Aliansce Sonae put a shopping centre in Rio up for sale and expects a 53% premium

Aliansce Sonae is selling its 39.2% stake in Via Parque Shopping, at Barra da Tijuca, a business valued at R$177 million. The official reason given is "don't keep all your eggs in one basket". The company has relevant exposure to Rio de Janeiro, which accounts for 24% of its portfolio of 27 shopping centres.

The investment director at Aliansce Sonae, Mauro Junqueira, told the column that the purpose of the sale is to balance the geographic distribution of the portfolio, which also has projects in 12 states, including São Paulo, Minas Gerais, Bahia and Pará. The sale will be used for projects to expand malls already in operation and potential acquisitions.

The sale will be offered through a secondary public offering of shares in the Via Parque Shopping real estate fund. Aliansce Sonae will be the only seller. 1.1 million shares will be offered for R$ 161. The value is noteworthy because it corresponds to a requested premium of 53% in relation to the share's closing in the last trading session at R$105.

The last time the fund exceeded R$ 160 was in September of last year. According to Junqueira, the market value does not correspond to the fair value of the project since the shares have low liquidity on the stock exchange.