Multiplan, a leading owner and operator of shopping centers, has announced its exercise of the right of first refusal in acquiring the remaining area of ParkJacarepaguá  shopping mall. With the purchase of a 9% stake, equivalent to 3,594 m², for R$ 66 million, Multiplan now holds full ownership of the asset in its portfolio.

 Analysis by SiiLA indicates a stabilized Cap Rate of 8.59% in the purchase transaction. Cap Rate, also known as capitalization rate, is a calculation that indicates the expected rate of return from a property or real estate investment. In other words, Cap Rate is used to measure the potential return of an investor in the real estate market and/or to define the value to pay for a real estate investment.

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The development was delivered in 2021 and is located in Rio de Janeiro. The asset, classified as class B, has a leasable area of 39,000 m² and is situated on a land of 95,000 m².

• Read more: Above R$1 billion: See how Brazil's main shopping malls performed in 2023

According to the market statement, payment will be made in three stages. During the signing of the deed, R$ 40 million will be paid as a down payment. The first installment of R$ 16 million will be paid within the first 12 months, and the second installment of R$ 10 million will be paid within 18 months.

In addition to the purchase of the remaining area, Multiplan also acquired the area of an adjacent plot of land to the shopping mall, totaling 17,000 m². The company did not disclose whether it will use the land area for the expansion of the development.