XP MALLS announces sale of a portion of Caxias Shopping

Caxias Shopping is one of the 17 developments in XPML11

Bruno Castro, CEO of XP Asset and Partner at XP Inc, has been leading XP Asset since 2020

By: SiiLA News

12/18/2023

Last Wednesday (14), XP Asset's shopping mall fund, the investment arm of XP Investimentos, XP MALLS (XPML11), announced the sale of 17.5% of Caxias Shopping, located in Duque de Caxias, Rio de Janeiro, for R$ 70 million.

Previously, XP MALLS held 35% of the shopping center, equivalent to about 9,661 m² of the total 27,605 m². With this sale, the fund now owns 17.5%, corresponding to 4,830 m² of the development.

XP Fund had acquired the 35% stake in the asset in 2017 from ALLOS, which still holds the remaining 65%. The transactions took place in two phases, one for R$ 35.5 million and the other for R$ 37.07 million, totaling approximately R$ 72.5 million.

Caxias Shopping, according to SiiLA data, is classified as a Class B development and has an occupancy rate of 97.90%, surpassing the national average for other assets in the same category, which is 88.67%.

XP MALLS

XP MALLS (XPML11) has 17 assets in its portfolio, with a vacancy rate of 4.1%, according to FII Data Professional. According to the latest management report, the fund has a market value of R$ 3.4 billion and 30,000 shares. Among the shopping centers that make up the fund are:

XP MALLS' most recent acquisition took place in November 2023 when it acquired 8% of Praia de Belas Shopping Center in Porto Alegre, Rio Grande do Sul, for R$ 60,350,548.57, with R$ 30.1 million in the acquisition and the remaining R$ 30.1 million scheduled for May 2024.

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