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:
- 16.7% stake of shopping Tacaruna
- 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
- 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.
In August and September 2019, the Fund acquired stakes of two shopping malls:
- 14.6% stake of Ilha Plaza
- 6.67% stake of Tacaruna
confirming the active management of the Fund. Both transactions generated a significant capital gain and consequent result for the Fund and its shareholders. The combined sales were made at 7,1% cap rate, generating an internal rate of return of 31.7% per year, and sale value 13.8% above the Fund’s equity value, marked by an appraisal report.
On September 13, the offer for the 5th issue of shares in the Fund ended, in which 2,166,486 new shares were subscribed, equivalent to an of R$ 227,047,732,80. The proceeds from the offer, together with part of the proceeds from the partial sales of Ilha Plaza and Tacaruna malls, used to aquire:
- 100% of Prudenshopping
- 30% stake of Iguatemi Florianópolis
The acquisition on the 5th Issue of Quotas added to the Fund a new capital, Florianópolis, a new administrador, the first participation of control of a mall by the Fund, more than 38 thousand sqm of owned GLA, growing the portfolio by 61% and increasing the exposure to the state of São Paulo to 45% and to the South region, from 3% to 9%.
On February 3, 2020, the offer for the 6th issue of shares in the Fund ended, in which 3,944,125 new shares were subscribed, equivalent to an amount of R $ 480,000,012.50. The proceeds from the offer were used for the acquisition:
- 7,32% stake of Shopping ABC
- 7,79% stake of Pátio Belém, increasing the participation in assets to 21.4%.