São Paulo, March 15, 2018 – Further to the Notice to the Market disclosed on January 3, 2018, São Carlos Empreendimentos e Participações S.A. (“São Carlos” or “Company”; B3: SCAR3) hereby informs its shareholders and the market in general that, on this date, Top Center Empreendimentos e Participações Ltda., a subsidiary of São Carlos, entered into a Public Deed of Purchase and Sale, through which it sold its portion equivalent to 63% in Edifício Morumbi Park (“Property”) for R$137.4 million, fully paid on this date.
Added to the sale price of the notional fraction of 37% conducted on November 14, 2017 for R$74.3 million, the total sale price of the Property was R$211.7 million.
The sale cap rate was 7.5%, based on the average lease revenue during the first three years of agreement after the grace period.
This Property is located at Rua Pedro Avancine, 73, in the city and state of São Paulo, and has 22,200 sq.m. of gross leasable area.
After this transaction, São Carlos portfolio has now 81 properties, with its own GLA of 373,894 sq.m. and an estimated market value of R$4.0 billion.
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About São Carlos
São Carlos Empreendimentos is one of the main companies in the sector of investment and administration of commercial properties in Brazil. Its goal is to maximize rental revenues and the real estate portfolio´s market value. Our business strategy includes investing in commercial properties, retrofitting our real estate and increasing rent, and disposing of already matured properties. We currently have a portfolio which includes mostly class A office buildings and retail stores, located in the States of São Paulo and Rio de Janeiro.