Patria acquires 29% of Jardim Sul for R$ 204 million, with just 9.3% paid in cash upfront

Patria Malls (PMLL11) has completed the acquisition of a 29% stake in Shopping Jardim Sul in São Paulo for R$ 204.2 million. Despite the size of the acquisition, the cash payment at closing totaled R$ 19.1 million, equivalent to 9.3% of the purchase price. The remainder was structured through the fund’s own units and deferred payments.

Formalized on September 10, the transaction brings together two independent deals: the acquisition of a 19% stake held by Hedge Brasil Shopping (HGBS11) for R$ 135.4 million and a 10% stake held by Canuma Capital Renda Varejo for R$ 68.8 million. The acquired stake represents approximately 8,300 square meters of gross leasable area.

Of the total purchase price, R$ 108.8 million, or 53.3%, was settled through subscriptions to PMLL11 units. Another R$ 76.3 million will be paid in two equal installments, due after 12 and 18 months.

According...