Azvalor buys a 4.5% stake in Iguatemi

Spanish asset manager Azvalor reached an equity stake of about 4.5% in mall operator Iguatemi through its global equity fund, according to disclosures released on Friday, September 18. The Madrid firm, which manages about 5 billion euros (roughly 29 billion Brazilian reais), stated that it plans to hold its position until the stock market reflects that Iguatemi's shopping malls are worth more than its market valuation of 7.6 billion Brazilian reais on B3.

Azvalor holds 8.28% of Iguatemi's preferred shares and 2.34% of its common shares, representing 4.48% of total capital, according to B3 data. The manager started buying shares over a year ago. It stated that it does not seek a board seat and has no intention of changing control or management, which remains with the Jereissati family. US asset manager BlackRock also raised its holding to 5% of preferred shares, or 1.81% of total capital.

Iguatemi holds stakes in 17 shopping malls and outlets in Rio Grande do Sul and Santa Catarina. In the first half, its portfolio generated sales of 12.3 billion Brazilian reais, an increase of 8.2%. Pedro Jereissati, chairman of the board, said the company sees room to expand dividends and share buybacks in coming years as its investment cycle winds down, according to a report by BTG Pactual.

The unit of Iguatemi was trading at 26.72 Brazilian reais as of midday on Tuesday, September 22, up 5.5% in 2026 compared to a 15.9% advance for the Ibovespa index, and below its peak of 30.43 Brazilian reais reached in April. Bank of America reduced its price target on Iguatemi to 30 Brazilian reais on August 18 with a neutral rating. J.P. Morgan maintains an equivalent of a buy rating, setting a target price of 36 Brazilian reais for December 2026.