Iguatemi finalises sale of five property assets to TRXF11 for 876.1 million reais

In a statement released to the market last night, September 23, Iguatemi S.A. announced the sale of five stakes in shopping centres to the investment fund TRX Real Estate (TRXF 11). Iguatemi S.A. is one of Brazil's largest shopping centre companies. The total value of this transaction is 876.1 million reais (168.7 million dollars).

As announced in August, the assets represent a 36 percent stake in Iguatemi Alphaville (SP); a 10 percent stake in Iguatemi Ribeirão Preto; and the same percentage in Iguatemi São José do Rio Preto. The latter two are located in the interior of São Paulo state. The remaining assets include a 35.55 percent stake in Iguatemi Praia de Belas in Porto Alegre (RS) and a 36 percent stake in I Fashion Outlet Novo Hamburgo, also in RS.

The transaction has already received approval from Cade, the Administrative Council for Economic Defence. The final documents were signed once the boards of directors of both companies approved the deal. However, its completion is contingent on the finalisation of the financing secured by the purchasing company.

With this operation, TRXF11 diversifies its portfolio, while Iguatemi raises significant capital.