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BRMALLS OPENS EXPANSION OF PIRACICABA SHOPPING
Rio de Janeiro, April 30th, 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 opened the expansion of Shopping Piracicaba, located in Piracicaba, São Paulo.
The city of Piracicaba is located in one of the most industrial and productive regions of the entire state of São Paulo. Piracicaba is the main municipality of a region with 1.5 million inhabitants and represents a dynamic industrial and agricultural development hub with a GDP of R$8.8 million. It is one of the largest alcohol and sugar producers of the world and an important industrial center with 13,000 companies.
The expansion aims to consolidate the mall as a regional mall, which already has an annual footfall of 5.8 million people, and to satisfy the demand from the new tenants. The mall ended the 1Q14 with an occupancy rate of 99.6%.
The expansion contributes to the mall mix adding new anchor stores in the city of Piracicaba such as Riachuelo, Tok & Stok, Avenida and Marabraz, which will join the existing stores such as: C&A, Renner, Lojas Americanas, Marisa, Dicico, Casas Bahia, Ponto Frio, Centauro and Nobel raising the attractiveness.
A new food court was added with 13 new tenants such as Burger King, Subway, Gendai and two more restaurants, Madero and Empório Santa Terezinha, that are also new to the region. In addition, the movie theater was expanded and renovated in order to become the main and biggest multiplex in the region.
The project added a total of 100 stores and 800 parking spaces, to meet the mall’s high demand. The expansion added 16.2 thousand m² of total GLA and 6.0 thousand m² of owned GLA, which represents an increase of 59.4%, raising the total GLA of the mall to 43.4 thousand m².
We estimate that this project will generate a stabilized NOI of R$7.0 million for BRMALLS. The project’s real and unleveraged IRR is 16.2%.
With this opening, BRMALLS reaches 1,637.0 thousand m² of total GLA and 965.1 thousand m² of owned GLA.
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BRMALLS is the largest integrated mall company in Brazil, with a portfolio of 49 malls, comprising 1,637.0 thousand m² of GLA and 965.1 thousand m² of owned GLA. BRMALLS is the only shopping mall company in Brazil with nationwide presence and targeting all income segments.