Rio de Janeiro, February 14th, 2020 - BR MALLS PARTICIPAÇÕES S.A., BR MALLS PARTICIPAÇÕES S.A., publicly-held company located at Avenida Afrânio de Melo Franco 290, 1st floor, in the city and state of Rio de Janeiro, under CNPJ nÂș 06.977.745/0001-91 ("brMaIIs" or "Company"), hereby announces that it acquired an additional 38.4% of Shopping Piracicaba’s total GLA, located in the city of Piracicaba, state of São Paulo.

With the acquisition, brMalls‘ interest in the asset is now at 75.3%. The transaction is part of the portfolio strengthening strategy, which aims to increase our exposure in core assets (large shopping malls, in large cities and where we can have active management).

Shopping Piracicaba opened in 1987, and is the largest and most complete shopping, entertainment and gastronomy center in the region, covering 19 cities with a population of 1,200,000 inhabitants. With over 43 thousand m2 of GLA, the mall has 255 stores, including renowned brands such as Starbucks, Richards, Tok & Stok, Fast Shop, Brooksfield, Tommy Hilfiger, Sunglass Hut, Lindt, among others.

In addition, the mall has 7 movie screens, including VIP and Max Screen rooms, the only large ones in the region, several restaurant options such as Outback, Madero, Empório Santa Therezinha and Jangada, as well as services such as a Smart Fit gym, a bank agency and the only Federal Police headquarters for issuing passports in the region, along with 2 food courts and a free playground. In 2020, to further complement the mix, we will open 2 new anchors: an Oba supermarket and the first Decathlon in the region.

The price paid for the additional 38.4% stake in the mall was R$ 202.3 million, all of which was paid in cash. We estimate that the mall’s acquired stake will generate R$ 18.7 million in NOI in 2020 excluding straight-lining effects, representing a nominal cap rate of 9.2%.

The transaction reinforces the Company‘s commitment to the portfolio strengthening strategy and capital allocation that aims to increase shareholder value.