The mall is located at Avenida Alfonso Pena, the main avenue in the city and is surrounded by an upper and upper-middle class residential area.
Shopping Campo Grande Expansion:
- Total GLA: 5,371 m²
- Owned GLA: 3,712 m²
- Number of stores: 43
- Parking Spaces: 600
- Stabilized NOI BRMALLS: R$ 5.3 million
- IRR (real and unleveraged): 16.5%
- Cash on Cash (real and unleveraged): 19.2%
- Inauguration: November 23, 2011
Shopping Campo Grande is a leading mall in the city of Campo Grande, in the state of Mato Grosso do Sul The mall has an excellent location and a strong anchor mall mix - Carrefour, Casas Bahia, Renner, Riachuelo Pernambucanas, C&A and Lojas Americanas. After going through a revitalization of the Food Court in 2006, increasing by 30% the number of seats, the mall meets the needs and desires of its visitors and tenants, inaugurating an expansion that will increase the GLA in 15.9%.
Highlights of Shopping Campo Grande:
- Catchment area that caters to several consumers, of which 60% belong to the A and B classes;
- Footfall of over 950 thousand visitors/month;
- The mall receives over 325 thousand vehicles/month;
- Full occupancy in the current mall and expansion 100% leased.
The new expansion has been developed and leased by BRMALLS. Construction began in August 2010 and the expansion opened two weeks before the date expected in the original schedule. The project opened with 100.0% of its GLA leased.
We expect the expansion to generate approximately R$5.3 million in stabilized NOI to BRMALLS, increasing the importance of mall in our portfolio. The real and unleveraged internal rate of return for the project is 16.5%. The stabilized cash on cash return was estimated at 19.2%. Considering the expansion, the mall is expected to generate a stabilized NOI to BRMALLS of R$29.7 million, compared to R$18.6 million in 2010, an increase of 59.7%.
The new expansion, which brings an innovative tennant mix to the state and the city, has two anchors, two mega stores, three restaurants and 36 satellites. As anchors, we present Memove and Centauro. Contributing to the tennant mix improvement, some of the satellite stores are: Farm, Bo.Bô, Animale, VR, John John, Noir, Salinas, Shoulder and iPlace. The restaurant mix has the new tenants Firula’s and Gendai.
Shopping Campo Grande is part of the original portfolio of BRMALLS and has an excellent performance, reaching in 3Q11 100% occupancy rate and no late payments. The expansion is set to contribute towards the strong growth the mall has experienced in recent years.
With this inauguration BRMALLS adds 5.4 thousand m² of total GLA and 3.7 thousand m² of owned GLA to its portfolio, totaling 1,391.6 thousand m² and 773.0 m², respectively.