History and Corporate Profile

  • Decrease font
  • Increase font
  • Print
  • Send to a friend
  • Click here to bookmark this page

    You don't have any bookmarks in our website. To choose your favorite sessions, please click here.

History

We were incorporated as a limited liability company on May 23, 1979 and became a corporation on August 11, 1983. We were founded by Carlos Francisco Ribeiro Jereissati and created by the Jereissati Group to own and operate shopping centers in Brazil.

We began our activities in the shopping center industry as La Fonte Empresa de Shopping Centers S.A. in 1979 by acquiring all of the assets of Construtora Alfredo Matias S.A., which included an ownership interest in Iguatemi São Paulo. Iguatemi São Paulo was constructed in 1966 and was the first shopping center in Brazil, according to ABRASCE. As of March 31, 2013, we hold an ownership interest of 57.75% in Iguatemi São Paulo.

As part of our expansion strategy, we opened Iguatemi Campinas in May 1980, a development in which we hold 70.0% ownership interest.

In April 1983, we opened Iguatemi Porto Alegre, our first shopping center in the Southern region of Brazil. In October 1991, we opened Praia de Belas, another important shopping center in the Southern region. As of March 31, 2013, we held ownership interests corresponding to 36.0% and 37.6% in Iguatemi Porto Alegre and Praia de Belas, respectively.

To further implement our strategy to operate shopping centers targeting higher-income customers in September 1995, we opened Market Place, our second shopping center in the city of São Paulo and our first mixed-use real estate development, combining shopping centers with commercial towers.

In 1996, we completed the construction of Iguatemi Rio and entered the Rio de Janeiro market. We also opened our third shopping center in the Southern region of Brazil, Iguatemi Caxias do Sul. As of March 31, 2013, we held a 100.0% ownership interest in Market Place, a 3.0% post-sales ownership interest in Iguatemi Rio and an 8.4% ownership interest in Iguatemi Caxias do Sul.

In 1997, we concluded the construction of Iguatemi São Carlos, our second shopping center in the interior of the state of São Paulo.

In February 2007, we concluded an initial public offering of our shares, raising approximately R$550.0 million and becoming the first company in the shopping center industry to be listed on the São Paulo stock exchange, the BM&FBOVESPA.

In April 2007, Iguatemi Florianópolis was opened. As of March 31, 2013, we held ownership interests corresponding to 30.0% in Iguatemi Florianópolis, strengthening our market position in the Southeastern region of Brazil, 20.0% of which was obtained when the shopping center was still under construction and an additional 10.0% of which was obtained after the shopping center was opened.

On June 27, 2007, we conducted our first issuance of unsecured non-convertible debentures for public distribution, approved by the board of directors on May 16, 2007. The issuance consisted of 20,000 debentures with unit par value of R$10,000.0 on the issuance date, amounting R$200.0 million, in a single series, with a seven year term, maturing on June 1, 2014.

We also acquired two new shopping centers in 2007: Shopping Galleria, in the city of Campinas, in which we held a 50.0% ownership interest as of March 31, 2013, and Esplanada Shopping, in the city of Sorocaba, of which we held 38.0% as of March 31, 2013, strengthening our presence in the state of São Paulo.

In 2007, we sought to increase our ownership interests in three shopping centers in which we already hold an interest. We increased our ownership interests by 33% in Iguatemi Rio (reaching 60.7%), by 3.8% in Iguatemi Porto Alegre (reaching 36%), and by 11% in Iguatemi São Paulo (reaching 50.5%). As of March 31, 2013, we owned 57.75%.

In 2008, we increased our ownership interests in Market Place center by 68.0% (reaching 100%). We also bought the entire ownership interest in two office towers which are annexed to the shopping center.

On November 25, 2009, there was a shift in our controlling shareholders following our public offering of common shares, in which we raised approximately R$410.0 million. Prior to the offering, our controlling shareholder held 54.5% of our ownership interests. After the offering, the controlling shareholder held 53.9%.

At the end of March 2010, we opened Iguatemi Brasília, our first shopping center in the region and the first shopping center to carry international brands outside of the Rio de Janeiro-SãoPaulo axis. As of March 31, 2013, we held ownership interests corresponding to 64.0% of Iguatemi Brasília.

On March 1, 2011, we conducted our second issuance of unsecured non-convertible debentures for public distribution, approved by our board of directors on February 1, 2011. The issuance consisted of 33,000 debentures with unit par value of R$10,000.0 on the issuance date, totaling R$330.0 million, in a single series, with a five year term, maturing on March 1, 2016.

In April 2011, we opened Iguatemi Alphaville. As of March 31, 2013, we held ownership interests of 78.0%. We also manage this shopping center.

On February 1, 2012, we conducted our third issuance of unsecured non-convertible debentures for public distribution, based on the deliberation of the board of directors held on January 4, 2012. The issuance consisted of 30,000 debentures with unit par value of R$10,000.0 on the issuance date, amounting to R$300.0 million, in a single series, with a six year term, maturing on February 1, 2018, with a CDI rate of 1.00 per annum.

