CPSH11 and 8o shopping: the shopping account of Shopping Curitiba Curitiba

1. What happened, exactly, exactly.

The CPSH11 is a shopping mall FII. Premium Premium Premium Premium Premium Premium with active management of Capitânia — one of the few segment that turns real portfolio, buying and selling shares instead of just loading real estate. In the first cycle, this rotation delivered a TIR of 22.5% a.a., driven by capital gains on well-timed sales.

The deal announced on 04/07 is the latest piece of this strategy. The fund acquired a minority share — — 10,682% ← Back to the Beginning Shopping Curitiba Shopping Curitiba, a development located in the central region of Curitiba (PR), one of the most traditional shopping centers in the capital of Paraná. The check was from de. R$ 45.2 millions 45.2 millions, disbursed from the box in 26/06/2026, even before the publication of the relevant fact.

Three numbers define the quality of the business: the Price Price (R$ 45.2 MM), a “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ Participa “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ Participa “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ (10.682%) and the Head Rate Head Rate (9.25% a.a.). The cap rate is the heart of the analysis — and that's where most of Club FII's doubts are concentrated.

2. Was it a good deal? The trap of "9.25%< CDI"

The instinctive reaction of very unitholder is: "cap rate of 9.25% with CDI to 14.5%? That's it. Destruction destroyer “Value.” The account seems obvious — why lock money into a property that yields 9.25% when fixed income pays 14.5%? But the comparison is wrong in two points.

First: the money was not rendering CDI full. The R$ 45.2 millions came from the cashier of the 45.2 million. 5a emissions emission, completed in April of 2026, which captured R$ 489 million by issuing 43.5 million shares at R$ 11.25. FII issuing box is held in DI funds and immediate liquidity bonds yielding yields. Down below. of the gross CDI — and worse, financial return is diluted by the large number of new units. The real opportunity cost of the stopped money was not 14.5%; it was much less, after rates and dilution. The real choice was not "shopping at 9.25%" vs. vs. CDI to 14.5%", e sim "shopping to 9.25%%" vs. vs. idle cash yielding well less than that, with no entry deadline."

Second: cap rate of premium shopping is different from fixed income coupon. A cap rate of 9.25% in the dominant shopping is ← Along the way segment pre-2020 historical average, which rotated close to 7.5% on quality assets. That is to say: by the standards of the shopping mall market itself, the Capitania bought cheap. And the cap rate does not capture two sources of return that fixed income does not have: a Real rental correction of rentals (adjustment by price index plus rental percentage on growing sales) and the (adjustment by price index plus rental percentage on growing sales) and the (adjustment by price index). Capital gain potential capital gain potential on resale — exactly what generated TIR of 22.5% in the first cycle of the background. exactly what generated the TIR of 22.5% in the first cycle of the background.

3. What does this change in the dividend?

Here is the metric that matters to the income quotist: how much the purchase adds to the result per share. The account is direct.

In other words: if Shopping Curitiba performs as the cap rate designs, it adds about one percent. R$ 0.028 per unit per month per month to the result — the equivalent of approximately 25% of the current dividend dividend from R$ 0.11. from R$ 0.11. It is a relevant contribution to a single minority share asset.

Why does it matter so much? Because there is one because there is one. Ga Ga Ga Ga Ga Ga Ga to close. In May of 2026, the recurring operating result was R$ 0.095/unit — below the distributed dividend of R$ 0.11. The difference of R$ 0.015/unit was covered by reserve of accumulated results. This is not a sign of immediate fragility (the bottom has reserve), but it is a gap that needs to be closed by recurring cash generation, and not indefinitely by reserve.

This is exactly the gap that the new acquisition attacks. A contribution of ~R$ 0.028/unit more than compensates the hole of R$ 0.015/unit — in thesis, transforming a recurring result. Deficit deficitary In the US Survival of the fittest In front of the DPS. The caveat: part of the cash of the 5 issue is still being allocated, so the full effect only appears when the asset enters the full period result and when the rest of the idle cash is also invested.

4. The portfolio now with 8 shoppingssX

With Shopping Curitiba, CPSH11 expands geographical diversification — now with presence in SP, RN, CE, RS and, for the first time, PR. The holdings follow minority, between 2% and 21% in each asset, which is structural characteristic of the fund (it is buyer of slices, not of whole malls).

The concentration at Midway Mall (31% of PL) remains the main focus of the portfolio — it is a dominant asset at Christmas, but pulls much of the bottom line. Each new minority acquisition, such as Shopping Curitiba, dilutes this weight a little and improves the risk profile. Curitiba is a competitive market (there are other relevant malls in the city), but the acquired venture is traditional and mature, with consolidated flow — it is not an asset in speculative ramp-up.

5. The three questions that always appear

"Why buy shopping with CDI from 14.5%?"
Because the alternative was not the full CDI, but the emission box stopped yielding less than that, diluted by 123 millions of units and no defined deadline of entry. To allocate on a real asset that generates growing NOI and potential capital gain is financially better decision than to leave the money of quotationists idle indefinitely. Management caught to invest — not to carry box.

"Will the dividend fall?"
On the contrary: the acquisition works in favor of the dividend. It adds ~R$ 0.028/unit/month, more than enough to close the gap of R$ 0.015/unit between recurring result and the DPS of R$ 0.11. If the asset performs as projected, the recurring result tends to rise — reducing reserve dependence. The risk of cutting would come from a general drop in occupancy or sales in the malls, not from this purchase.

"Is the fund manager diluting too much the quotationists?"
The emission of 5 was great (R$ 489 MM, units jumping from 79.7 MM to 123.2 MM). Dilution only destroys value if the cashier stands still or is poorly invested. What you see is the opposite: within a few months of issuance, the Capitania allocated a sequence of assets (extension of the I Fashion Outlet and now Shopping Curitiba), putting the money to work at an accelerated pace. The issue was made at R$ 11.25 — above the current quote of R$ 9.92, which means that those who were already quoted were not diluted at a vil price. The final judgment depends on the performance of the purchased assets, but the speed and discipline of allocation are points in favor of management, not against.

The risks that remain on the table remain.

No honest analysis ends without the counterpoints. The CPSH11 has got Historical Short History (3 years) — TIR of 22.5% of the first cycle is excellent, but it is a small sample. As As Minority participations Minority participations (10.682% in Shopping Curitiba, between 2% and 21% in others) mean that the fund rarely controls asset management — it depends on the administrators of each shopping mall. The The The The The The The The Recurring revenue does not yet cover the DPSXX on their own, even if the new purchase pushes in that direction. And there are them. R$ 50.8 MM outstanding bonds I Fashion Outlet until May of 2027, who consume part of the box ammunition.

To track updated indicators, documents and full background analysis, see the page of the fund. CPSH11 in the Rich to the Few.

About the author The author

Article author Article author Edin Bauer

Investor and founder of Rich to the Few.

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