The shoppings in São Paulo are so complete that you can buy everything there! But what a surprise when the Brazil Journal reported that the Shoppings Pátio Paulista and Higienópolis are up for sale! So, these days, even buying a large shopping center will be possible, if you can foot the bill, of course.
Brookfield, which owns part of the assets of the two malls, has decided to sell its share of the last retail assets in Brazil. The company has already been disposing of other holdings, such as RioSul, Madureira Shopping and Shopping Leblon. Now, the move comes to São Paulo and the banks Bradesco BBI and BTG Pactual will be responsible for carrying out the bargain.
How much are shopping centers worth?
Brookfield owns 55.9% of the shares in Shopping Pátio Paulista and 50.1% in Higienópolis. Thus, it is estimated that the sale value of these assets will be around R$2.5 billion and R$3 billion. However, depending on the competition, the estimated value could rise.
The exact date for the conclusion of this big negotiation is not yet known. Until next week, interested parties will have to send their bids to the company and soon the offers will be negotiated. So if you’re interested, now is the time.
Will Pátio Paulista and Higienópolis malls close down?
Despite the news of the sale, there are no indications that the malls will close down. As in a large, hotly contested auction, major companies in the market seem willing to secure their piece of Brookfield’s holdings. They are: Allos, Iguatemi, Multiplan and Ancar.
In addition, the two shopping centers are very profitable, generating around R$ 1.5 billion in sales annually. So if you were worried that the big deal would affect your shopping, there’s nothing to worry about. You’ll still be able to walk around the malls on weekends.
