Allos agrees sale of stakes in Jardim Sul and Bauru shopping malls for R$444 million By Reuters

2023-10-04 01:50:14

SÃO PAULO (Reuters) -Allos, a company formed by the merger of Aliansce Sonae (BVMF:) and brMalls (BVMF:), signed commitments to sell its entire stake in Shopping Jardim Sul and 43% of its stake in Boulevard Shopping Bauru for a total of 444.4 million reais, the company reported this Tuesday.

Allos owns 100% of Boulevard Shopping Bauru and 60% of Jardim Sul, according to the conglomerate’s website.

The shopping mall operator did not say in the statement who signed the commitments to purchase the assets located in the State of São Paulo.

At Shopping Jardim Sul, the sale value is 343.8 million reais, which corresponds to a capitalization rate (cap rate) of 7.46%, based on the estimated net operating revenue (NOI) projected for the shopping mall in 2023.

According to Allos, the amount will be received on the date of completion, in a single installment, in cash and in cash.

For the slice at Boulevard Shopping Bauru, the value adds up to 100.6 million reais, equivalent to a cap rate of 8.04% based on the estimated NOI for the project in 2023, also to be received in cash on the completion date , in a single installment, subject to “small adjustments”, said the company.

“The transaction could still generate an additional gain for Allos, based on the 2024 NOI result (earn-out),” he added.

The completion of the operation is subject to precedent conditions, including approval by the Administrative Council for Economic Defense (Cade), according to the statement.

(Reporting by André Romani; additional reporting by Patrícia Vilas Boas; Editing by Maria Carolina Marcello)