ALLOS agreed on 23 October 2026 to sell stakes in seven Brazilian shopping centres to the Kinea ALLOS Malls real estate fund in a transaction worth up to R$1bn, depending on how much the fund raises.
Why Kinea ALLOS Malls FII (KAML11) is buying Stakes in seven ALLOS shopping centres
ALLOS said the partnership with Kinea, which grants exclusive co-management of shopping-centre real estate funds, opens a new growth cycle, creates recurring asset- and fund-management revenue and allows joint acquisitions, without changing its shareholder remuneration policy.
Deal terms and financing
The portfolio is priced at an average cap rate of about 9.5% on 2025 net operating income. The fund pays 80% upfront after its offering and the rest in three instalments over four years. ALLOS shareholders have priority allocation in the offering, and ALLOS will continue to manage the malls and may keep direct stakes in some of them.
Regulatory approvals and timing
The sale is conditional on the fund raising at least R$600m in its first offering, launched on 22 October, and on other customary conditions precedent.
Market context
The transaction follows a memorandum of understanding announced on 10 April 2026, some of whose terms were modified because of market conditions. The fund will have a right of first offer over ALLOS's mall stakes.
