XP Investimentos' fund, XP Malls (XPML11), announced last Monday (4th) the acquisition of stakes in three shopping malls for R$ 393 million. Two of the assets are located in Rio de Janeiro (Shopping Tijuca and Carioca Shopping) and one in São Paulo (Plaza Sul Shopping). The seller is Allos, which owns and manages all three assets.

The transaction will be divided into two installments: the first, R$ 230 million, will be paid upon signing, while the remaining R$ 163 million will be paid by December 2025.

In an exclusive analysis by SiiLA, the Cap Rate for this portfolio transaction was determined to be 7.5%. Subscribers to SiiLA's GROCS platform can access detailed transaction information by asset, with individual Cap Rate analysis.

Of the three assets, the fund previously held a 25% stake only in Plaza Sul Shopping. With the acquisition of an additional 9.9%, the fund now holds a 34.9% stake in the property. The indicated Cap Rate for this transaction was 9.5%.

For the Rio de Janeiro assets, XPML11 acquired a 20% stake in Carioca Shopping, with a Cap Rate of 5.22%, and a 10% stake in Shopping Tijuca, with a Cap Rate of 10.3%.