A soap opera that began in 2017 came to an end this week. The real estate fund Pedra Negra Real Estate Income (FPNG11) completed the purchase of a 24.95% stake in the mall DiamondMall which still belonged to Atlético Mineiro.
The other 75.05% of one of the main and most profitable malls in Belo Horizonte are from Multiplan (MULT3).
Despite the FPNG11 communiqué having been published on the night of this Friday (26), the Minas Gerais press reported throughout the week that the real estate fund had already completed the acquisition of the last slice of the enterprise that still belonged to rooster.
The acquisition was worth R$ 170 million, an amount that made Pedra Negra raise funds, as announced at the beginning of March this year. The amount was used to purchase this stake in the mall.
FII focused on corporate slabs
The Pedra Negra Renda Imobiliária fund belongs to BR Capital and is focused on acquiring and generating income with the leasing of corporate slabs and stores in the capital of Minas Gerais and Itaúna, in the interior of the state.
According to the last management report released in early May, the real estate fund ended March with gross operating revenue of R$ 896.6 thousand, while in the accumulated in 12 months, it totaled R$ 10.3 million.
FPNG11 ended the first quarter of this year with a shareholders’ equity of R$174.5 million. In addition, the gross leasable area (GLA) reached 17.3 thousand square meters.
However, the fund’s portfolio does not contain properties linked to shopping malls. However, there is a immobile leased to construction retailer north tile and the building that houses the renaissance hotel Belo Horizonte.
The telenovela Atlético, shopping mall sales and Multiplan
Between the end of February and the beginning of March, Multiplan concluded the purchase of 24.95% of DiamondMall, for R$ 170 million.
However, the soap opera between the mall administrator and the Atlético-MG dragged on since at least August 2022. At the time, Multiplan announced that it had exercised the preemptive right to purchase 49.9% of the development that belonged to the club of soccerfor BRL 340 million.
But in January of this year, Multiplan gave up on buying that 49.9% and went back with the proposal to acquire 24.95% of the mall.
Atlético put those 49.9% of DiamondMall for sale to raise funds and relieve burdensome debts – generating financial charges such as loans and financing. The club is appointed as the owner of the biggest debt in Brazilian football, R$ 1.6 billion.
The sale of this stake was approved by the club’s deliberative council in May last year. So that it was possible to raise at least BRL 320 million.
Multiplan owns 50.1% of the mall since 2017, when Atlético made the first sale of the venture, for almost R$ 300 million.
DiamondMall opened in 1996 and is built on land leased from the rooster for a period of 30 years – until November 2026. Therefore, the shopping center company manages the asset since its inauguration.
Source: Moneytimes
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