Catarina Fashion Outlet doesn't solely belong to XP's portfolio; it's also part of another fund, SHOPPINGS AAA (CPSH11), managed by Capitânia Investimentos, with a 10% stake. Recent expansion efforts, backed by a R$200 million investment, have added over 22,000 m² to its leasable area.

• Check out the article about the expansion of Catarina Fashion Outlet  

In São Paulo, the Shopping Villa Lobos, adjacent to its namesake park, holds its own as an iconic shopping destination. Hedge Brasil Shopping (HGBS11) maintains a 15% stake in this establishment, completed in 2000 and featuring a mix of retail outlets, services, and entertainment options.

The shopping was completed in 2000, with a Gross Leasable Area (ABL) of 28,276 m², featuring stores such as Animale, Brooksfield, Lego, and Le Lis Blanc. The shopping center also offers a diverse range of services, including Localiza for car rentals, cinemas, pharmacies, hair salons, laundry services, and a branch of the St Marche market.

Shopping center REITs aim to invest in these developments, assisting in acquisition, construction, development, and commercial exploitation. Regular income distribution to unit holders is made. These amounts can come from store rent, parking, or even additional revenue, such as a share in store sales results. 

SiiLA's shopping mall monitoring platform, GROCS, indicates that in the second quarter of 2023, the average sales were R$ 3,353/m² for Class A assets; for Class B and C, it was R$ 1,665.88/m² and R$ 1,834.91/m², respectively. Analyzing the platform's historical data, we can affirm that current sales volumes already exceed pre-pandemic levels. In the fourth quarter of 2020, for example, the sales volume for Class A properties in the country was R$ 2,142/m².