started to focus on efficiency. It has allowed us, since 2016, to reduce by 40% the actual average cost (discounting inflation) of the condominium for the tenant. And, because of that, we have more room to increase rent without weighing on retailers' costs.
Source: O Globo
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