CPSH11 fold bet on I Fashion Outlet NH: cap rate 8.4% worth with Selic to 14.5%?

O O O CPSH11 Paid payout R$ 63.4 millions 63.4 millions to nearly double your slice in no. I Fashion Outlet Novo Hamburgo, rising from 20.6% to 39% participation and becoming the second largest partner of the venture. With Selic at 14.5% a year, a cap rate of 8.4% looks like loss of money — the stopped cash would yield almost double. But the account is not so simple, and the Captaincy has a reasonable argument: the regional dominance outlet is an asset whose income grows with consumption, while the CDI is a passing tax that Copom himself must begin to cut further into 2026.

What is the I Fashion Outlet NH — and why the Captaincy doubled the bet

Before the financial account, the asset. O O O I Fashion Outlet Novo Hamburgo, in the Serra Gaúcha of Rio Grande do Sul, is the The largest premium outlet in Southern Brazil., administered by JHSF (the same as Cidade Jardim and Catarina Outlet). There are about 107,700 m2 of ABL total designed, with brands like Lacoste, Tommy Hilfiger and Nike selling stock tip with discount.

It is worth explaining the difference, because it is the heart of the thesis. Um Um Shopping Conventional Shopping Lives of fixed rent plus a percentage on sales, with mix of anchors and satellites aimed at the consumption of the day to day. Um Um output output output output It is a volumetria machine: it attracts consumers of high purchasing power willing to travel for price, and its revenue grows mainly with the turnover per square meter. The I Fashion NH wheel a wheel NH NOI of R$ 1,839/m2/year/year — above the average of the Capitany mall portfolio. It is a productive asset, not a roadside outlet.

Terms that appear all the time here:: ABL is the Rental Gross Area, the square meter that effectively generates rent; NOI Net Operating Income is the net operating income of the property, the rent after expenses; and Head Rate Head Rate is that NOI divided by the price paid — the annual "interest" that the brick pays. The higher the cap rate, the cheaper you bought the rent.

The cap rate account: 8.4% against a CDI% 14.3% CDI% 14.3%

Here is the inconvenience that every shareholder feels when reading the statement. Capitany paid R$ 63.4 millions for an income that yields 8.4% per year. The same money stopped in CDI, today at ~14.3%, would yield much more. On paper, today, exchange destroys income.

Translating the incremental NOI into income per share, the short-term return is modest. The R$ 5.33 millions/year at the cap rate of 8.4% equal to about €1 million/year at the cap rate of 8.4%. R$ 0.043 per share per year, or just just, or just just, R$ 0.0036 per unit per month per month About 123.2 millions of units. It is little in front of a dividend of R$ 0.11 — but it is an income that tends to grow with the maturation of the outlet, unlike the CDI, which only falls.

What changes to the quotation: before and after

For those who already have CPSH11, what the operation actually changes in the wallet:

Two points of governance deserve attention. First: with 39%, CPSH11 ceases to be decorative partner and becomes a decorative partner. voice relevant in the management of the active voice relevant in the management of the active — even more so — This is the controller. It influences more the mix of stores, the expansion plan and the allocation of capex, without, however, deciding alone. Second: the purchase was not in sight. Search for: R$ 50.8 millions remain as acquisition bonds, with installments between mai/26 and mai/27, corrected by IPCAX.. It is a firm commitment that consumes future liquidity of the fund — part has already been paid with the remaining cash of the 5a 489 issue, of R$ millions, completed in April of 2026.

The elephant in the room: the operating result is below the dividend.

This is the point that separates headline reading from honest analysis. In May of 2026, the CPSH11 generated one. Operating income of R$ 11.70 million, or R$ 0.095 by quote.. The distribution and distribution. R$ 0.11 for quote. In other words: the fund distributed more than the operation produced in the month.

That is why the number one alert for the CPSH11 loader is to track the operating result. month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month month. As long as it is below the dividend, the fund is consuming reserve — and reserve ends.

Where this purchase fits into the 7 portfolio shoppingssx shoppingssx

With the expanded I Fashion NH, the fund maintains 7 shopping malls and consolidated occupation of NH. 96,89% (vacation of 3.11%, pulled by the Iguatemi Forest in Fortaleza, with 10.3% empty stores).). The distribution of weight in the heritage:

A structural trace of the background jumps to the eyes: in 5 of the active 7, the CPSH11 holds less than 10% stake.. It is a minority fund, which reduces control over the operation of assets. This is precisely why the I Fashion NH gains weight in the thesis — when you reach 39%, the Captaincy builds a position where the position is where it is. the the the the the the the the the the the the the influence of truth, in a premium asset of regional dominance. It is the deliberate exception to the minority standard of the portfolio.

A cost alert that does not enter the outlet account, but weighs in the background: the cost alerts. R$ 86 million in Opea CRIs (CDI+1.8% to CDI+2.3%) Today they cost something close to 17% per year gross — unfavorable with high Selic. It is debt that gets more expensive exactly in the scenario where the cap rate of 8.4% looks worse.

Verdict and what to monitor

There is a context that changes the reading of this operation: she is the second deal announced sequentially. Yesterday the Captainty communicated to the Buy 10.68% Shopping Curitiba for R$ 45.2 million, the cap rate of 9.25%. Adding up the two movements, it becomes evident that, in 2026, the CPSH11 is in 2026. Aggressive on M&AX — transforming the 5 cash issue into real estate rent at measured steps. And the resources haven't exhausted yet, which signals that new acquisitions may come.

Opera summary: Double bet on I Fashion Outlet NH is a movement. disciplined and consistent with the history of the management., but of modest return in the short term and bet on the fall of Selic. Who has CPSH11 for the discount on P/VP, for the predictable income and for the quality of management continues with the same thesis. Whoever wants an immediate reprecification catalyst will have to wait for the operating result to touch on the dividend — which, on account of maturity, is history of 12 to 18 months.

About the author The author

Article author Article author Edin Bauer

Investor and founder of Rich to the Few.

—/100Reputation —Articles Articles —Comments Comments —Likes Receipts Received

View Profile →