SOURCE: BR MALLS Participacoes S.A.

September 21, 2009 10:04 ET

BRMALLS Inaugurates Expansion of Goiania Shopping

RIO DE JANEIRO, BRAZIL--(Marketwire - September 21, 2009) - BR MALLS Participações S.A.(BOVESPA: BRML3), the largest integrated shopping mall company in Brazil, announces the inauguration of the last phase of the expansion of Goiânia Shoppping, which added 7,320 m2 of GLA to the mall, almost doubling the 16,400 m2 of the original mall.

A BRMALLS, which manages the mall, was responsible for developing the project, managing the construction and leasing the stores.

Goiânia Shopping is located in a privileged area that is home to a substantial part of the city's economically active population with high purchasing power.

Inaugurated in 1995, the mall underwent its first expansion in 2000. In 2008, we started the second expansion, which was inaugurated in July 2009. The new expansion brought important changes to the mall by improving the anchorage and the store mix requirements. Bretas Hypermarket, which occupied 5,000 m2 of the GLA in the original mall, was shifted to an external location beside the parking lot, making space for 26 new satellites and one anchor store.

We added 2 anchor stores, Riachuelo and Renner, and 60 satellite stores to the project, increasing the number of stores from 120 to 180. We also replaced the old cinema with 6 new rooms in Multiplex format.

We used the opportunity to reform the existing mall area. The changes include revitalizing the mall through replacement of the flooring, lighting and ceiling, as well as construction of wider corridors and the complete replacement of the facades. Moreover, we inaugurated the new food court, including a space for restaurants constructed under the 'lifestyle center' concept with balconies and a view to the park. The expansion also created 900 new parking spaces, bringing the total to 1,900.

In line with our strategy of developing mixed-use projects that combine the commercial building segment with the convenience of a shopping and leisure center, we built a fourth floor with 1,600 m2 of office space.

The expansion of Goiânia Shopping, which required from BRMALLS an investment of R$32 million, added 3,700 m2 of owned GLA and has an estimated real and unleveraged IRR of 16%, contributing with R$6 million in stabilized NOI.


BRMALLS is the largest integrated shopping mall company in Brazil, with a portfolio of 34 malls, comprising 1.0 million m2 of gross leasable area (GLA) and 436 thousand m2 of owned GLA. BRMALLS is the only shopping mall company in Brazil with a nationwide presence and targeting all income segments.

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