LatAm Real Estate "Another brick in the wall: MDNE new buyback program; ..."

Research evidence excerpt

LatAm Real Estate "Another brick in the wall: MDNE new buyback program; ..."

Global Research

17 June 2026ab

LatAm Real Estate Equities

Latin AmericaAnother brick in the wall: MDNE new buyback

program; JHSF REIT to buy 17% stake in Cidade Real Estate

Jardim; 94% of Desenrola 2.0 participants are TainanAnalystCosta

adherents to B-day withdrawal; FGTS releases tainan.costa@ubs.com+55-11-2767 6091

Ana Julia ZerkowskiR$17bn to dismissed workers

Associate Analyst

ana-julia.zerkowski@ubs.com

+55-11-2767 6303

MDNE | Material Fact - Buyback program

According to the Material Fact, Moura Dubeux announced the conclusion of the

share buyback program approved in Jun-25 and the launch of a new program.

Accordingly, the company may use the repurchased shares to remain in treasury, for

subsequent sale and/or cancellation, and/or to meet obligations under its share-

based compensation plans. Additionally, Moura Dubeux may acquire up to ~1.4mn

shares (2% of total outstanding shares). Lastly, the maximum period for the

acquisitions is 18 months, ending in Dec-27. - Here

JHSF launches REIT to acquire 17% stake in Shopping Cidade Jardim

According to the news, JHSF Capital launched a public offering of quotas for a new

REIT aimed at acquiring a 16.99% stake in Shopping Cidade Jardim for R$454mn.

Although the prospectus does not disclose the seller, the news mentions the stake is

held by XP Malls, which acquired the same 16.99% interest in the asset in 2018.

Additionally, XP Malls also holds a R$155mn CRI maturing in 2033, linked to the

original acquisition of Shopping Cidade Jardim, which will now be assumed by the

new partner in the transaction. Accordingly, the new fund, named JHSF Capital SCJ,

will carry out a primary public offering of quotas totaling R$400mn, with the