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JHSF Sells Its Stake in Four Assets to XP Malls for R$ 443 Million; See the CAP RATE
- The purchase and sale agreement was signed for R$ 443 million, to be paid in four installments
By: SiiLA News
05/17/2024 On Monday (13), JHSF and XP Investimentos finalized a purchase and sale agreement for four shopping malls. JHSF is selling its stake in Shops Faria Lima, the Expansion III of Catarina Fashion Outlet, Shopping Bela Vista, and Shopping Ponta Negra to the XP Malls fund for R$ 443 million.
The sale will be carried out in four parts. The first will be an initial payment of R$ 30 million, made on May 13, upon signing the agreement. R$ 123 million will be paid as the first installment during the signing of the final document. The second installment of R$ 113 million will be paid in December 2024, and the third installment of R$ 170 million will be paid according to the construction schedule of Shops Faria Lima, between July 2024 and June 2026.
The market intelligence and analysis team at SiiLA calculated the CAP RATE for each asset, except for Shops Faria Lima, as it is still under construction. The highest CAP RATE is for Shopping Bela Vista, at 10.23%, and the lowest is for Catarina Fashion Outlet, at 7.99%. Shopping Ponta Negra recorded a CAP RATE of 8.33%.
The ventures involved in the operation are located in São Paulo, Bahia, and Amazonas. All the assets already had a minority stake held by XP. For example, with the acquisition of an additional 7.99%, the Catarina Fashion Outlet fund now owns 39.99% of the shopping mall located in São Roque, SP.
Despite XP's purchase of new shares in these assets, JHSF remains the majority owner of most of them, except for the asset in Amazonas, Shopping Ponta Negra. XP is adding 22.01% to the 39.99% it already owned, bringing its total ownership to 62% of the enterprise.
Similarly, Shopping Bela Vista in Salvador, BA, is in a situation akin to the São Roque outlet, with XP Malls now holding 39.3% after acquiring an additional 14.31%.Unlike the others three assets, Shops Faria Lima is still under development and will be located in the region named after it, Faria Lima Avenue. According to the XP Investimentos statement, XP Malls already has an FL Shops CRI valued at R$ 120 million. With the FL Shops CRI and the contribution during construction, the fund’s stake will be 32.5%.
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