Brazilian shopping center company Allos divests São Bernardo Plaza stake

In a market announcement on Thursday evening, August 13, Allos, the largest Brazilian company in the shopping centre sector, reported that it has signed a Memorandum of Understanding (MOU) with XP Malls. The agreement is for the total sale of its 60 percent stake in São Bernardo Plaza Shopping.

According to the statement, “the transaction is in line with the company's strategic objective of concentrating its portfolio on market-leading assets”.

The transaction will yield Allos 331.1 million reais (63.47 million dollars). Its completion is subject to the fulfilment of preceding conditions and approval from CADE – the Administrative Council for Economic Defence. Of this amount, 231.8 million reais will be paid on the closing date of the transaction through Allos' subscription to XP Malls shares. The remaining 99.3 million reais will be paid in cash within 24 months of the closing date, adjusted by the CDI – Interbank Deposit Certificate.