RIO DE JANEIRO, April 28 /PRNewswire-FirstCall/ -- BRMALLS Participacoes S.A.
(Bovespa: BRML3), the largest integrated shopping mall company in Brazil,
announces it inaugurated today the expansion of Shopping Iguatemi Caxias do
Sul, which added 17,229 of GLA to the malls, more than doubling the 13,972 m2
of the original mall.
BRMALLS, which manages the mall and was responsible for developing the
project, managing the construction and leasing the stores, still retains 45.5%
interest participation after the mall expansion, which added 7,839 m2 of owned
GLA to its portfolio.
Shopping Iguatemi Caxias do Sul is located in Caxias do Sul, RS, which has a
population of over 400,000 people and is the 2nd strongest economy in Rio
Grande do Sul, the country's 2nd largest metal-mechanical complex and the
state's 2nd largest municipality in terms of tax collection, only surpassed by
Porto Alegre. There are no other regional shopping centers in the city, so the
mall has no direct competitors.
The expansion strengthened the mall's anchorage (with the entry of Riachuelo,
C&A, Colombo Premium, Saraiva, Centauro and Fast Shop) and enhanced the store
mix, bringing such prestigious brands as Crawford, Lacoste, CNS, Brooksfield,
Siberian and Burger King. An area dedicated to the lifestyle concept was also
included, enhancing the value of spaces with unique landscaping and a variety
of entertainment facilities.
The expansion of Shopping Iguatemi Caxias do Sul, which absorbed from BRMALLS
an investment of R$25 million, has an estimated real unleveraged IRR of 16%,
contributing with R$4 million in stabilized NOI to BRMALLS.
After this expansion, BRMALLS's total GLA increased from 984,100 m2 to 1.0
million m2 and its owned GLA grew from 428,600 m2 to 436,400 m2.
For further information please contact the investor relations team or access
BRMALLS´ website at www.brmalls.com.br/ri.
ABOUT BRMALLS
BRMALLS is the largest integrated shopping mall company in Brazil, with a
portfolio of 34 malls, comprising 1.0 million m2 of gross leasable area (GLA)
and 436 thousand m2 of owned GLA. BRMALLS is the only shopping mall company in
Brazil with a nationwide presence and targeting all income segments.
SOURCE BRMALLS Participacoes S.A.
Investor Relations, Leandro Bousquet , CFO and IRO, +55-21-3138-9900, Fax:
+55-21-3138-9901
