The Fund made its first investments in March of 2014, when it concluded the acquisition of minority interests in two shopping centers:
- 49.0% of Shopping Ilha Plaza, located in the Ilha do Governador neighborhood in the city of Rio de Janeiro; and
- 13.6% of Shopping Pátio Belém, located in the center of Belém, Pará.
The acquisition was concluded on March 11st. 2014 and represented an investment of R$ 171.2 million from which R$ 39.2 million were equity payment and R$ 132 million to be paid in monthly installments for 13 years, at a TR + 9.4% interest rate.
In 2015, the Fund executed a co-investment agreement with a Canadian pension fund, through which the Fund and the Co-investor each agreed to individually acquire interests in four shopping centers, through a real estate investment fund managed by Vinci Gestora. The Fund’s investment amounted to 25% of the aggregate investment, comprised of the following interests being owned directly by the Fund:
- 11% of Shopping Paralela, located in Salvador, Bahia;
- 7.5% of West Shopping, located in the Campo Grande neighborhood in the city of Rio de Janeiro;
- 17.5% of Crystal Shopping, located in the Batel neighborhood in Curitiba, Paraná; and
- 7.5% of Center Shopping Rio, located in Jacarepaguá in the city of Rio de Janeiro.
The acquisitions were concluded on September 30, 2015 and represented an investment of R$100.6 million, R$28 million of which cash and R$72.6 million in monthly installments for a term of 14 years, restated by the TR rate plus interest of 9.85% p.a. The down payment was made with the proceeds from the Fund’s second share issue.
On October 2017, the Fund concluded a new offering raising a total of R$230.3 million that will be used to pre pay part of the existing leverage and acquire assets. The Fund´s share were listed at B3 on November 1st. 2017 under the ticker VISC11.
On December 2017, the Fund acquired a 12,5% stake of shopping Granja Vianna, the first asset of the portfolio located in São Paulo.