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JHSF Capital Malls FII announces acquisition of a 7.71% stake in Shopping Cidade Jardim
- The sale will be carried out by funds managed by Capitânia Capital, for a total amount of R$187.5 million.
By: SiiLA News
10/31/2025 This week, JHSF Capital Malls FII announced the acquisition of a 7.71% stake in the Shopping Cidade Jardim mall for R$187.7 million. According to the official statement, the purchase is part of the fund’s strategy to expand and consolidate its portfolio of high-end real estate assets.
The sale will be carried out by funds managed by Capitânia Capital, through the JCCJ11 and JCIN11 structures, and payment will take place in five installments. The first installment of R$28.1 million will be paid in November upon closing, followed by three installments of the same value and a final payment of R$75 million. All payments will be adjusted for inflation (IPCA).
The fund’s estimated monthly profit is R$1.2 million, with a projected gross distribution of R$0.74 per share. Based on analysis by the SiiLA research team, the stabilized cap rate for the transaction was estimated at 6.7%.
The transacted area totals 3,630 m², with 99% occupancy at the time of closing, resulting in a market value of R$51,664/m².
Capitânia Investimentos
In an interview with REsource, Fábio Cabral Goes, Senior Partner at Capitânia Investimentos, explained the rationale behind the sale:
“The sale price was attractive, especially considering it’s a highly strategic acquisition for JHSF Capital, since their new product can only acquire malls managed by JHSF.
There was a significant concentration of this asset within CPSH11 - FII Capitânia Shoppings, which had already appreciated considerably since our acquisition. CPSH still retains an option to participate with up to R$100 million in JHSF’s new product, allowing us to maintain exposure to JHSF assets at a more balanced level.”
He also noted that the capital gain from the transaction enables the company to continue delivering strong dividends and maintain liquidity during a period of market scarcity, supporting its broader investment strategy.
“CPSH has the option to maintain a position of up to R$100 million,” he reiterated.
“The new JHSF fund will include other malls beyond Cidade Jardim, such as Catarina, and will take part in all expansions at cost — which we view as highly positive,” concluded Goes.
Shopping Cidade Jardim
Inaugurated in May 2008, this Class A asset covers a 112,607 m² land area and a GLA of 38,899 m², featuring 166 stores, 7 movie theaters, a food court, a gaming area, and 1,388 covered parking spaces.
The mall is home to some of the world’s top luxury brands, including Chanel, Gucci, Hermès, Prada, Louis Vuitton, and Versace.
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