Latam Real Estate - Today‘s News

Research evidence excerpt

Latam Real Estate - Today‘s News

sitor (1-212)garrett.greenblatt@jpmorgan.com622-0424

numbers - O Estado de São Paulo. Allos, Multiplan, and Iguatemi are J.P. Morgan Securities LLC

investing heavily in building small neighborhoods around their malls,

including residential buildings, offices, hotels, and medical centers, to boost

visitor numbers and sales. The sector has not fully recovered pre-pandemic Brazilian HBs Coverage Summary

visitor levels, with monthly visits rising from 341mn in 2020 to 476mn in 2025,

Rating PT Dec-26 P/BV

still below the 502mn in 2019. Allos plans 17 new buildings near Shopping TEND OW R$ 48.50 3.34x

Parque D. Pedro in Campinas, expecting R$4.5bn in sales and 30k daily DIRR OW R$ 19.00 3.49x

visitors, while Iguatemi’s Casa Figueira project aims for R$10bn in sales and CURY OW R$ 43.50 6.97x

MRVE N R$ 7.00 0.59x

50k daily visitors over 20 years. CYRE N R$ 29.50 0.98x

EZTC N R$ 17.00 0.71x

• GGRC11 FII raises R$1.5bn through share swap - Metro Quadrado. Source: J.P. Morgan estimates. Priced as of last trading day

Zagros Renda Imobiliária (GGRC11) raised R$1.5bn in its largest offering yet, for all stocks.

propelling it into the top 10 real estate funds with R$3.9bn in NAV and 356k

Latam Properties Coverage Summary

investors. The fund acquired over R$1bn in logistics properties, increasing

Rating PT Dec-26 P/FFO 27e

logistics to 80% of its portfolio, and now holds 42 assets and 1mn m² of GLA. MULT OW R$ 38.00 9.5x

• Anantara will debut in Brazil with an R$150mn luxury resort in Ceará - IGTI OW R$ 32.00 8.2x ALOS OW R$ 35.00 8.4x

Bloomberg Línea. Anantara, the luxury brand of Thailand’s Minor Hotels, LOGG OW R$ 34.00 18.7x

will start its operations in Brazil by managing a R$150mn resort at Preá beach MALLPLAZ OW Ch$4,300 17.3x