RIO DE JANEIRO, Nov. 8, 2018 /PRNewswire/ -- Aliansce Shopping Centers S.A. ("Aliansce" or "Company") (B3: ALSC3) hereby announces to its shareholders and the market in general that, on this date, CTBH Fundo de Investimentos Imobiliários - FII, currently 100% held by Aliansce, has entered into a binding agreement ("Contract") to sell Boulevard Corporate Tower ("BCT") to Kinea Renda Imobiliária Fundo de Investimento Imobiliário – FII ("Buyer"). The proceeds from the sale amount to R$190 million ("Sale Amount"), with a price adjustment of up to R$5 million (plus or minus), depending on the performance of a tenant with a revenue share agreement (R$9,302/sqm, considering the Sale Amount of R$190 million).
The Sale Amount includes the entire building, even though floors will be acquired in three tranches. The first tranche, of R$104 million, will be received during 4Q18 and the following two tranches will be subject to conditions set forth in the Contract. The second tranche, of R$39 million, is expected to be received by 1Q19 and the third, of R$47 million, by 1Q22. Rental revenues from each BCT floor will continue to be received by Aliansce until the amounts corresponding to each floor are effectively received.
Boulevard Corporate Tower is a LEED Green Building with 17 floors and 20,400 sqm, located on top of Boulevard Shopping Belo Horizonte. Over the past few months, Aliansce negotiated new leasing contracts for a total of six additional floors in BCT, increasing its occupancy rate from 62.5% to 97.1%. Besides strengthening the Company's cash position, the sale of BCT is aligned with Aliansce's strategy of focusing its activities on the development and management of regional and dominant shopping malls, as well as on the monetization of non-core assets.
The closing of the transaction is subject to verification of certain usual conditions on similar transactions, including prior definitive and unrestricted approval by the Administrative Council for Economic Defense (CADE, in Portuguese).
For more information, please contact Daniella Guanabara, Strategy & IR Director, at +55 21 2176-7272 or email@example.com
SOURCE Aliansce Shopping Centers S.A.