Multiplan sells R$250m mall stake as Vinci Compass adds Navis platform
Two Brazilian transactions and a string of regulatory and governance setbacks this week highlight how a 14% Selic is reshaping corporate portfolios from shopping malls to asset management and telecoms.
Multiplan, one of Brazil's largest shopping-mall operators, sold a 9.33% stake in Curitiba's ParkShoppingBarigui for R$250 million (roughly US$49.1 million), according to a report published on August 11. The buyer was not named, and Multiplan retains management control of the property.
The disposal fits a pattern investors have come to expect from Brazilian real-estate owners: with the Selic still at 14.00%, operators are trimming non-core holdings to recycle capital into higher-return assets. Multiplan's shares have lagged this year as elevated borrowing costs squeeze consumer spending and property valuations, even though the central bank has begun an easing cycle.
Consolidation in asset management
A day later, Vinci Compass, the wealth-management arm of Brazilian investment firm Vinci Group, announced the acquisition of Navis, a real-estate investment platform with approximately R$800 million (US$157.2 million) in assets under management. Financial terms were not disclosed. The deal, subject to customary regulatory approvals, will fold Navis's portfolio into Vinci Compass's existing property-management business, and the Navis team is expected to stay on.
The transaction reflects a broader consolidation trend in Brazil's fund-management industry, where mid-sized platforms are being absorbed by larger players seeking the scale needed to compete with international firms. Institutional appetite for quality Brazilian real estate persists despite high borrowing costs.
Oi's reporting failures deepen
Less encouraging was confirmation that telecom operator Oi has postponed its quarterly earnings for a fourth consecutive period. The company, mired in a complex judicial reorganization, cited ongoing creditor negotiations and unfinished accounting adjustments. Oi has been selling assets, including its mobile operations, to reduce debt, but has struggled to dispose of remaining holdings such as its data-centre unit and fibre-optic network.
The Brazilian Securities Commission has previously fined Oi for delayed disclosures. Analysts remain sceptical about the company's viability as a standalone entity, and its shares trade at penny-stock levels on the São Paulo exchange. Management has not set a new reporting date, saying results will follow the conclusion of creditor talks that may include debt-for-equity swaps.
Food-delivery exclusivity struck down
In the regulatory sphere, a São Paulo state court ruled that exclusivity clauses imposed by 99Food, the food-delivery arm of China's Didi Chuxing, are anticompetitive and violate consumer-protection law. The lawsuit was brought by a group of restaurants that alleged they were pressured into arrangements effectively barring them from rival platform iFood.
Separately, CADE, Brazil's antitrust authority, reopened its investigation into 99Food's exclusivity practices. The regulator had closed a prior inquiry in 2025 after 99Food pledged to drop the clauses, but new evidence prompted the renewed probe.
Assaí quashes merger speculation
Cash-and-carry chain Assaí categorically denied merger talks with Paraná-based supermarket group Muffato. In a statement, the company said it "does not have any negotiation or conversation with Grupo Muffato about any kind of transaction" and "rejects any news that does not reflect the truth." Assaí shares barely moved on the denial. Controlled by France's Casino Group, the company has been expanding in Brazil's northeast and recently acquired 38 stores from a competitor.
