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Rio de Janeiro, February 3rd, 2020 - 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 nº 06.977.745/0001-91 ("brMaIIs" or "Company"), hereby announces that it acquired an additional 5.0% of Shopping Villa-Lobos’ total GLA, located in the city of São Paulo, capital city of the state.
With the acquisition, brMalls interest in the asset is now at 63.4%. 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 Villa-Lobos opened twenty years ago in Alto de Pinheiros, one of São Paulo’s main neighborhoods. The mall offers several leisure and entertainment options for the whole family, such as the Opus Theater, with over 700 seats, a Movie Bistro, Cinemark’s new and exclusiveoperation, along with the recreational space StartArte. With over 220 stores, the mall has expressive brands such as Laces & Hair, Zara, Animale, MAC, HStern, Farm, Osklen and Zapälla. In addition, it has several restaurant options, such as Ráscal, Ici Brasserie, Cortés, Almanara, Cabana Burger and J1 Sakamoto. To complement the mix, in 2020 we will inaugurate an exclusive St. Marche unit, bringing to our mall the most innovative grocery shopping experience.
Villa-Lobos is part of the Companys retrofit program. The project includes a new Event Plaza, scheduled to open this year, in addition to the revitalization of the Food Court and the mall’s facade, which will be finished by 2021. The retrofit will also provide greater natural lighting, revitalized flooring, a new Family Space and modern bathrooms. We will increase parking spaces and lighting, ensuring a better experience for our customers, in addition to exclusive parking spaces for electric cars.
The price paid for the additional 5.0% stake in the mall was R$ 48.3 million, all of which was paid in cash. We estimate that the mall’s acquired stake will generate R$ 3.5 million in NOI in 2020 excluding straight-lining effects, representing a nominal cap rate of 7.3%.
The transaction reinforces the Companys commitment to the portfolio strengthening strategy and capital allocation that aims to increase shareholder value.