Key Takeaways
- • Allos cut the maximum fundraising target for Kinea ALLOS Malls FII (ticker KAML11) from 1.97 billion BRL to 1 billion BRL, according to a securities filing released October 23.
- • The minimum required raise was reduced from 789.5 million BRL to 600 million BRL; the offering began October 22.
- • The transaction covers seven Brazilian shopping malls, with final stakes dependent on the amount raised and the sale conditional on the minimum funding requirement.
- • Allos would receive 80% of consideration at closing and the remaining 20% in three installments due at 24, 36 and 48 months, and may retain up to 24% of the fund.
- • BTG analysts, as cited by SiiLA, view the partnership as positive, citing possible recurring asset and fund management fees and future acquisition opportunities.
Summary
Allos has revised the financing plan for a real estate fund formed with Kinea, lowering its maximum fundraising target while keeping a proposed transaction involving seven Brazilian shopping malls in focus. SiiLA reported on October 27 that the company disclosed the revised terms in a securities filing released on October 23.
The maximum fundraising target for Kinea ALLOS Malls FII, which trades under the ticker KAML11, was cut from 1.97 billion BRL to 1 billion BRL. The minimum required raise was reduced from 789.5 million BRL to 600 million BRL. The offering began on October 22, and the size of the final raise will determine the stakes transferred to the fund.
The agreements cover Shopping Metrô Santa Cruz, Caxias Shopping, Bangu Shopping, Shopping Parangaba, Plaza Sul Shopping, Shopping Villa Lobos and Shopping Tamboré. Final ownership percentages depend on the amount raised, and the sale remains subject to the minimum funding requirement and other closing conditions. Allos would receive 80% of the consideration after the offering closes, with the remaining 20% paid in three installments due after 24, 36 and 48 months. The company may retain up to 24% of the fund and would continue managing the malls, preserving an operating link to the assets after the ownership transfer.
BTG analysts cited by SiiLA described the partnership as positive for Allos, pointing to possible recurring fees from asset and fund management and opportunities for future acquisitions. The immediate investor focus remains the fund's final fundraising volume, the stakes ultimately sold and the conditions for completion.
Allos S.A. (ticker ALOS3) operates in Brazil's shopping-center sector, providing development, administration, commercial strategy and operational services for retail complexes, as well as brokerage, advisory services and parking management. The Rio de Janeiro-headquartered company also manages shopping malls and residential condominiums.
The maximum fundraising target for Kinea ALLOS Malls FII, which trades under the ticker KAML11, was cut from 1.97 billion BRL to 1 billion BRL. The minimum required raise was reduced from 789.5 million BRL to 600 million BRL. The offering began on October 22, and the size of the final raise will determine the stakes transferred to the fund.
The agreements cover Shopping Metrô Santa Cruz, Caxias Shopping, Bangu Shopping, Shopping Parangaba, Plaza Sul Shopping, Shopping Villa Lobos and Shopping Tamboré. Final ownership percentages depend on the amount raised, and the sale remains subject to the minimum funding requirement and other closing conditions. Allos would receive 80% of the consideration after the offering closes, with the remaining 20% paid in three installments due after 24, 36 and 48 months. The company may retain up to 24% of the fund and would continue managing the malls, preserving an operating link to the assets after the ownership transfer.
BTG analysts cited by SiiLA described the partnership as positive for Allos, pointing to possible recurring fees from asset and fund management and opportunities for future acquisitions. The immediate investor focus remains the fund's final fundraising volume, the stakes ultimately sold and the conditions for completion.
Allos S.A. (ticker ALOS3) operates in Brazil's shopping-center sector, providing development, administration, commercial strategy and operational services for retail complexes, as well as brokerage, advisory services and parking management. The Rio de Janeiro-headquartered company also manages shopping malls and residential condominiums.
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