Makro is studying a fractioned sale of its stores
The wholesaler Makro has options to move forward with the sale of its Brazilian operation after the first negotiations with interested parties did not evolve. Valor has found out that representatives of the chain have raised the possibility of selling its 24 stores in a fractionated way. There are already initial contacts with wholesalers to verify their interest.Another possible format involves the entrance of real estate funds into the agreement. A fund would buy Makro’s units in the sale-leaseback agreement and rent the stores to another chain, which would enter into the agreement along with the fund."In this case, there would be a solution giving liquidity for the exit of Makro, which has already defined that it wants to leave the country and, so far, did not change the idea," said a source close to the negotiations.A third way would be a direct sale-leaseback agreement between Makro and the fund, with the company remaining in the country and leasing and operating the stores bought by the fund. It is a simpler solution, but one that is less appealing to the controlling shareholders, since the priority would be a definitive exit.In this option, it would still be on the radar the sales of the buildable area of land to developers, who could build towers in the space. This hypothesis of creating a multi-use area is still, however, in a more preliminary stage.Makro declined to comment on the subject.As Valor anticipated in April, the Dutch group SHV, controller of the chain, wants about R$3 billion for the Brazilian operation, including the real estate branch (worth R$1 billion), considering stores and the distribution center in Cajamar (São Paulo state). Santander bank is the advisor of the wholesale chain. The chains Mufatto, from Paraná, and Spani, from São Paulo, made proposals in recent months, but the talks did not evolve.A source close to Makro’s board says there is no room to negotiate values or a very broad extension in payment terms, which makes an agreement more difficult.Right now, there are greater and minor difficulties along the way for all the alternatives on the table, sources said.In the option of direct negotiation with other wholesalers for the sliced sale of the properties, the advisors have scheduled meetings to hear which points have more interest. Valor has found out that Makro’s advisors have already approached Assaí. The company does not comment.By slicing up the Brazilian operation, the Dutch group would pocket...
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