BRMALLS (Bovespa: BRML3) Announces Its Fifth Greenfield Project Located in
Belo Horizonte
RIO DE JANEIRO, Brazil, Dec. 13 /PRNewswire-FirstCall/ - BRMALLS
Participacoes S.A., (Bovespa: BRML3), the leading company in the shopping mall
sector in Brazil and the largest shopping mall service provider, announces
that acquired a concession that gives the company the right to explore for 30
years (renewable for another 30 years) an 85,000 square meters land bank,
located at Av. Vilarinhos, in the city of Belo Horizonte, situated in the
state of Minas Gerais. The mall will also to be managed and leased by BRMALLS.
Shopping Vilarinhos will have approximately 35,000 thousand square meters of
GLA and BRMALLS will hold 100% of ownership interest.
Shopping Vilarinhos will be located on top of a busy subway station linked
to a bus terminal that will inaugurate in the end of December. The land bank
is situated in the North Zone of Belo Horizonte, a region with a high
population growth, where the future headquarter of Minas Gerais' State
Administration will be located.
The payment condition for the land bank is attractive, with no advance
cash disbursement. BRMALLS will begin paying monthly installments
corresponding to the higher of 5% of gross revenue or a minimum payment of R$
125,000 per month starting on the 20th month of the 30 year concession.
The total investment in this project is expected to reach R$ 120 million.
The opening is expected to take place during the second semester of 2009.
Acquisition Rationale:
-- Unique opportunity of growth in the region
-- Synergy with other malls owned by BRMALLS
-- Strategical land bank location
-- Store mix: 60% to anchor stores and 40% to satellites stores
For further information please access www.brmalls.com.br/ir or contact the
IR department.
About BRMALLS
BRMALLS is the largest integrated shopping mall company in Brazil with a
portfolio of 30 malls, representing 894.3 thousand square meters in total
Gross Leasable Area (GLA) and 372.6 thousand square meters in owned GLA.
BRMALLS is also Brazil's largest shopping mall service provider, managing and
leasing 29 malls. BRMALLS is the only national shopping mall company, present
in all of Brazil's five regions servicing all different income classes in the
country.
SOURCE BRMALLS Participacoes S.A.
Leandro Bousquet Viana, CFO and IRO, or Renata Motta, IR Manager, 55 21
3138-9900, ri@brmalls.com.br, both of BRMALLS Participacoes S.A.
