Amid the merger with Aliansce, brMalls will pocket greater than R$400 million from the sale of a mall in São Paulo

Control in Campinas Shopping will be purchased by the Vinci Shopping Centers, XP Malls and Malls Brasil Plural funds

The merging of the operations of brMalls (BRML3) with Aliansce Sonae (ALSO3) took place three months ago, but the company’s business department remains active.

The company signed this Thursday (22) a memorandum of understanding – a type of commitment agreement – to sell the Campinas Shopping for more than R$ 400 million.

Since 2009, the enterprise is entirely controlled by the company. With the deal, the stake in the mall will be purchased by the Vinci Shopping Centers, XP Malls and Malls Brasil Plural funds.

“The transaction reinforces the company’s commitment to constantly seek ways to create value for its shareholders through capital allocation and market opportunities,” brMalls said in a statement.

The company’s shares operate slightly higher today. At around 12:20 pm, BRML3 shares advanced, timidly, 0.45%, trading at R$ 8.97.

brMalls business details (BRML3)

The deal will add approximately R$ 411.4 million to the mall manager’s cash. The payment model, however, has not yet been defined.

According to brMalls, the structure may involve the receipt of shares from one or more purchasing funds as part of the payment for participation.

Inaugurated in 1994, in São Paulo, Campinas Shopping currently has around 200 stores, in addition to a cinema complex, food court and services such as Poupatempo and Detran.

For approximately 13 years, brMalls has owned 100% of the development’s 34,566 square meters of gross leasable area.

It is worth noting that the transaction is subject to the fulfillment of certain conditions, such as approval by CADE (Administrative Council for Economic Defense).

Source: Your Money