Credit Suisse Fund acquires Pernambucanas stores

For R$450 million, Credit Suisse’s fund takes 66 points; managers probe networks with their own units.

10/13/2020

After Grupo Pão de Açúcar, it is the turn of the Pernambucanas chain to discard part of their points for a real estate fund, in a move to sell assets from retailers to investors that have been gaining strength this year. Last week, Credit Suisse’s CSHG Renda Urbana FII fund closed the purchase of 66 fashion, bed, table and bath stores for R$450.3 million.

The number represents almost 17% of the 391 stores network, which will continue to hold the properties sold. According to executives from two retail chains, large funds have been looking at chains from different segments to negotiate the purchase of stores, in the same closed format with Pernambucanas, called “sale-leaseback”, in which the chain divests the store and starts paying the rent of the point sold.

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