Ancar invests US$ 376.5 million in enlargement of malls
Valor Econômico 10/04/10
The Ancar group will invest R$ 640 million (US$ 376.5 million), in resources of the very company and of partners in projects, to improve its chain of shopping malls, until November 2012. The group will enlarge three of them and build a new one in Campinas (SP). This year Ancar grew 18% in sales, which means accumulated earnings of R$ 3.5 billion (US$ 2.1 billion) until August. The expectation is to get to the end of 2010 at the same pace, with R$ 7 billion (US$ 4.1 billion) in sales. In 2009, the group got to R$ 6 billion (US$ 3.1 billion), an increase of 13%. Growth is above the market. The Brazilian Association of Shopping Malls (Abrasce) accounts 13.75% of growth in the sector in the first eight months of the year. Besides, it foresees the sales will close the year with growth of 15%.The main investment of Ancar will be made in the Nova America Shopping mall, which will be located in the North Side of Rio: R$ 250 million (US$ 147.1 million). The Mall, which currently hosts a unit of the Estácio de Sá University and a commercial area of White Martins, win gain three corporate towers with 914 rooms and 12 corporate floors, for larger companies. "It is well located. The subway is at the door, it is connected to the Yellow line and it is near the Airport of Galeão", says Marcos Carvalho, co-chair of the group. "It is for those reasons that we bet on its attractiveness".
The second greatest investment of the Ancar group will be the erection of a new Mall in Campinas (SP). It will feature 100 new stores with 40 thousand meters of GLA. The construction will begin in March 2011, with its inauguration scheduled for October 2012. Notwithstanding it is a city that already has malls, Marcos Carvalho believes there is still space in Campinas for a new establishment of that size. "We also invest in places where there are no malls, such as in Porto Velho, for example. But our goal is to always take advantage of a market opportunity".
For now, the mall of Campinas, whose name will be chosen by the local population, will feature 230 commercial stores and anchors like Riachuelo, Renner, C&A and Lojas Americanas. Nonetheless, the company already sees the possibility of expansion and development of areas with offices. "We have 300 thousand square meters of area to build", says Carvalho.
The two other expansions of the group shall take place in the Shopping Rio Design Barra mall, in the West Side of Rio, and in the Center Vale Shopping mall, in São José dos Campos (SP). Each one will cost nearly R$ 50 million (US$ 29.4 million). The establishment of Barra, intended for the AB public, will gain new restaurants and its cinema will be remodeled, as it will gain VIP rooms and wider seats. The commercial center of São José dos Campos will gain 100 new stores only with the remodeling, without it being required to change the GLA. The Ancar group has 16 undertakings, 10 of its own and 6 it manages. Its total Gross Leasable Area is of 683.3 thousand meters.