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%.