Sonae Sierra closes sale of stake in Brazilian shopping centre for €95 million
A 25.86% stake in Parque Dom Pedro Shopping, a shopping centre located in Campinas, in the state of São Paulo, was sold to two Brazilian real estate investment funds.
Sonae has closed the sale of its entire 25.86% stake in Parque Dom Pedro Shopping, a shopping centre located in Campinas, in the state of São Paulo, to two Brazilian real estate investment funds, according to a statement released this morning to the Portuguese Securities Market Commission (CMVM).
Developed by Sonae Sierra and opened in 2002, currently controlled and managed by Allos, of which the Maia group is a major shareholder, the stake held by the company led by Fernando Guedes de Oliveira was sold for a pre-tax amount of 625 million reais, equivalent to more than 95 million euros at the current exchange rate.
The conclusion of the transaction was subject to approval by the Administrative Council for Economic Defence (CADE), a Brazilian federal body dedicated to competition regulation. This step has now been officially confirmed.
On the last day of last year, when it notified the market regulator of the deal, the Portuguese company stressed that “this disposal allows Sonae Sierra to reorganise its presence in Brazil, becoming exclusively exposed to this market through its investment in Allos”.
“This transaction involves the application of International Accounting Standard IAS 21, under which the cumulative negative impact of exchange rate variations generated since the origin of the investment, amounting to approximately €53.6 million, previously recognised in the balance sheet […] and reflected in the net asset value reported by Sonae, is reclassified from equity to the income statement”, the company explained.
