When Even () is no longer a shareholder of Melnick (), in the second half of last year, the “marriage” of almost two decades between companies seemed to have come to an end. But the two companies in the real estate sector have just announced that they resumed, in a different arrangement. Now they will be partners in the construction of a specific venture: a high standard property in Vila Madalena, in the West Zone of São Paulo. The partnership marks the arrival of the gaucho developer to São Paulo, where Even is already a player experienced.
In this new configuration, Melnick enters as an investor, injecting resources and consulting for the construction of the venture. Real estate development itself will be done by Even. The venture in question is the Harmonia Project, a high standard building with general sales value (VGV) of approximately R $ 700 million. There are 80 units of about 355 square meters, as well as a complete leisure area, according to a relevant fact released by the company on Wednesday night (29).
In December, Melnick had already announced a similar partnership with the developer Müze, from Santa Catarina, for the construction of the Time venture, in Itajaí. The project consists of seven residential towers, a luxury hotel from the Emiliano chain and has VGV of $ 2.5 billion.
All of these movements have happened inside Melnick Partners, an arm created by the company to explore new developments outside Rio Grande do Sul along with experienced developers in these other markets.
“We have seen that this is a great growth vector for the company. The partners have good projects, but at this point, they are more conservative, ”said CEO Leandro Melnick, Infomoney.
“When interest is high, capital is scarce. So companies prefer to contribute less cash in real estate development, ”he adds.
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Melnick, in turn, has been “suffering” from an excess of capital, according to the CEO. The company raised more than $ 700 million in the stock market in September 2020, when the economy interest were 2% – and in less than a year and a half the rate reached two digits. At this juncture, it was worth the money to make money yielding in the bank than risking investing in growth. And that’s what Melnick did.
“Today we are at the moment ‘D+1’ of IPO, with the capitalization of the company on the same cash level,” says the executive. In partnerships, Melnick enters 25% to 50% of the project value. In Paraná, the company has partnered with Piermonte to build a venture with about R $ 190 million in VGV.
In Rio Grande do Sul, Melnick reconciles its own incorporation with the partnership model and has joined forces with four developers of the region, totaling more than R $ 1 billion in launches in recent years.
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“Today we do not look at the Porto Alegre market as a growth vector. He is not decreasing, but he is stagnant, ”says Melnick.
Even giving vent to the funds that were dammed in cash, the company wants to maintain the history of good payer and ambition to be “the largest dividend distributor in Brazil”. The CEO recalls that, 15 years in a row, Melnick distributed 90% of its average earnings, around R $ 100 million per year.
Check out the full fact of the relevant fact released by Melnick:
Melnick Real Estate Development SA
Open company
CNPJ No. 12.181.987/0001-77
My 43.300.052.885
Relevant fact
Expansion of acting to São Paulo
Melnick Real Estate Development SA (“Company” or “Melnick”), in compliance with the provisions of article 157, paragraph 4 of Law No. 6,404, of December 15, 1976 (“Law of Companies for Action”), as amended, and In CVM Resolution No. 44/2021, as changed, communicates to its shareholders and the general market that will start operating in the real estate market in the state capital of São Paulo, in partnership with Even Construtora and Incorporator SA, registered with CNPJ No. 43,470,988/0001-65 (“Even”-B3:), through a real estate project with general sales value (VGV) of R $ 700 million, and the company’s participation is 25%.
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With this movement, Melnick, which had Even as a shareholder for 16 years of a successful partnership, between 2008 and 2024, advances in its expansion strategy, marking in four important states: Rio Grande do Sul, Santa Catarina, Paraná and now Sao Paulo.
Porto Alegre, January 29, 2025.
JULIANO MELNICK
Financial and Investor Relations Director
