The Fund made its first investments in March of 2014, when it concluded the acquisition of minority interests in two shopping centers:
- 49.0% of Shopping Ilha Plaza, located in the Ilha do Governador neighborhood in the city of Rio de Janeiro; and
- 13.6% of Shopping Pátio Belém, located in the center of Belém, Pará.
The acquisition was concluded on March 11st. 2014 and represented an investment of R$ 171.2 million from which R$ 39.2 million were equity payment and R$ 132 million to be paid in monthly installments for 13 years, at a TR + 9.4% interest rate.
In 2015, the Fund executed a co-investment agreement with a Canadian pension fund, through which the Fund and the Co-investor each agreed to individually acquire interests in four shopping centers, through a real estate investment fund managed by Vinci Gestora. The Fund’s investment amounted to 25% of the aggregate investment, comprised of the following interests being owned directly by the Fund:
- 11% of Shopping Paralela, located in Salvador, Bahia;
- 7.5% of West Shopping, located in the Campo Grande neighborhood in the city of Rio de Janeiro;
- 17.5% of Crystal Shopping, located in the Batel neighborhood in Curitiba, Paraná; and
- 7.5% of Center Shopping Rio, located in Jacarepaguá in the city of Rio de Janeiro.
The acquisitions were concluded on September 30, 2015 and represented an investment of R$100.6 million, R$28 million of which cash and R$72.6 million in monthly installments for a term of 14 years, restated by the TR rate plus interest of 9.85% p.a. The down payment was made with the proceeds from the Fund’s second share issue.
On October 2017, the Fund concluded a new offering raising a total of R$230.3 million that will be used to pre pay part of the existing leverage and acquire assets. The Fund´s share were listed at B3 on November 1st. 2017 under the ticker VISC11.
On December 2017, the Fund acquired a 12,5% stake of shopping Granja Vianna, the first asset of the portfolio located in São Paulo.
On April 2018, the 4th quota issue was finalized with the subscription of all shares including green-shoe and hot-issue shares resulting in a total of R$ 499,499,843.00. The offer had the participation of 12,388 investors.Part of the capital was used for an extra pre-payment of the existing leverage.
On September 2018, the Fund acquired stakes of two shopping malls, a 16.7% stake of shopping Tacaruna and a 15% stake of shopping Iguatemi Fortaleza. Additionally, on June and July of 2019, the Fund acquired two other stakes, 36.5% of shopping Granja Vianna and 19.1393% of Minas Shopping. These acquisitions contributed for the diversification of the portfolio adding three new capitals and two other administrators to the portfolio mix.