ALLOS Sells 20% Stake in Plaza Sul Shopping for R$ 120 Million to Two Investor Groups

On September 22nd, ALLOS, the owner and operator of shopping malls, issued a market announcement stating that it had signed a partial purchase and sale agreement for Plaza Sul Shopping for a total amount of R$ 120 million (US$ 24,1 million). Located in the southern zone of São Paulo, the asset is in Vila da Saúde neighborhood, near Jabaquara Avenue.

As presented in the official announcement, the divestment represents a 20% stake in the development. With this transaction, ALLOS will still retain 70% ownership of Plaza Sul Shopping. In addition to Plaza Sul, the owner has 62 shopping malls in its portfolio, with 53 of them under direct ownership.

One of the buyers was XP Malls, a Brazilian REIT that acquired 10% of Plaza Sul Shopping. According to the material fact released, the R$ 60 million (US$ 11,8 million) transaction will be divided, with 50% of the amount paid upfront and the remaining 50% paid over 12 months.

In the official document, the manager and administrator of the REIT (Real Estate Investment Trust) informs that the estimated financial impact of the acquisition on the Fund's operating result in the next 12 months will be approximately R$ 5,160 million (US$ 1,022 million), representing a potential annual gross dividend distribution of approximately R$ 0.17 per share.

According to a relevant fact disclosed on Wednesday (27), RBR Assett is set to acquire the remaining 10% of the development, which will be incorporated into the RBR Alpha Fund (RBRF11), a multi-strategy REIT comprising brick-and-mortar assets and CRIs (Real Estate Receivables Certificates).

Similar to XP, RBRF11 will make a payment of R$ 30 million upfront, with the remaining R$ 30 million to be paid within 12 months. According to the document, the financial impact will be approximately R$ 5,1 million (US$ 1,010 million), representing a potential annual gross dividend distribution of approximately R$ 8.30 per share.

Subscribers to the GROCS solution, designed for data and market analysis of Brazilian shopping malls, enjoy comprehensive access to transaction specifics, property owners, and ownership interests within the enterprise!

Plaza Sul key tenants

According to the GROCS platform, Shopping Plaza Sul's key tenants include C&A, Renner, and Camicado stores. Moreover, the mall offers amenities like a co-working space, a fitness center, a cinema, a food court, and restaurants such as Outback, Madero, and Pecorino. The occupancy rate for this development stands at 85.60%.

*Real to dollar exchange rate as of September 27, 2023, at 05 p.m.