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BRMALLS OPENS SHOPPING VILA VELHA, ITS 50th mall AND THE LARGEST GREENFIELD OF THE COMPANY
Rio de Janeiro, August 25th, 2014 - BR MALLS PARTICIPAÇÕES S.A., a publicly held company headquartered at Avenida Borges de Medeiros nº 633, 1st floor in the city and state of Rio de Janeiro ("BRMALLS"), hereby announces that it inaugurated Shopping Vila Velha, in the city of Vila Velha, in the state of Espírito Santo.
Vila Velha is a city in the state of Espírito Santo and belongs to the metropolitan region of Vitória. The economy of the city of Vila Velha is primarily based on tourism, the port, industry and commerce. The city holds the largest population of Espírito Santo with 458 thousand inhabitants, has a GDP per capita of R$17,245, besides having the second highest Human Development Index in the state. The population of the Metropolitan Region of Vitória is of 1.8 million inhabitants.
The mall is located in the center area and in the main avenue of the city: Luciano Neves avenue and in front of the University of Vila Velha, the largest private university in the state with 14 thousand students and less than 300 meters from the Municipal Forum. The primary and secondary areas concentrate 70% of the population in the influence area and 84% of the disposable income in the primary area belongs to the A and B income class.
Shopping Vila Velha inaugurated with 71.8 thousand m² of GLA, with more than 230 stores, becoming the largest mall in the state of Espírito Santo.
With 90% of the total GLA leased, the project presents a wide and qualified offer of leisure, retail and services. There are 13 anchor stores, 8 Megastores, a movie theather Cinemark multiplex with 8 rooms, one Carrefour supermarket with over 8 thousand m², a gym, Vitória Sports, 5 restaurants and several satellite stores. The brands, of which we highlight are: Zara, Outback, C&A, Renner, Riachuelo, Marisa, Lojas Americanas, Casas Bahia, Cinemark, Dadauto, Le Biscuit, Kalunga, Decathlon, Mega Livraria Saraiva, Lojas Avenida, Le Lis Blanc, Animale and Farm.
We estimate that the mall will generate R$28.0 million in stabilized NOI to BRMALLS. The internal rate of return on the project reached 16.9%, real and unleveraged.
With this opening, BRMALLS increased its portfolio to 50 malls, reaching a total GLA of 1,729 thousand m².
Moreover the company surpassed 1 million m² of owned GLA reaching a total of 1,004.1 thousand m², which consolidates the company as the largest shopping mall company in Brazil.
Shopping Vila Velha is BRMALLS’ 10th greenfield and the company has already inaugurated 17 expansions. The greenfield and expansion projects developed by BRMALLS total 437.7 thousand m² of total GLA and 256.6 thousand m² of owned GLA, representing 29.5% e 29.1% of our portfolio, respectively.
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BRMALLS is the largest integrated mall company in Brazil, with a portfolio of 50 malls, comprising 1,729.0 thousand m² of GLA and 1,004.1 thousand m² of owned GLA. BRMALLS is the only shopping mall company in Brazil with nationwide presence and targeting all income segments.