Brazilian shopping center market sees new residential project and fund acquisitions

Multiplan sold a 14,630 m² parcel adjacent to ParkShopping Campo Grande in Rio de Janeiro's West Zone. The land will be developed into a residential condominium of four towers with more than 400 units. Under the agreement, Multiplan will receive a financial participation equal to 11 % of the project's gross sales value, with a minimum guarantee of R$ 11.5 million.

BTG Pactual Real Estate Hedge Fund (BTHF11) acquired a 76 % stake in Shopping Pátio Cianê in Sorocaba for R$ 220.4 million, structured with staged payments and a 9.6 % cap rate. The transaction is expected to generate a dividend yield of about 42 % over the first 24 months. Hedge Brasil Shopping (HGBS11) committed to purchase the remaining 75 % of Shopping Jaraguá Araraquara for R$ 216.3 million, completing its 100 % ownership after previously holding 25 % since December 2024. Both moves illustrate a strategy to deepen integration of shopping centers with residential and commercial projects while expanding fund exposure to Brazil's retail real‑estate sector.