XP Malls completes acquisition of 60% stake in ABC shopping center and projects R$30.8 million in results
- R$331.1 million acquisition reinforces a series of transactions involving real estate investment funds and major shopping center operators
XP Malls has completed the acquisition of a 60% stake in São Bernardo Plaza Shopping, in São Bernardo do Campo, for R$331.1 million. The stake was previously owned by Allos, and the transaction, initially announced in August, was completed on October 26.
Of the total acquisition price, approximately R$231.8 million, equivalent to 70% of the transaction, will be paid through XP Malls shares subscribed by Allos. The remaining R$99.3 million will be paid in cash over a period of up to 24 months.
The fund estimates that the acquired stake will generate approximately R$30.8 million in operating results over the next 12 months, equivalent to R$0.48 per share. According to SiiLA’s market intelligence team, the transaction has a cap rate of 9.85%.
With approximately 42,000 sqm of Gross Leasable Area (GLA) and more than 200 stores and operations, São Bernardo Plaza represents approximately 25,200 sqm of proportional GLA for XP Malls.
Shopping center market heating up?
The acquisition comes amid a period of strong capital activity involving shopping center operators and real estate investment funds.
In March, XP Malls itself completed another major acquisition, paying R$608.7 million for stakes in five shopping centers managed by Iguatemi, including Pátio Higienópolis, Iguatemi Alphaville, Iguatemi Ribeirão Preto, Iguatemi São José do Rio Preto and Praia de Belas. At the time, the transaction was expected to add R$49.2 million to the fund’s 2026 results.
More recently, Iguatemi moved forward with the sale of stakes in five other properties to TRX Real Estate FII. The transaction totals R$876.1 million, of which R$569.5 million is expected to be paid at closing and another R$306.6 million at a later date. Despite selling the stakes, Iguatemi will remain responsible for managing the assets.
Allos has also continued to recycle its ownership stakes. Also in October, the company entered into agreements to negotiate stakes in seven shopping centers with Kinea Allos Malls FII, in a transaction subject to the fund raising at least R$600 million and which could reach R$1 billion.
These transactions illustrate a model that has been gaining ground in the sector: major shopping center operators are reducing or restructuring their direct ownership stakes in properties while FIIs increase their exposure to these assets.
Regulation
In several of these transactions, part of the payment is deferred or made through fund shares, allowing stakes worth hundreds of millions of reais to change hands without requiring the full amount to be paid upfront.
This type of structure has attracted greater attention from Brazil’s Securities and Exchange Commission (CVM). In an opinion issued in 2026, the regulator’s technical staff indicated that transactions in which a property is transferred to an FII and the seller receives fund shares in return should be assessed according to their economic substance, even when the transaction is divided into multiple stages. Depending on the structure, requirements such as an independent appraisal of the asset and approval by fund shareholders may apply.
In the case of São Bernardo Plaza, in addition to the income generated by the acquisition, XP Malls is betting on improvements to the tenant mix, space occupancy and property management to increase operating results in the coming years.
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