Vinci Fund and Hedge Stand Out in the 2023 Shopping Transactions Ranking

In the last week of the year, FII Vinci Shopping Centers (VISC11) announced the purchase of a shopping portfolio for R$537 million; the transaction is still under analysis by CADE
Hedge Fund acquired a 40% stake in the asset in a transaction with FII Shopping Jardim Sul for R$217 million and then announced the acquisition of the remaining 60% from Allos for R$343 million

Alexandre Machado, Managing Partner at Hedge Investments, shopping mall

By: SiiLA News

01/02/2024

The shopping mall market in Brazil currently comprises over 660 developments spread across the country, according to monitoring by the GROCS platform from SiiLA. Throughout 2023, several sales transactions were recorded, with multimillion-dollar amounts being disbursed in property purchases.

Hedge's dedicated shopping fund stands out, responsible for acquiring stakes in assets such as Jardim Sul Shopping in São Paulo and Boulevard Shopping Bauru in the interior of São Paulo. The fund was responsible for two of the largest transactions of the year, and in both cases, it is acquiring a stake in Jardim Sul Shopping.

Below is the Top 3 ranking of the highest-value shopping mall transactions in Brazil throughout 2023.

1st place: FII Vinci Shopping Centers (VISC11) invests R$537 million in stakes in 7 assets

In the last week of 2023, FII Vinci Shopping Centers (VISC11) committed to the purchase of stakes in seven developments in a transaction valued at R$537 million. The properties were sold by Allos, except Madureira Shopping.

Acquired portfolio:

35.0% of Shopping Estação, Curitiba (PR)
5.0% of Plaza Sul Shopping, São Paulo (SP)
10.0% of Shopping Villagio Caxias, Caxias do Sul (RS)
15.0% of Carioca Shopping, Rio de Janeiro (RJ)
15.0% of São Luís Shopping, São Luís (MA)
10.0% of Bangu Shopping, Rio de Janeiro (RJ)
20.0% of Madureira Shopping, Rio de Janeiro (RJ)

2nd place: Hedge pays R$444.4 million for two ALLOS malls

In October, ALLOS announced the divestment of two developments, Jardim Sul Shopping in São Paulo and Boulevard Shopping Bauru in the interior of São Paulo. The buyer was FII Hedge Brasil Shopping (HGBS11), which invested R$343.8 million for a 60% stake in Jardim Sul and an additional R$100.6 million for a 43% stake in the Bauru asset.

With the acquisition, the fund now owns 100% of Jardim Sul, a Class A development according to the SiiLA GROCS platform, located on Avenida Giovanni Gronchi in São Paulo, with a GLA of 28,700 m² and inaugurated in 1990. Among the current main occupants of the development are Pão de Açucar, Renner, C&A, and Farm.

3rd place: Hedge acquires 40% of Jardim Sul Shopping for R$215 million

In July, FII Hedge Brasil Shopping (HGBS11) invested R$215 million for a 40% stake in Jardim Sul Shopping from FII Shopping Jardim Sul (JRDM11). This was the fund's first purchase in the asset, and in November, it would acquire the remaining 60%.

4th place: FII ANCR11B buys a 44% stake in Shopping Nova Iguaçu for R$209 million

In October, the acquisition of a 44% stake in Shopping Nova Iguaçu located in Rio de Janeiro was completed by FII Ancar Ivanhoe (ANCR11B) for R$209 million from the Canadian CPP Investments.

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