Portuguese 
English 
Spanish 
5 min of reading 
0 comments 
The Lages Shopping Center, the only one in the Serra Catarinense, was purchased by Ulbrex Capital after the judicial recovery of the former controller and auction stages without a buyer, in an operation that repositions the Lages commercial center and exposes the effects of million-dollar debt on local regional retail assets in Santa Catarina.
The Lages Shopping Center, the only development of its kind in the Serra Catarinense, changed ownership in 2026 after months of auctions and a process linked to the judicial recovery of the former controlling group. The purchase was made by the São Paulo investment fund Ulbrex Capital.
According to the portal nd+, the operation took place in Lages, in the Serra of Santa Catarina, and also involved assets in Bragança Paulista, in the interior of São Paulo, and Varginha, in Minas Gerais. The process originated from the financial crisis of the PCS group, which reported a total debt of about R$ 650 million.
Lages Shopping Center becomes part of São Paulo fund’s portfolio
The Lages Shopping Center joined the Ulbrex Capital portfolio after a sales process involving enterprises managed by the former PCS group. The acquisition placed the only shopping center in the Serra Catarinense under new management, at a time closely watched by the regional retail sector.
-
Meat giant based in Itajaí, owner of Sadia, Perdigão, and Qualy, starts 2026 with a profit of R$ 111 million and sees poultry and pork exports advancing to Europe, Asia, and the Middle East following a rise in global demand for proteins.
-
With the new law, drivers and MEIs will have 6 months to start paying for a 90,000 car in 72 installments.
-
What was decided at the summit between Trump and Xi Jinping in Beijing? According to Chinese diplomacy, the two countries decided to maintain “all” existing trade agreements, create trade and investment councils, and Xi will visit the United States in the fall.
-
Federal government releases this Friday (15th) a new batch of the PIS/Pasep salary bonus for workers and civil servants born in May and June, as part of a total payment of R$ 33.5 billion planned for 26.9 million beneficiaries by 2026.
The change of control draws attention because the enterprise has strategic importance for Lages and the Serra of SC. In cities outside major centers, a shopping mall usually concentrates stores, services, leisure, dining, and consumer traffic in one place.
The package acquired by Ulbrex also included units in Bragança Paulista and Varginha. Thus, the operation was not limited to the Santa Catarina asset but was part of a larger movement involving shopping centers in different states.
For Lages, the central point is what changes in management from now on. The arrival of an investment fund can open a new phase for the enterprise, focusing on occupancy, renegotiation, efficiency, and commercial repositioning.
Judicial Recovery Began After Million-Dollar Debt
The process that led the shopping mall to change ownership is linked to the judicial recovery request of the PCS group, filed in 2023. The company was responsible for the Lages Shopping Center and other commercial ventures in the country.
At the time, the group reported a total debt of about R$ 650 million. This amount helps explain why the assets ended up going to auction as part of a financial reorganization process.
Among the mentioned debts were labor commitments, pending taxes, amounts with micro and small enterprises, unsecured creditors, and a significant portion related to creditors with fiduciary alienation.
This type of scenario usually pressures the sale of assets. When a company enters judicial recovery, the negotiation of assets can serve to reorganize debts, satisfy creditors, and try to preserve part of the economic operation.
Previous Auctions Did Not Attract Buyers
Before the purchase by Ulbrex, the package of shopping malls went through auction stages without a buyer. In the first phase, the initial bid was R$ 722 million. In the second, it dropped to R$ 505 million, but still, there were no interested parties.
In November 2025, the initial bid to acquire the three ventures that now belong to Ulbrex was R$ 361 million. The reduction shows how the process needed to adjust until it found a buyer willing to take on the assets.
The Lages Shopping Center had an estimated market value of R$ 145 million in the auction description. This data reinforces the importance of the venture within the package, especially for being the only shopping mall in the Santa Catarina mountain region.
The absence of buyers in the early stages also reveals market caution. Commercial assets can be attractive, but they depend on occupancy, consumer flow, location, contracts, debts, and the ability to generate recurring revenue.
Only Shopping Mall in the Mountain Region Has Regional Significance
The Lages Shopping Center occupies a specific position in the Santa Catarina market as it is the only shopping mall in the Serra of SC. This characteristic gives the enterprise a role that goes beyond traditional retail.
It serves consumers from Lages and nearby cities, functioning as a shopping, leisure, and service point for a region that does not have the same concentration of shopping centers found on the coast or in Greater Florianópolis.
Therefore, the change of ownership is not only of interest to investors. Retailers, workers, consumers, and the local commerce itself are following the next steps of the new administration.
The management of a regional shopping center requires a balance between brands, services, entertainment, dining, and events capable of maintaining a constant flow. In smaller markets, this work can be even more sensitive because the consumer audience is more concentrated.
New management will face the challenge of recovering value
The arrival of Ulbrex Capital puts the shopping center in a new phase, but does not automatically eliminate the challenges. The fund takes over an asset that went through a complex process, marked by judicial recovery, auctions, and a drop in the asking price for the package.
From now on, the strategy may involve attracting new stores, improving occupancy, renegotiating with operators, strengthening services, and seeking greater profitability. The challenge is to transform an asset that came from a crisis into a competitive enterprise again.
It will also be important to observe if there will be changes in daily operations. For the consumer, the most important factor is the experience: variety of stores, parking, security, food court, events, and available services.
For retailers, attention is focused on flow, condominium costs, commercial conditions, and the new management’s ability to increase movement. A shopping center can only sustain itself when it aligns the interests of investors, retailers, and the public.
What the purchase may represent for Lages
The purchase of the Lages Shopping Center by Ulbrex Capital may mark an attempt to restructure the main enclosed shopping center in the Serra Catarinense. The case shows how regional assets can change hands after financial crises of larger groups.
At the same time, the operation leaves an open question about the future of the enterprise. Will the new management be able to turn the change of ownership into a commercial recovery, or will the shopping center continue to bear the effects of the process that led to the auction?
For Lages, the outcome matters because the enterprise is part of the local economic dynamics. It concentrates jobs, consumption, services, and part of the city’s urban movement.
Do you believe that the entry of a São Paulo fund can strengthen the Lages Shopping Center, or do you think that the recovery of a regional shopping center depends more on local consumption and the arrival of new stores? Leave your opinion in the comments.
Be the first to react!