Colombia. Recently, Grupo Éxito and Fondo Inmobiliario Colombia -FIC-, signed the agreement with which the participation of this private equity fund, managed by Fiduciaria Bancolombia, in Viva Malls, the real estate fiduciary vehicle of Grupo Éxito, managed by Helm Fiduciaria and constituted in July 2016 to develop and operate shopping centers in Colombia under the Viva brand, is formalized. which was created in 2011.
Viva Malls' valuation was close to $1.6 billion, with a projected EBITDA stabilized to 2018 of more than $140 billion and an implied capitalization rate (cap rate) in a range of between 8.7% and 8.8%.
In the Viva Malls trust, Grupo Éxito will have a 51% stake, while FIC will participate with 49%, equivalent to a cash contribution of more than $770 billion, of these, about $389 billion correspond to the initial contribution made on December 23, 2016. The remaining remainder ($384 billion) will be contributed to the vehicle over the next 18 months in accordance with the schedule agreed between the parties. Of the initial contribution received by the vehicle, it in turn paid Grupo Éxito about $135,000 in consideration for the direct acquisition of certain assets.
The agreement also establishes that Grupo Éxito will be the provider of management, development, marketing and real estate administration services to Viva Malls.
At the end of 2016, Viva Malls had approximately 308,000 m2 of leasable commercial area represented in 12 assets that are currently in operation. At the end of 2018, the areas of Viva Envigado and Viva Tunja (projects under development) will be added and in this way Viva Malls will have approximately 434,000 m² by that date.
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