VISC11 signs MoU to acquire 10% stake in BH Shopping for R$285 million

The Vinci Shopping Centers real estate investment fund (VISC11) announced, through a statement disclosed on Tuesday (6), that it has signed a Memorandum of Understanding (MoU) with Multiplan for the acquisition of a 10% stake in BH Shopping, in Belo Horizonte, for R$285 million. 

In addition to the main amount, the transaction includes an additional payment of R$7.5 million, conditional upon the opening of Phase VI of the mall’s expansion, which is currently under construction. 

Payment will be made in three stages: R$138 million paid upfront at closing, and two installments of R$69.37 million each, to be settled after the execution of the definitive agreements—one within 12 months and the other within 18 months. All amounts will be adjusted by Brazil’s consumer inflation index (IPCA). 

According to Vinci Partners, the acquisition is expected to generate an average estimated yield of 11.4% over the first three years. The statement notes that the transaction strengthens the fund’s strategy of expanding its partnership with Multiplan and consolidating exposure to assets considered dominant, resilient and with strong capacity for recurring cash generation. 

Based on the disclosed parameters, SiiLA’s research team estimates a stabilized cap rate of 7.52% for the transaction.