BTG reshuffles shopping mall portfolio and bets BRL 220 million on high-vacancy asset
- Bank-linked funds sell a 10% stake in Jardim Sul above its appraised value and acquire 76% of Pátio Cianê in Sorocaba
BTG has carried out two major transactions simultaneously in the shopping mall market. On the same day that CCVA11, a fund administered by BTG, sold a 10% stake in Shopping Jardim Sul, BTHF11, managed by the company, acquired a 76% stake in Shopping Pátio Cianê. The transactions were valued at BRL 67 million and BRL 220.4 million, respectively.
The stake in Jardim Sul, located in the city of São Paulo, was sold to Pátria Malls (PMLL11) and represents 2,875 square meters of gross leasable area (GLA). Payment will be made in installments. Half of the amount—BRL 33.5 million—will be settled through an offset linked to the subscription of units in Pátria’s fund.
(SiiLA’s exclusive cap rate data, market analysis and behind-the-scenes details of the transaction are available exclusively to subscribers.)
The balance will be paid in cash: BRL 6.7 million at closing, BRL 13.4 million within 12 months of signing the agreement, and the remainder within 18 months. In a material fact notice, BTG highlighted that the asset was sold at 8.1% above its appraised value.
The Class A shopping mall has 188 tenants, an occupancy rate of 96.89% and monthly sales of BRL 2,146 per square meter. The transaction’s cap rate was 7.84%. Following the deal, Pátria Malls will hold a 29% stake in the asset, while Hedge Brasil Shopping owns the remaining 61%.
At Pátio Cianê, in Sorocaba, São Paulo state, BTG’s fund acquired a stake corresponding to 19,500 square meters. Payment will also be made in installments. BRL 78.2 million will be paid at closing, of which BRL 66.9 million relates to an outstanding debt balance that will be fully assumed by the fund. This amount will be adjusted for inflation based on the IPCA index and will accrue interest at 7.65% per year, with maturity scheduled for 2034. A further BRL 11.4 million was paid in cash, while the remaining installments are scheduled for 12 months (BRL 44.1 million) and 24 months (BRL 98.31 million).
REsource contacted Pátria and BTG to better understand the strategies behind the transactions, but neither company had responded by the time of publication.
Shopping Pátio Cianê transaction
The Class B asset had a 24% vacancy rate in the second quarter of 2026 and 170 tenants. Annual sales total BRL 314 million, and the cap rate on the latest acquisition was 9.58%. HSI Malls owns the remaining 24% of the asset. When it acquired its stake in August 2025, the transaction had a cap rate of 9.7%.
BTG’s transaction required little immediate cash outlay. Acquiring such a large stake at a high cap rate means the fund can begin benefiting from the asset’s income before paying the assumed debt, which represents 64.5% of the total transaction value. A significant portion of the remaining payment was also deferred for 12 and 24 months. Even so, the asset’s occupancy rate is relatively low for a shopping mall of this size.
Subscriber? Sign In
