After portfolio sale, XP Malls signs MOU to acquire stakes in five shopping centers for R$ 608.7 million

Agreements involve assets held by BBIG11 and subsidiaries of Iguatemi S.A

Pedro Carraz, Real Estate Portfolio Manager at XP Asset

By: SiiLA News

12/11/2025

This Wednesday (10), the XP Malls investment fund (XPLM11) announced the signing of a Memorandum of Understanding (MOU) to acquire stakes in five shopping centers, totaling R$ 608.7 million. The announcement comes shortly after the sale of stakes in nine shopping centers from its portfolio earlier this week.

The first transaction involves the sale, by BBIG11, of 9% of Shopping Pátio Higienópolis for R$ 236.7 million. Payment will be divided into three installments: the main one of R$ 177.5 million to be paid at contract closing, and two additional installments of R$ 23.7 million and R$ 35.5 million, due within 12 and 24 months, respectively, after completion.

The other four acquisitions will be negotiated with Iguatemi to acquire ownership stakes in the company’s shopping centers. According to the announcement, the transaction involves the following assets: 9% of Iguatemi Alphaville, 23.96% of Iguatemi Ribeirão Preto, 18% of Iguatemi São José do Rio Preto, and 7% of Shopping Praia de Belas.

This transaction totals R$ 372 million, with payment divided into: R$ 260.4 million at contract closing, and two installments of R$ 37.3 million and R$ 74.4 million, due within 12 and 24 months, respectively.

The stabilized cap rate for the complete operation is 6.18%.

Payment strategy and process

XPML11 also detailed the payment structure to settle both operations. The total amount will be divided into three parts: an upfront payment of R$ 437.9 million, and two deferred installments of R$ 60.8 million after 12 months and R$ 109.9 million after 24 months, both adjusted by CDI.

The completion of the transactions, both with BBIG11 and Iguatemi, remains subject to usual steps in this type of negotiation, including the signing of definitive contracts, Cade approval, completion of due diligence, and other customary conditions.

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