Multiplan Consolidates Position in Ribeirao Preto, Sao Paulo, with an Acquisition of 37.5% of Shopping Santa Ursula
RIO DE JANEIRO, Brazil, April 28 /PRNewswire-FirstCall/ -- MULTIPLAN EMPREENDIMENTOS IMOBILIARIOS S.A. ("MULTIPLAN") (Bovespa: MULT3), the largest shopping mall company in Brazil in terms of revenue, aligned with its strategy of maximizing its shareholders' return, informs the acquisition of 37.5% of Shopping Santa Ursula, located in the city of Ribeirao Preto, Sao Paulo state. The Company takes part in the project through the acquisition of 50% of Manati Empreendimentos, a company that holds 75% of the shopping mall, while the other 50% remains with Aliansce Shopping Centers SA. The total investment was R$ 28.67 million, and Multiplan will be responsible for the management of the mall. The expected unleveraged nominal internal rate of return is 14% per year.
Strategic Alignment Shopping Santa Ursula aims to consolidate Multiplan's position in Ribeirao Preto, since this will be the company's second shopping mall in the city. Shopping Santa Ursula, together with Ribeirao Shopping, the main local shopping mall, will achieve a GLA of 70 thousand sq.m. in the region, therefore improving the Multiplan's management and allowing synergies between the two shopping malls. This investment is lined up with the Company's strategy of reinforcing its presence in markets where it already has significant operations.
Shopping Santa Ursula Shopping Santa Ursula, inaugurated in 1999, is situated in a region with high foot traffic, due to the large number of residential buildings located in its primary area. It has a modern and bold architecture concept, with 63.5 thousand sq.m. of area built and 24 thousand sq.m. of GLA, distributed into 170 stores, among them: a movie theater, a market place and a exclusive floor for the Cia Athletica gym. For more information about the acquisition, please access: http://www.multiplan.com.br/ir CONTACT: First Call Analyst:
CONTACT: Armando d'Almeida Neto, CFO and IRO, Multiplan Empreendimentos Web Site: http://www.multiplan.com.br/ir
2008-04-28 18:30:17 0347015 PRNEWSWIRE
HOME || Press Release Archive || © Leigh Media Corporation || Terms of Use || Privacy Policy || Publish Your Press Release Here |