Company acquires 20% of Usiminas' stake
Multiplan signed a purchase and sale pledge as a result of the exercise of the preemptive rights for its partner's stake in BH Shopping, corresponding to 20% of the project, for R$ 360 million. Of this amount, R$ 330 million was paid on the date of the formalization of the acceptance and R$ 30 million will be paid in up to 12 months. After the acquisition, Multiplan now owns a 100% stake in BH Shopping.
The ownership transaction represented the stake sold originally by the current co-owner in 1982. After 37 years of substantial growth, and in the year in which the project completes 40 years of operation, Multiplan was given the opportunity to repurchase this share in the project.
Net Operating Income ("NOI") for the last 12 months ended March 2019, referring to the acquired ownership interest, including the transfer of rights, was R$ 25.1 million.
BH Shopping was the first shopping center developed by Multiplan. Operations started up in September 1979 in the city of Belo Horizonte, becoming a point of reference in the state of Minas Gerais for its complete and diversified mix. It was inaugurated with 130 stores and currently, after five expansions, it has 442 stores and GLA of 47,042 m², distributed over four floors. In 2018, BH Shopping's sales were R$ 1,191.2 million, the fourth largest in Multiplan's portfolio. In the same year, sales of satellite stores reached R$ 34,471/m². In 2018, the mall registered average occupancy of 98.5% of the GLA.
BH Shopping has estimated annual traffic of 10.8 million consumers and generates approximately 6,300 direct and indirect jobs.
