By Brazil Stock Guide – TRX Real Estate Fund (TRXF11) agreed to acquire two shopping malls in Belo Horizonte for a combined R$257.7 million in a move that inserts the fund directly into Brazil’s retail-property segment.
The transaction, disclosed by TRX and first reported by Broadcast/Estadão, includes 100% of Shopping ViaBrasil Pampulha and a 50% stake in ViaShopping Barreiro, both paid through the issuance of new fund units.
The acquisitions align with TRX’s strategy to diversify TRXF11’s portfolio — historically concentrated in logistics, retail and healthcare properties — while expanding exposure to income-producing assets in densely populated urban areas. Both malls, previously run under family management, will shift to professional oversight through AD Shopping.
Shopping ViaBrasil Pampulha was valued at R$87.5 million. The mall has 17,000 square meters of gross leasable area, 68 stores and a 91% occupancy rate. TRX projects a net operating income (NOI) of R$7.2 million for the next 12 months, supported by a revenue-guarantee clause if 2026 NOI falls below R$6.1 million. The property also offers a 11,900-square-meter expansion potential, which could lift annual NOI to R$9.5 million.
ViaShopping Barreiro, acquired at a 50% stake for R$170.2 million, spans 59,000 square meters of leasable space, 160 stores and an 87% occupancy rate. Estimated NOI for the coming year is R$29 million, half of which belongs to TRXF11 under the shared ownership structure. The asset also includes a planned 16,000-square-meter expansion area.
TRX will finance the acquisitions through a new unit offering that could become one of the largest issuances in Brazil’s real-estate fund market. Announced in September, the deal targets an initial R$2 billion, expandable to R$3 billion depending on investor demand. Recent TRXF11 transactions include the purchase of properties from Grupo Mateus (GMAT3) and a logistics complex for R$665 million, along with assets leased to Atacadão (CRFB3).