XP paid R$ 16,700 per square meter in this transaction, which surpasses the average recorded in Brazilian shopping center transactions over the past year, as depicted in the following chart:

In total, SYN is raising R$ 1.850 billion from the sale, with the remaining R$ 268 million allocated to shareholders.

"The volume of shopping center sales transactions is on the rise. Just this year, XP Malls had already acquired stakes in São Paulo, Northern, and Northeastern malls from JSHF, while VISCI11, Vinci's FII, has also invested over R$ 230 million in property acquisitions. Shopping center assets continue to attract funds seeking to expand their portfolios," commented Giancarlo Nicastro, CEO of SiiLA.

Four of the six properties acquired by XP MALLS are located in São Paulo, one in Rio de Janeiro, and one in Goiás. XP MALLS will hold majority control over four of these malls:

• Grand Plaza Shopping (51% ownership by XP MALLS) - São Paulo
• Tietê Plaza Shopping (90% ownership by XP MALLS) - São Paulo
• Shopping Metropolitano Barra (70% ownership by XP MALLS) - Rio de Janeiro
• Shopping Cerrado (85% ownership by XP MALLS) - Goiás

Minority interests will be retained in the following malls:

• Shopping D (23% ownership by XP MALLS) - São Paulo
• Shopping Cidade São Paulo (32% ownership by XP MALLS) - São Paulo

This acquisition represents XP's largest transaction to date, marking its expansion into the Midwest. According to the fund, the acquisition strategy also aims to strengthen its presence in the Southeast. In a statement, the FII emphasized: "The acquisition increases NOI Caixa (projected for the next 12 months) exposure in the Southeast from 69.00% to 77.00% of the total Fund, solidifying this region as a core area for national retail, due to its income concentration and GDP."

With this transaction, the fund expands its portfolio from 15 to 20 properties - of the six properties acquired now, only five are new to the fund. The Shopping Cidade São Paulo already had a small stake held by the FII.

All of the fund's properties are located in major capitals and metropolitan areas, with 71% of them in the Southeast:

• Internacional Shopping in Guarulhos, SP
• Catarina Fashion Outlet in São Roque, SP
• Caxias Shopping in Duque de Caxias, RJ
• Downtown in Rio de Janeiro, RJ
• Via Parque Shopping in Rio de Janeiro, RJ
• Shopping Estação BH in Belo Horizonte, MG
• Cidade Jardim, São Paulo, SP
• Santana Parque Shopping, São Paulo, SP
• Plaza Sul Shopping, São Paulo, SP
• CJ Shops Jardins, São Paulo, SP
• Shopping Cidade São Paulo, São Paulo, SP

See the national distribution in the chart below:

Outside the Southeast, the fund holds the following assets: Shopping Ponta Negra in Manaus/AM, Natal Shopping in Natal/RN, and Shoppings da Bahia and Bela Vista in Salvador, Bahia.

In its statement, the management also highlighted that Catarina Fashion Outlet, the new addition to Grand Plaza Shopping, and Shopping Cidade Jardim are expected to have the highest NOI from the fund's perspective for the next 12 months.

With this transaction, SYN now holds a minority stake in most ventures, except for Shopping Cidade São Paulo, where it maintains a majority stake of 60%. This shopping center is strategically located on Avenida Paulista and is part of a complex that includes the fully occupied Matarazzo corporate tower by Banco do Brasil.

Following the completion of the transaction, SYN no longer holds a stake in Shopping Cerrado. However, the company continues to be one of the main owners of commercial assets in Brazil, with investments in various high-standard assets, including Towers D and E of the JK complex, Verbo Divino, Birmann 10, among others.

XP Malls will make three payments - the first upon signing and the other two in December 2024 and December 2025, totaling R$ 1 billion, R$ 412 million, and R$ 629 million, respectively.

SYN, led by Thiago Muramatsu, will receive R$ 1.850 billion in three installments: R$ 941 million, R$ 358 million, and R$ 550 million, respectively.