Legatus Capital Gestora de Recursos

Legatus Capital Gestora de Recursos is a São Paulo-based boutique founded in 2014 (CVM Declaratory Act No. 13,939, Oct/2014), headquartered in Vila Olímpia — SP. Specializing exclusively in shopping malls, the manager has accumulated a track record over 5 million m² of GLA in Brazil and abroad, with approximately R$ 600 million in structured funds and R$ 250 million in direct asset management. Its listed vehicle is LASC11 (NAV ~R$ 388 mi), complemented by FIP LA Shoppings — a private fund with stakes in Boulevard Brasília (DF), Praça das Dunas (Natal/RN), and Praça Pampulha (BH/MG).

Track record and governance

The manager stands out for a concrete history of allocation and disciplined divestment. The most recent example is the sale of Boulevard Vila Velha (ES) in Jun/2025 with an IRR of 36.64% p.a. — well above the shopping mall segment average — proving the ability to generate real alpha, not just passive income. In Nov/2020, LASC11 increased its stake in Parque Shopping Belém from 24% to 49%, acquiring XP Malls' share for R$ 83 mi in the middle of the pandemic — an opportune move that appreciated with the retail recovery. In Jul/2025, the fund was highlighted by Investidor Institucional magazine among the 10 real estate income funds with the best performance. The fund is administered by Vórtx DTVM, a custodian with a consolidated reputation in the market. Regulatory compliance was updated with CVM Resolution 175 in 2025, with limited liability for unitholders. Point of attention: small manager (~639 unitholders in the main fund), which limits liquidity and corporate structure vs. large competitors.

Strategy and funds under management

Legatus Capital's thesis is vertical and specialized: the manager participates in all phases of shopping mall investment — prospecting, structuring, development, operation, and divestment. This sets it apart from managers who buy shares of already mature assets without operational expertise. The listed portfolio (LASC11) currently concentrates 2 assets after the sale of Vila Velha: Parque Shopping Belém (PA, 49% stake, high-density capital) and Boulevard Campos de Goytacazes (RJ), both in partnership with Aliansce Sonae — a mall administrator with operational muscle. The strategy favors dominant malls in capitals or dense secondary cities, focusing on resilience in crisis cycles. Average occupancy of 97.2% and negative delinquency (-1.5%) reflect the quality of the operated assets. The private FIP LA Shoppings expands the manager's scope to projects under development, signaling an asset pipeline beyond LASC11.

Strengths and points of attention

• Deep specialization: unique in the segment with expertise in all phases (acquisition, development, and divestment), evidenced by the 36.64% p.a. IRR on the sale of Vila Velha.
• Quality operational partner: partnership with Aliansce Sonae in both LASC11 assets reduces operational risk and provides management capillarity.
• Private pipeline: FIP LA Shoppings with 3 assets in different regions indicates a platform vision beyond the listed fund.
• Allocation discipline: divested when it made sense (Vila Velha) — real active management, not passive.

• Extreme concentration: post-2025 LASC11 operates with only 2 assets, increasing idiosyncratic risk due to vacancy or claims in either of them.
• Boutique with limited liquidity: < R$ 2 mi/day and ~639 unitholders — exit execution can be slow during times of stress.
• Lean listed portfolio: with a single FII on the stock exchange, the investor is fully exposed to the shopping mall thesis without a diversification alternative within the manager in the open market.

For which investor it makes sense

Legatus Capital is suitable for the investor seeking stable income with proven active management and who accepts capital concentration in exchange for a superior yield (10.5% p.a. in LASC11) and a discount to NAV (P/NAV ~0.83). The ideal profile tolerates low liquidity, understands the regional mall segment, and values the competence demonstrated in the divestment history. Critical point to watch: the renewal of the contract with Aliansce Sonae (mall administrator) and any sign of declining occupancy in the 2 remaining assets — given the level of concentration, these events have a direct and immediate impact on dividends.