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4-Traders Homepage  >  Equities  >  BOLSA DE VALORES DE SAO PAULO  >  Iguatemi Empresa de Shopping Centers SA    IGTA3   BRIGTAACNOR5

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07/01 IGUATEMI EMPRES : Comunicado ao Mercado - Declaração de Alienação de..
07/01 IGUATEMI EMPRES : Press Release - Sale of Relevant Stake
04/26 IGUATEMI EMPRES : ex-dividend day for annual dividend
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Iguatemi Empresa de Shopping Centers SA : IGUATEMI ACQUIRES 50% OF GALLERIA MALL AND APPROVES THE TRANSACTION

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11/13/2013 | 02:15pm CEST

PRESS RELEASE

IGUATEMI ACQUIRES 50% OF GALLERIA MALL AND APPROVES THE TRANSACTION

São Paulo, November 13, 2013 - Iguatemi Empresa de Shopping Centers S.A. ("Iguatemi") [Bovespa: IGTA3], one of the largest full-service companies in the Brazilian shopping mall sector, in addition to the Press Release of September 27, 2013, announces that the acquisition of 30% of Galleria Mall was approved by CADE, the brazilian antitrust authority, and that acquired the remaining 20% held by Anhumas.

The acquisition

Iguatemi announces that it has acquired the remaining 20% of the Galleria Mall from its partner Anhumas, under the same conditions previously established in September 20, 2013, when it was announced the purchase of the 30%. The transaction was approved by CADE, Brazil´s antitrust authority, and Iguatemi now owns 100% of the Galleria Mall and its adjacent plot of land.
Galleria Mall valuation was at R$ 278.7 million and will generate net operational income (NOI) of R$ 23.6 million in
2013. The implicit multiple of total transaction was 11.9x 2013E NOI.
It is important to remember that in 2012, the Galleria went through an expansion adding additional 22.5% of GLA
which is still in its second year of maturation.
The acquisition further strengthens Iguatemi's strategy of increasing its participation in the malls in which it already has interests, thus both increasing revenues and diluting expenses. The adjacent plot of land will allow densifying the environment around the mall, and unlocking the possibility of future expansions.
The transaction also strengthens Iguatemi´s presence in the city of Campinas, one of the principal consumer markets in São Paulo State and its third largest economy - with per capita GDP of 34,000¹.

Acquisition - May/2007 Expansion - Sep/2012

Total Sales - R$

74 124

161 188 213

337

2006 2008 2009 2010 2011 2013E

Gross Revenue -

5 9 10

28

14 17

2006 2008 2009 2010 2011 2013E

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PRESS RELEASE

The Galleria Mall

The Galleria Mall (Shopping Center Galleria), in the city of Campinas, in the interior of São Paulo State, has 1,996 parking spaces and 33,236m2 of gross leasable area (GLA), on 3 floors, in 192 stores. It is built to a sophisticated plan, with a large central area open to the sky and an innovative landscaping treatment: the internal garden has more than 1,500m².
It was opened in October 1992, and Iguatemi bought a 50% share in May 2007. Since the acquisition Iguatemi has completely reshaped it. In 2012 Iguatemi expanded it by 7,500 m2, improving the mix and adding new features.
Since the acquisition by Iguatemi the sales of the Galleria mall have grown at an average annual rate (CAGR) of
24.1%, and its revenue has grown at 29.4% per year - as a result of the improvement in the mix and the mall's
facilities and equipment.
In September, 20, 2013, Iguatemi signed a contract for acquiring 30% of the Galleria Mall and its adjacent plot of land. The transaction was approved by CADE, Brazil´s antitrust authority, when Iguatemi has acquired the
remaining 20% of that Mall. Iguatemi currently holds an 100% stake in the Galleria Mall.

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PRESS RELEASE

About Iguatemi Empresa de Shopping Centers S.A.

Iguatemi Empresa de Shopping Centers S.A. ("Iguatemi") is one of the largest full-service companies in the Brazilian shopping mall

sector.

Its activities cover the whole range of the business, from conception, through planning, to development and management of regional

shopping malls, and also mixed-use real estate complexes including developments such as office towers.

Iguatemi has equity interests in 14 shopping malls, 1 outlet and 3 office towers, with total GLA of 556 thousand sqm

- in which its total owned GLA is 347 thousand sqm

Iguatemi operates in the management of 14 of its malls, and the Pátio Higienópolis Mall in São Paulo. It also currently has three greenfield shopping mall projects, 3 expansions of existing

malls, and 1 office tower, in development.

Its shares are traded on the Novo Mercado of the São Paulo Stock

Exchange (BM&FBovespa), under the ticker IGTA3.

INVESTOR RELATIONS CONTACTS: Cristina Betts

Vice-President for Finance, Investor Relations Director

Gunther Schrappe

Chief Strategic Planning Officer, Investment Relations Officer

Cecília Viriato

Investor Relations Coordinator

Bruno Carobrez

IR Analyst

Tel.: (11) 3137-6877 / 6872

Email: ri@iguatemi.com.br
www.iguatemi.com.br

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Financials ( BRL)
Sales 2016 683 M
EBIT 2016 404 M
Net income 2016 144 M
Debt 2016 1 660 M
Yield 2016 1,19%
P/E ratio 2016 37,88
P/E ratio 2017 33,55
EV / Sales 2016 10,1x
EV / Sales 2017 9,31x
Capitalization 5 217 M
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Mean consensus HOLD
Number of Analysts 11
Average target price 30,5  BRL
Spread / Average Target 3,1%
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Managers
NameTitle
Carlos Jereissati Chief Executive Officer & Director
Carlos Francisco Ribeiro Jereissati Chairman
Charles William Krell Chief Operating Officer
Cristina Anne Betts Chief Financial & Investor Relations Officer
Fernando Magalhães Portella Independent Director
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