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4-Traders Homepage  >  Equities  >  Bolsa de valores de Sao Paulo  >  Aliansce Shopping Centers SA    ALSC3   BRALSCACNOR0

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Aliansce Shopping Centers SA : Notice to the Market - Aliansce announces the agreement for the acquisition of 40% of Shopping Parangaba

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04/09/2013 | 12:55am CET

Aliansce Shopping Centers (ALSC3) announces the agreement for the acquisition of 40% of Shopping Parangaba in the city of Fortaleza, CE

Rio de Janeiro, April 8, 2013 - Aliansce Shopping Centers S.A. (Bovespa: ALSC3) announces the agreement for the acquisition of 40% of Shopping Parangaba, located in the city of Fortaleza, CE. The mall has 31,873 sqm of GLA and will open in 4Q13. With this acquisition, the Company will add to its portfolio 12,749 sqm of own GLA. Aliansce's owned GLA will grow to a total of 450.781 sqm, including 3 greenfield projects, all with expected opening for 2013.

The acquisition price is R$118.0 million, which includes debt assumption in the amount of R$37.6 million. The payment will be done according the following schedule:

  • 50% of the amount, discounting the assumption of the outstanding debt balance, at the signing date. Considering the current balance, the Company would pay R$29.8 million and would assume debt of approximately R$29.2 million;
  • 40% in monthly installments until the opening, discounting the assumption of the remaining balance;
  • 10% in up to 30 days after signing of the final acceptance of construction works.

This acquisition is subject to the fulfillment of conditions established by contract. We estimate an IRR for the Company of 16.0%, real and unleveraged, and a third-year stable cap rate of 10.4%.

Shopping Parangaba is located in west zone of Fortaleza, a region with easy access to the whole city. Besides the easy access to important roadways, the mall is located besides bus, metro, and light-rail stations. Fortaleza will also be a host city for the 2014 World Cup, which will bring relevant infrastructure investments to the region.

The mall will open in 4Q13, with an initial GLA of 31.873 sqm, 1.600 parking spaces and over 200 stores. Eight months before the scheduled opening, leased area constitutes 82.3% of the total GLA. All of the anchor stores have already been leased, including important retailers, such as C&A, Renner, Riachuelo, Magazine Luiza and an UCI movie theater.

Aliansce will be responsible for managing and leasing of the project. The Company already manages three malls in the northeast of the country and is developing the fourth in Maceió. With this acquisition, Aliansce reinforces its strategy of investing in one of the regions with the highest growth in the country.

To access the full notice to the Market, please, click here.

For additional information, please contact the Investor Relations department:

Investor Relations
Phone: +55 (21) 2176-7272
Fax: +55 (21) 2176-7229

About Aliansce S.A.
Aliansce Shopping Centers S.A.(Bovespa: ALSC3) is one of the leading shopping center developers and manages the second largest number of shopping centers in Brazil among the publicly held companies in the sector. The Company's core business is investing in shopping centers and providing the following services: (i) management of shopping centers; (ii) lease of commercial spaces in shopping centers; and (iii) planning, developing and implementing shopping centers. The Company is a full service company operating in all of the development stages of a shopping center, such as planning and preparation of the feasibility study, development of the project, commercialization and management of the shopping center.

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Financials ( BRL)
Sales 2016 523 M
EBIT 2016 307 M
Net income 2016 40,0 M
Debt 2016 1 414 M
Yield 2016 1,81%
P/E ratio 2016 57,17
P/E ratio 2017 24,58
EV / Sales 2016 8,12x
EV / Sales 2017 7,30x
Capitalization 2 838 M
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Mean consensus HOLD
Number of Analysts 8
Average target price 15,5  BRL
Spread / Average Target 11%
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Renato Feitosa Rique Chief Executive Officer & Director
Délcio Lage Mendes Chairman & Chief Operating Officer
Renato Ribeiro de Andrade Botelho Chief Financial Officer
Carlos Alberto Vieira Independent Director
Peter Ballon Director
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