C&W Cross-Border Team Executes Sale of Three Shopping Malls in Brazil
Brookfield was interested in selling its interest in three shopping centers located in São Paulo, Minas Gerais, and Rio de Janeiro, Brazil. The objective was to maximize the value of each asset by identifying potential buyers in local and international markets and establish a targeted sales process with effective marketing materials. To reach a wide range of potential buyers willing to increase their exposure to the Brazilian market, an efficient communication strategy for the process was critical, especially since the assets are located in three different Brazilian states with specific regional and cultural characteristics.
With the support of Cushman & Wakefield Canada and Brookfield Financial, it was possible to draw from the best of both companies and gain direct access to different markets and investors with different profiles. High-quality marketing tools developed in Canada included e-based information for the preliminary approach and printed material for personal contact. The campaign became increasingly targeted, with detailed information to support valuations presented to a short list of players that had the best non-binding offers. Final negotiations were conducted with three different investors that had the best offers for each of the assets.
After final negotiations that included ROFR, all three assets were sold to three different buyers (local and international) by the end of 2011, with the final sale prices maximized by at least 5% above valuation for each asset. Thanks to the professional way in which our cross-border team managed the project, along with our team's knowledge of the retail market, we were seen by the investors involved as a valuable resource for new opportunities.