Tivio buys 9 malls for R$573m; Vinci invests R$200m in Midway Mall

Still in the consolidation process, the new fund launched an offering to raise R$464 million, with the potential to reach R$580 million. According to the prospectus, the strategy is for the fund to operate as an investment vehicle for the “Master FII,” which will be Tivio Malls Opportunities II IPCA FII. 

The FII will therefore enter the market with a predetermined lifespan. TVMO11 will be terminated after five years and will have up to 180 days to invest at least 95% of its equity in Class A shares of the Master FII, which have priority in the distribution of income and amortization payments.

With additional cash available, Vinci Shopping Centers is increasing its stake in other assets. The FII acquired an 11.48% interest in Midway Mall, in Natal, Rio Grande do Norte, for R$200 million, increasing its ownership from 0.95% to 12.43%. 

The asset has 65,000 square meters of gross leasable area and an occupancy rate of 98.6%, according to the latest management report. It also recorded accumulated sales of R$26,400 per square meter over the past 12 months. SiiLA data show that the transaction had a cap rate of 7.44%. 

REsource contacted Tivio Capital and Vinci Compass, but both companies declined to comment on any of the information uncovered by the report.

The transactions involved mass-market shopping malls in the B and C categories, with most of the stakes sold by Vinci concentrated in the Southeast, which accounted for approximately 55% of the total.

According to SiiLA’s GROCS data, Class C shopping malls have the highest vacancy rates across all regions. Even so, the properties included in the transaction stand out for their operational efficiency.

Both assets have occupancy levels above their respective regional averages for the first quarter of 2026. Via Sul Shopping has a vacancy rate of 6.27%, compared with an average of 11.82% for comparable assets in the Northeast. Shopping Granja Vianna has a vacancy rate of 6.3%, versus the Southeast average of 11.22%.

The Northeast also stands out in terms of rents and sales per square meter. Average rents for Class C shopping malls are approximately 32% higher than in the Southeast. For Class B malls, the difference is even greater, with average rents in the Northeast 89% higher.

Despite the higher occupancy costs, the Northeast is also considerably more profitable. Sales per square meter are 47.9% higher than in the Southeast for Class C malls and 16.8% higher for Class B assets.

Another relevant factor is the continued decline in the GROCS index, or Gross Rent Occupancy Cost, since 2021. After peaking during the pandemic at 23.71% for Class B shopping malls and 25.27% for Class C malls, the index has fallen to its lowest average on record, below even pre-pandemic levels.