RIO DE JANEIRO, 28 de dezembro de 2017 /PRNewswire/ -- Aliansce Shopping Centers S.A. ("Aliansce" or "Company") (B3: ALSC3) announces to its shareholders and to the market the sale of 24% of its ownership interest in Caxias Shopping, to XP Malls FII ("XP Malls"). The value to be received for the Company's stake is BRL 35.5 million, 94% of which by February 2018 and the balance by February 2019 (adjusted by CDI), at the conclusion of the operation. This value may increase by a variable amount based on the mall's performance in 2018. Considering the expected NOI for 2017, the cap rate of the operation may vary between 8.8% and 10.8%. Aliansce will not incur additional structuring fees and the transaction is net of taxes, including "ITBI", which is a property transfer tax.
The alignment of interests between Aliansce and XP Malls will allow Caxias Shopping's expansion program to be accelerated, with a potential addition of approximately 7,000 sqm of Gross Leasable Area ("GLA") over the next two years. These investments will complement the mall's tenant mix, reinforcing its competitive position and dominance in its influence area.
Upon completion of this transaction, Aliansce will retain a 65% ownership interest in Caxias Shopping, ensuring control over key operational decisions. In addition, Aliansce will preserve the right to manage and lease the mall. The IRR of this investment, since Aliansce's first interest acquisition in 2007, was of 11.2%, real and unleveraged. The stake reduction in Caxias Shopping reinforces Aliansce's strategy to recycle capital and to focus investments on its core assets.
Having opened in November 2008, Caxias Shopping is located off of Washington Luiz highway (BR040), which connects the City of Rio de Janeiro to the mountainous region of the State of Rio de Janeiro and to several other highways (e.g. Presidente Dutra highway, Avenida Brasil, Linha Vermelha and Linha Amarela). Situated in an influence area containing 1.5 million inhabitants, Caxias Shopping has a high flow of visitors, with more than 700 thousand consumers per month. The mall has GLA of 25,558 sqm, 134 stores and its main anchors are C&A, Renner, Riachuelo, C&C, Casa & Vídeo, Casas Bahia and Ponto Frio.
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SOURCE Aliansce Shopping Centers S.A.