en.Wedoany.com Reported - Brazilian company Syn Prop Tech adopts founder Elie Horn's close-range management strategy, limiting operations to a radius of approximately 20 kilometers, and aims to boost revenue by investing R$61.6 million in renovating existing shopping malls. Founded in 2007 as a spin-off from Cyrela, the company operates shopping malls, warehouses, and office buildings, with a total leasable area of 168,000 square meters, including Cidade São Paulo, Tietê Plaza in São Paulo, Grand Plaza in Santo André, and Metropolitano Barra shopping mall in Rio de Janeiro.

This strategy stems from Horn's lessons at Cyrela. In a 2024 interview, he acknowledged the mistake of nationwide expansion and emphasized a retreat to core areas. Syn now focuses on São Paulo, within a radius of about 20 kilometers, which is the range Horn can directly oversee. Company chairman Horn holds 38.61% of Syn's shares, Leo Krakowiak holds 22.49%, and the remainder is publicly traded.

Half of the renovation funds have already been invested. Most of the renovations at Cidade São Paulo are complete, with Grand Plaza receiving the largest share of R$23 million, Cidade São Paulo receiving R$22.5 million, and Tietê Plaza and Metropolitano each receiving R$8 million. The goal is to increase foot traffic and average spending per customer by renovating common areas, food courts, and structural components. The company attracts approximately 3.3 million customers per month, with Grand Plaza and Cidade São Paulo each drawing about 1 million, and the other two each around 650,000.

Against the macroeconomic backdrop, with the Selic rate at 14.25% per annum, the company's strategy is similar to that of its industry competitors, focusing on extracting value from existing assets. Last year, total sales from the shopping mall portfolio reached R$3.1 billion, up 5.7% year-over-year, 1.2% higher than the market average. Part of the revenue comes from media, events, and kiosks, which grew 19% in 2025. In the first quarter of this year, net revenue was R$60.1 million, up 9.2% year-over-year; net profit was R$8.4 million, up 24.4%; and physical occupancy rate reached 97%. From January to March, shopping mall sales were R$711.5 million, up 6.9%, with Tietê Plaza accounting for 23% of total shopping mall sales during the period. Cumulatively in 2026, Syn's stock price has fallen 12.4%, with a market capitalization of R$645 million.