On May 14, 2012, we disposed of 65.0% of our ownership interest in Iguatemi Rio through our subsidiary CSC41 for R$196.8 million.

In June 2012, we opened JK Iguatemi. As of March 31, 2013, we held ownership interests of 50.0%. We also manage this shopping center.

In September 2012, we opened the expansion of Shopping Galleria. As of March 31, 2013, we held ownership interests of 50.0%. We also manage this shopping center.

In December 2012, we acquired 5.0% of Iguatemi São Carlos, increasing our ownership interest to 50.0%.

On February 15, 2013, we conducted our fourth issuance of unsecured non-convertible debentures, in two series, for public distribution. The issuance consisted of 40,000 debentures in the first series and 5,000 debentures in the second series, with unit par value of R$10,000.00 on the issuance date, amounting to a total of R$450.0 million, in two series, maturing on February 15, 2020 and February 15, 2021 for the first and second series, respectively.

On July, 2013, we concluded our primary follow-on offering of R$425,364,100.00

On September 24th, 2013, we inaugurated the In Fashion Outlet Novo Hamburgo, in the state of Rio Grande do Sul, with an total GLA of 20,087 sqm.

On September 30th, 2013, we inaugurated the Iguatemi Ribeirão Preto in the country side of São Paulo estate, with 44,100 sqm of total GLA.

The company concluded on November 13th, 2013, the acquisition of the remaining 50% of the Galleria Mall, now the company holds a 100% stake.

On November 17th, 2013, we inaugurated the expansion of the Praia de Belas Mall adding more the 17.000 sqm to the mall.

On November 18th, 2013, we inaugurated the Iguatemi Esplanada, in the country side of the São Paulo with 39,550 sqm of total GLA.

On February 18th, 2014, we bought an additional 14% stake in Shopping JK Iguatemi, increasing our stake in the mall to 64%.

On April 30th, 2015, we inaugurated the expansion of Iguatemi Campinas, which added 19.1 thousand sqm of total GLA to the Company. The Iguatemi Campinas Complex has now 105.9 thousand sqm of GLA and becomes the Company’s largest mall (with 73.5 thousand sqm of GLA, excluding Boulevard Iguatemi, which is its physical neighbor).

On July 31st 2015, Iguatemi indirectly acquire a 3.75% stake in Pátio Higienópolis Mall I (the mall is comprised of two distinct parts: (i) Pátio Higienópolis Mall I, which is the original asset, with a GLA of 25.8 thousand sqm and (ii) Pátio Higienópolis Mall II, which is the 2010 expansion, with a GLA of 8.3 thousand sqm). A couple months later, on October 1st, 2015, Iguatemi acquired an additional 8.4% stake in Pátio Higienópolis Mall from Fundação Conrado Wessel and now holds a total stake of 11.2% of the consolidated asset.

In September 2015, we inaugurated the expansion of Iguatemi São Paulo, adding 1.188 sqm of GLA to the mall.

On April, 27th, 2016, we inaugurated the expansion of Iguatemi Porto Alegre, adding 20.376 sqm of GLA to the mall. With the expansion, the mall now has a total GLA of 59.302 sqm. Subsequently, in June, we inaugurated the Iguatemi Porto Alegre Tower, an office building adjacent ot the mall, with 10,692 sqm of GLA.

Currently, we have two new centers under development in the cities of Tijucas (I Fashion Outlet Santa Catarina) and Nova Lima (I Fashion Outlet Nova Lima).

Overview

We are one of the leading full-service companies in the Brazilian shopping center industry in terms of GLA, with the most recognized brand in the industry. Currently, we have investments in 17 shopping centers and one outlet (being 16 malls and 1 outlet under our management) and 4 commercial towers, totaling approximately 746 thousand square meters of GLA. Our shopping centers are aimed at upper- and upper-middle-income individuals, to whom we represent a symbol of quality. Our shopping centers are located in the most developed commercial centers in Brazil (the Southeastern, Southern and Midwestern regions) and in the main Brazilian cities. We also develop multi-purpose real estate projects in the vicinity of the shopping centers, in order to benefit from the synergies between these real estate projects and the shopping centers.

Our main shopping centers, Iguatemi São Paulo, JK Iguatemi, Iguatemi Campinas and Iguatemi Porto Alegre, charge rent at a rate within the ten most expensive rent per square meter in Brazil. In particular, Iguatemi São Paulo has the most expensive rent per square meter in Latin America, according to Cushman & Wakefield (Main Streets Across the World, 2014-2015) and information provided by publicly-held companies in the industry. Our portfolio of shopping centers and the services provided to our store owners and customers have created the most recognized shopping center brand in Brazil and the 24th most valuable brand in the country, according to a study conducted by Istoé Dinheiro (50 Most Valuable Brands in Brazil, 2017).

Fechar
Fechar