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    Real estate fund gives up on increasing stake in mall and cancels issuance of quotas

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    FII cancels issuance of quotas due to the uncertainty of selling part of the mall (Image: Reproduction/Pátio Higienópolis)

    The real estate fund plan (FII) Shopping Patio Higienópolis (SHPH11) on increasing its stake in the eponymous venture will not get off the ground, at least for now.

    This is because, according to the fund manager, Rio Bravothe mall partner who indicated in February that he would like to sell his stake in the venture does not give clear signs that he will proceed with the sale.

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    Faced with the uncertainties, Rio Bravo announced this Wednesday (10) the cancellation of the public offering that would raise funds to increase the fund’s participation in Shopping Pátio Higienópolis. In all, the FII intended to raise R$ 599 million with the operation.

    “Rio Bravo understands that, given the imposed market conditions, this is the best way to meet the interests of the fund’s shareholders,” said the administrator.

    Discover the mall

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    Shopping Pátio Higienópolis, which opened in 1999, has features of classic European architecture from the 19th century. With a total area of ​​77,000 square meters, the development receives around 1.5 million visitors per month.

    Located on Avenida Higienópolis, in São Paulo, the mall houses more than 300 stores, six movie theaters, a theater and more than 1,500 parking spaces.

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    Source: Moneytimes

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