Pátria signs R$160M deal to swap shopping mall assets

Transaction totals R$160.8 million, with partial cash payment and remaining value structured as an asset swap in São Paulo

SUBSCRIBER EXCLUSIVE

Rodrigo Abbud, partner at Pátria

By: SiiLA News

04/29/2026

Pátria Malls (PMLL11) announced this week the signing of a Memorandum of Understanding (MOU) to sell a 40% stake in Shopping Park Sul, located in Volta Redonda, Rio de Janeiro state. The fund is offering its entire stake in the asset for R$160,8 million.

The transaction will be structured in two components. The first involves the exchange of an 8.56% stake in Shopping Taboão, located in Taboão da Serra, São Paulo, equivalent to R$84.1 million. The remaining amount will be paid in cash, including R$36.6 million upon contract signing and R$38.8 million in four semiannual installments, adjusted for inflation (IPCA).

Following the acquisition of the stake in Shopping Taboão, Pátria will increase its ownership in the asset to 16.56%, with a cap rate of 7.67%.

The completion of the transaction remains subject to customary closing conditions, and no timeline has been disclosed. REsource reached...

Shopping Park Sul

Opened in 2018, the Class B asset has a gross leasable area of 30,500 square meters. The transaction implies a cap rate of 7.79% and an estimated net profit of R$13.2 million, based on the fund’s proportional historical acquisition cost of R$62 million.

PMLL11 portfolio activity

PMLL11 continues to show an increasing pace of transactions in the shopping mall sector. In the last quarter alone, the fund signed two additional MOUs.

The most recent, dated April 15, involves the acquisition of stakes ranging from 5% to 15% in five shopping centers previously owned by Vinci Shopping Centers (VISC11).

The assets include Plaza Sul (São Paulo), Natal Shopping (Natal, Rio Grande do Norte), Prudenshopping (Presidente Prudente, São Paulo), Granja Vianna (Cotia, São Paulo), and North Shopping Maracanaú (Maracanaú, Ceará). The acquisition totaled R$257 million, with a cap rate of 8.58%.

Another transaction involved the purchase of a 19% stake in Shopping Jardim Sul, in São Paulo, from fund HGBS11 for R$128 million, at a cap rate of 8.11%.

In December 2025, Pátria also announced an MOU to acquire a 15% stake in Suzano Shopping for R$51.12 million, reflecting a cap rate of 7.22%.

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