XP’s Fund Acquires Stake in Jundiaí Shopping for Over R$250 Million; Transaction Details Revealed

Multiplan (MULT3), owner of Jundiaí Shopping located in Jundiaí, São Paulo state, has sold a 25% stake in the asset to XP Malls (XPML11) for R$253.2 million, equivalent to R$27,769/m². According to data from SiiLA's Market Analytics platform, the transaction's stabilized cap rate stands at 7.39%.

With the sale, Multiplan now retains a 75% ownership stake in the shopping mall, one of the region’s most prominent retail centers. The company stated that the transaction is part of its strategy to optimize capital allocation and create value for shareholders while aligning with its long-term objectives.

According to the material fact disclosure, the sale’s completion remains subject to precedent conditions, including approval from Brazil’s Administrative Council for Economic Defense (CADE).

In November, XP Malls announced the acquisition of stakes in three shopping malls for R$393 million, with a cap rate of 7.5%. The assets include Shopping Tijuca and Carioca Shopping in Rio de Janeiro and Plaza Sul Shopping in São Paulo.

• Read: XP Malls Invests R$ 393 Million to Expand Holdings in Rio and São Paulo Shopping Malls 

Multiplan, meanwhile, reported strong financial results in the third quarter of 2024, with a net profit of R$279.6 million. The company also highlighted the New York City Center mall in Rio de Janeiro, which saw a 31.0% annual revenue increase, rising from R$2.4 million to R$3.2 million.

• Read more:  Allos, Multiplan, and Iguatemi: A Look at the Shopping Mall Sector's progress in the 3Q of 2024