Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Bolsa de valores de Sao Paulo  >  Iguatemi Empresa de Shopping Centers SA    IGTA3   BRIGTAACNOR5

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

Iguatemi Empresa de Shopping Centers SA : IGUATEMI SELLS STAKE IN ITS IGUATEMI ESPLANADA GREENFIELD PROJECT IN SOROCABA

share with twitter share with LinkedIn share with facebook
share via e-mail
0
01/15/2013 | 09:58am CET


ANNOUNCEMENT

IGUATEMI SELLS STAKE IN ITS

IGUATEMI ESPLANADA GREENFIELD PROJECT IN SOROCABA

São Paulo, January 14, 2013 - Iguatemi Empresa de Shopping Centers S.A. ("Iguatemi") [Bovespa: IGTA3], one of the largest full service companies in the Brazilian shopping mall sector, announces the sale of a stake in its greenfield project Shopping Iguatemi Esplanada, in the city of Sorocaba / Votorantim, in the interior of São Paulo State.

About the sale

On December 21, 2012, Iguatemi sold an equity interest of 34.3% in Shopping Iguatemi Esplanada, its greenfield project in the city of Sorocaba / Votorantim. The sale will result in Iguatemi owning 65.7% of the equity in Shopping Iguatemi Esplanada. The transaction generates operational profit of R$ 13.6 million, that will be reported in the 4Q12 results.
The interest was sold to Previ, which is Iguatemi's main partner in Shopping Center Esplanada, in which Previ holds a 34.3% interest. This sale is an essential step in maintaining the alignment between the controlling shareholders, and makes it possible for the two projects to be managed as if they were a single complex.
Following this acquisition, Previ and Iguatemi jointly own an aggregate 72.3% of Shopping
Center Esplanada, and 100% of Shopping Iguatemi Esplanada.
The new mall under construction includes walkways connecting the two malls, creating even greater synergy between the two enterprises, which will have aggregate GLA of 67,200 sqm.
The complex has a further 31,000 sqm of owned stores (Carrefour, Riachuelo and Renner), which give the project enhanced commercial strength. In total, the new greenfield project and these proprietors stores will make the project one of the largest retail complexes in Brazil, with 98,200 sqm of selling area, and the biggest and most important retail complex of the city of Sorocaba / Votorantim and its surrounding area.

1

ANNOUNCEMENT

Status of the project

The new mall is planned to open in October 2013. It will have 39,500 sqm, and is expected to generate an NOI of R$ 47.6 million in the first year of trading.
On December 31, 2012, 80% of the contracts had already been leased of the Iguatemi Esplanada Mall. These include differentiated brands for the region, such as Schutz, Le Lis Blanc, John John, Track & Field, MAC, Calvin Klein, Fast Shop, Vivara, Swarovski, Outback, Starbucks, Livraria Saraiva, Etna and Cinepolis.
Building works for the new mall are well advanced. Earthmoving and foundations have been completed and the concrete structure is under construction.

About Sorocaba

Sorocaba is one of the main cities of the interior of São Paulo State, and an important center in the region. Its annual per capita income in 2010 was R$ 27,500 (Source: IBGE).

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 shopping mall sector in Brazil. Its activities cover conception, planning, development and administration of regional shopping malls and mixed-use real estate complexes, including office towers.

Iguatemi has equity holdings in 13 shopping malls, with total GLA of 491,000m2; its owned GLA (i.e. the share represented by its proportional equity interests in these malls), totals 282,000m2. It operates in the management of 12 of its malls.

Currently it has four greenfield shopping mall projects, and 3

expansions of existing malls, in progress. Iguatemi's 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

Email: ri@iguatemi.com.br

distributed by
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on IGUATEMI EMPRESA DE SHOPPI
07/01 IGUATEMI EMPRESA DE SHOPPING CENTERS : Press Release - Sale of Relevant Stake
07/01 IGUATEMI EMPRESA DE SHOPPING CENTERS : Comunicado ao Mercado - Declaração de Ali..
04/26 IGUATEMI EMPRESA DE SHOPPING CENTERS : ex-dividend day for annual dividend
03/09 IGUATEMI EMPRESA DE SHOPPING CENTERS : Release 4Q15
01/14 IGUATEMI EMPRESA DE SHOPPING CENTERS : Press Release - Acquisition of Relevant S..
2015 IGUATEMI EMPRESA DE SHOPPING CENTERS : Press Release - Acquisition of Stake
2015 IGUATEMI EMPRESA DE SHOPPING CENTERS : Press Release - Iguatemi announces a swap..
2015 IGUATEMI EMPRESA DE SHOPPING CENTERS : ex-dividend day for annual dividend
2014IGUATEMI EMPRESA DE SHOPPING CENTERS : quaterly earnings release
2014 IGUATEMI EMPRESA DE SHOPPING CENTERS : ex-dividend day for final dividend
More news
Sector news : Retail Real Estate Development
12/05DJCK HUTCHISON : Sells Aircraft Leasing Business to Cheung Kong Property
12/03 CHINA VANKE : securities regulator chairman condemns "barbaric" company buy-outs..
12/02DJJINGRUI HOLDINGS : To Sell Shanghai Hongkou Land to Evergrande For CNY1.16 Billi..
12/01DJAYALA LAND : Plans to Keep 2017 Capital Spending at Record Level
11/30DJChina Evergrande's Unit to Sell Real-Estate Firm in Qingdao to Sunac for CNY3..
More sector news : Retail Real Estate Development
Advertisement
Financials ( BRL)
Sales 2016 690 M
EBIT 2016 403 M
Net income 2016 142 M
Debt 2016 1 675 M
Yield 2016 1,34%
P/E ratio 2016 35,00
P/E ratio 2017 31,10
EV / Sales 2016 9,44x
EV / Sales 2017 8,74x
Capitalization 4 836 M
More Financials
Chart IGUATEMI EMPRESA DE SHOPPI
Duration : Period :
Iguatemi Empresa de Shoppi Technical Analysis Chart | IGTA3 | BRIGTAACNOR5 | 4-Traders
Full-screen chart
Technical analysis trends IGUATEMI EMPRESA ...
Short TermMid-TermLong Term
TrendsBearishBearishBullish
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 10
Average target price 31,8  BRL
Spread / Average Target 16%
Consensus details
EPS Revisions
More Estimates Revisions
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
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
IGUATEMI EMPRESA DE SH..46.11%1 434
UNIBAIL-RODAMCO-7.66%22 703
EMAAR MALLS GROUP PJSC-1.09%9 745
RED STAR MACALLINE GRO..-19.08%3 531
AEON MALL CO., LTD.-17.92%3 388
MULTIPLAN EMPREENDIMEN..56.75%3 101
More Results