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09 Apr 2013

Sobral Shopping – Opens with new ownership

North Shopping buys a share of Sobral Shopping.

Sobral Shopping, febr 2013

North Shopping, a group with more than 20 years of experience in developing and running of shopping centers, have bought a 40% share in Sobral Shopping and the name is now about to change to North Shopping Sobral. North Shopping has bought 10% from Cameron, the actual developer and a total of 30% from Retail Brazil 1 and Retail Brazil II. When the actual sale has gone through, the two company's ownership of the shopping center is reduced to 25% and 5% of the total center. The agreement in connection to Sobral Shopping between Retail Brazil 1, Retain Brazil II and North Shopping is based upon a marked value of 90 MBRL, which is a higher price than the board based their approval upon, when they decided to start looking for suitable buyers ultimo 2012.

Based on the above-mentioned selling price, Retail Brazil 1 stands to gain a profit before tax of over 100%, since the initial investment in February 2011 and Retail Brazil II a profit of approximately 60% since March 2012.

North Shopping Sobral expects to open on 2. May 2013, just before the all important Mother's Day, which for the retail industry in Brazil is almost equivalent to Christmas.