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Fifth Expansion of Shopping Uberaba Adds 4,000 m² of Leasable Area, with National Management and Participation from the Real Estate Fund HSML11.
The HSI Group announced a new multimillion-dollar investment in Shopping Uberaba, in Minas Gerais. Through the real estate fund HSML11, the manager will invest R$ 52.5 million in the fifth expansion of the shopping center, built in 1999.
This amount includes a contribution of R$ 17.5 million from Kinea, which holds 25% of the mining asset.
In total, the investments reach R$ 70 million. The project will be conducted by the group’s internal engineering team.
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Planned Expansion
The project will add 4,000 m² of gross leasable area (GLA) to the current 31,000 m², with the goal of reaching 45,000 m² in the future. As reported by EXAME, Felipe Gaiad, managing partner of HSI Real Estate Funds, highlights that the plan fully encompasses the transformation of the enterprise into a mixed-use complex, with the possibility of incorporating tower buildings.
The shopping center is managed by Alqia, a company specialized in shopping centers and controlled by HSI.
The objective is to strengthen commercial attractiveness, leveraging the good economic performance of the region and the demand from retailers interested in entering the local market.
Divestment Strategy
HSI’s story with Shopping Uberaba began in 2022, when it acquired the asset for R$ 330 million.
The purchase was made without own capital, fully leveraged, in light of the expectation of appreciation. Three years later, the strategy proved successful: the asset was valuated at R$ 580 million. Subsequently, the manager decided to sell a 25% stake to generate liquidity and enable the expansion.
National Management and Performance
According to Carlos Frederico Youssef, general director of Alqia, many retailers showed interest in Uberaba but did not proceed due to the low commercial reach of the shopping center when it was under local management. With HSI’s entry, the asset gained national coverage and the occupancy rate exceeded 97%.
Youssef also emphasizes that the strength of the regional agribusiness has supported the growth of the shopping center and its surroundings. For him, the sector acts as a shield against fluctuations in the Brazilian economy, ensuring stability for the enterprise.
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