HSI Malls sells 49% stake in Maceió mall for R$ 237M

HSI Malls moves R$237 million and retains 51% stake in asset

Máximo Lima, CEO of HSI; fund stirs market with Maceió deal

By: SiiLA News

05/04/2026

HSI Malls (HSML11) announced, via a material fact filing, the signing of a Memorandum of Understanding (MOU) for the divestment of approximately 49% of Shopping Pátio Maceió, with the transaction expected to close within 60 days. The deal could total around R$237 million.

According to the disclosed information, a 19% stake will be sold through a direct transaction for R$143.5 million, while the purchase option for an additional 30% stake will be transferred for R$93.9 million. The implied cap rate is 8.27%, and the transfer of the purchase option relates to a prior transaction completed in 2024.

Although the buyer has not been officially disclosed, market sources indicate that the new owner is a fund that is yet to go public through an IPO.

HSI will retain a 51% stake in the shopping center and will not be required to repurchase the asset in the future. The REsource team reached out to HSML11 for further details on its long-term portfolio strategy but had not received a response at the time of publication.

Shopping Pátio Maceió

Opened in 2009, the shopping center is managed by developer Saphyr Shopping Centers. In 2019, the asset was fully acquired by HSML11 for R$381 million.

Five years later, the fund sold a 30% stake to BHTF11 for R$213.2 million, with a repurchase option allowing the asset to be bought back at a predetermined price starting two years after the transaction’s closing. The deal was completed at a cap rate of 7.5%.

Latam

Brazil

National

Retail

SPOT

Transactions

ABOUT SiiLA

Founded in 2015, SiiLA is the industry leading REsource for comprehensive commercial real estate market insights, news and events across Latin America. The SiiLA suite of innovative products drive greater accuracy, efficiency, and strategic advantages for top players in the commercial real estate industry.