PMLL11 signs MOU to acquire 19% stake in Shopping Jardim Sul for R$128 million

The sale would be carried out by the HGBS11 fund.

Alexandre Machado, Shopping Center Manager at Hedge Investments

By: SiiLA News

04/03/2026

In a market announcement released this Tuesday (31), the real estate investment fund PMLL11 reported the signing of a Memorandum of Understanding (MOU) with HGBS11 for the acquisition of a 19% stake in Shopping Jardim Sul, located in São Paulo, for R$128 million.

The payment structure has been divided into stages with different characteristics. Of the total amount, R$64 million will be paid at closing and may be settled either in cash or through the issuance of shares (units) by the acquiring fund. Additionally, R$12.8 million will be paid at the same time, mandatorily in cash. The remaining amount will be disbursed in two installments of R$25.6 million each, due in 12 and 18 months, respectively, both adjusted by inflation (IPCA).

The stabilized cap rate for the transaction is 8.11%.

Shopping Jardim Sul

Facade of Shopping Jardim Sul

Shopping Jardim Sul, the asset involved in the transaction, is a Class A shopping center located in the southern region of São Paulo. The property comprises approximately 28,700 sqm of gross leasable area (GLA), with 188 stores and 1,189 covered parking spaces. Key tenants include Centauro, Fast Shop, Pão de Açúcar, and Outback Steakhouse.

Based on data from SiiLA’s Market Analytics platform, the asset has shown a consistent appreciation trajectory since 2011, when its market price was approximately R$14,900 per sqm, reaching R$23,400 per sqm in 2026 with this transaction. The only exception to this trend occurred in a specific deal in 2024, which was closed at R$16,900 per sqm, below the prevailing upward trajectory.

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