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ALLOS to Exit: Via Parque Shopping Welcomes New Manager Focused on FVPQ11's Financial Recovery
- Rio Bravo appoints Alqia, part of the HSI group, as the new manager for the shopping mall
By: SiiLA News
11/25/2024 Last Friday (22), Rio Bravo announced a significant change for Via Parque Shopping, in Rio de Janeiro. Alqia, part of the HSI group and formerly known as Saphyr, will take over management duties from ALLOS. The information was disclosed through a material fact released by the FVPQ11 fund.
The transition will occur by January 31, 2025, marking the end of ALLOS' administration of the shopping mall. Alqia will assume full control on February 1, 2025. Until then, both companies will collaborate to ensure seamless operations and business continuity at Via Parque Shopping.
This shift comes during a challenging period for the fund, which is striving to restore financial balance. According to the September 2024 management report, the fund's Net Operating Income (NOI) dropped by 74.4% compared to the same period in the previous year.
As a single-asset fund, FVPQ11's performance has been directly impacted by the declining results of Via Parque Shopping. The downturn began during the pandemic, and the asset has struggled to generate significant returns since.
ALLOS’ Decision
Contacted by REsource, ALLOS stated that it initiated the decision to step away from managing the shopping center. The company cited misalignment with the fund's administrator on pursuing substantial investments to change the mall’s trajectory as the primary reason for its exit. ALLOS also announced it would discontinue its services for leasing, back-office operations, management, and parking as of January 2025.
"The decision was driven by misalignment with the fund's administrator on supporting a more significant investment to alter the current trajectory of the shopping center. ALLOS is also rescinding services for mall leasing, back-office operations, condominium management, and parking as of January 2025," the company stated.
The change in management will save R$ 0.06 per share monthly, as highlighted in the material fact. Rio Bravo selected Alqia through a competitive process in which ALLOS did not participate.
Who Will Manage Via Parque Shopping?
Alqia, formerly Saphyr, oversees the management of 11 shopping centers across Brazil, totaling over 450 thousand m² of gross leasable area (GLA). The company is part of the HSI group, which manages over R$ 13.5 billion in assets and has raised more than R$ 27.5 billion. In private equity, HSI has developed over 830,000 m² of GLA in shopping centers.
As of this report’s publication, neither Alqia nor Rio Bravo had responded to requests for comment.
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