Alqia

What Alqia does

Alqia is a Brazilian shopping center management and commercialization company headquartered in São Paulo (Itaim Bibi district), operating a portfolio of 12 shopping centers totaling approximately 400,000 m² of gross leasable area across 10 states (BA, AL, AC, RJ, SP, MG, PR and others). The company, originally founded in 2002 as Saphyr, was acquired by Brazilian investment group HSI (HSI Investimentos) in 2023 and rebranded as Alqia, consolidating it as HSI's dedicated operating platform for retail real estate assets. The portfolio mixes large regional malls (Shopping Paralela at 57,767 m², Via Parque Shopping at 56,453 m², Uberlândia Shopping at 53,490 m²) with mid-size and specialty centers (SuperShopping Osasco, Pátio Cianê, Bossa Nova Mall), collectively attracting roughly 90 million visitors per year and generating R$ 5 billion in aggregate tenant sales as of December 2024 across more than 1.6 million store slots.

The business operates two principal revenue streams: management and administration fees on portfolio assets, and commercialization services that include retail tenant leasing ('Abrir uma loja') and in-mall advertising ('Anunciar nos shoppings'). Tenant relationships span national and international retail brands across apparel (Renner, C&A, Riachuelo), footwear/sporting goods (Centauro, Adidas, Decathlon), accessories (Vivara), dining (Outback, Coco Bambu, Starbucks), specialty retail (Fast Shop, Daiso, Cobasi, Bodytech), and entertainment (Cinemark, Kinoplex). Go-to-market is primarily direct enterprise field sales through an in-house commercialization team, supported by digital lead capture via the corporate website and LinkedIn presence. Operational compliance is documented via OHSAS 18001 and ISO 14001 certifications on key assets, alongside an anticorruption framework aligned to Brazilian Law 12.846/13 and Decree 8.420/15.

The company's strategic posture is one of portfolio curation rather than rapid scale: HSI ownership provides capital and acquisition capacity, recent activity has been two portfolio additions (Aurora Shopping 2024, Via Parque Shopping 2025) against one exit (Manaus ViaNorte 2024), with HSI-linked mall FII HSML11 having listed five assets since 2019 as part of an integrated capital and operations stack. No AI, machine learning, or proprietary technology stack is disclosed in public source material, and pricing is not publicly disclosed.

Name

Alqia

Legal name

Alqia

Website

https://alqia.com.br

Company type

Private

Founded year

2002

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Alqia is a Brazilian shopping center management and commercialization company operating 12 malls totaling 400,000 m² across 10 states. A wholly-owned subsidiary of HSI since 2023 (formerly Saphyr, founded 2002), it serves national retail tenants with management, leasing, and in-mall advertising services.

Ownership category

akta.pro rank

Headquarters

HQ city

São Paulo

HQ country

Brazil

HQ region

Latin America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Shopping Center Management Fees: Alqia generates revenue through management and administration fees from shopping centers. The company operates across all stages from conception to management and commercialization of commercial enterprises.
2. Commercial Leasing: Revenue generated from commercializing retail spaces in shopping centers, including tenant leasing and advertising within shopping mall environments.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Alqia is a Brazilian shopping center management company that operates 12 shopping centers across Brazil with a combined 400,000 m² of gross leasable area. The company provides end-to-end shopping center services including tenant commercialization (leasing), property operations, and retail marketing, serving 90 million visitors per year and generating R$ 5 billion in total sales (as of December 2024). Headquartered in São Paulo, Brazil, Alqia was founded in 2002 (as Saphyr, rebranded to Alqia in 2023) and functions as a wholly-owned subsidiary of HSI (HSI Investimentos).

Product overview

Alqia is a Brazilian shopping center management company founded in 2002 (originally as Saphyr, rebranded to Alqia in 2023 after HSI acquired Saphyr). The company operates a platform of 12 shopping centers across Brazil, providing comprehensive management services from conception through commercialization and day-to-day operations. The portfolio includes shopping centers of varying sizes, from smaller boutique malls like Bossa Nova Mall (8,147 m² ABL) to large regional centers like Shopping Paralela (57,767 m² ABL). Services include property management, tenant commercialization, leasing, and marketing support. The company is part of HSI (Hines Securities Inc.) and manages approximately 400,000 m² of gross leasable area attracting 90 million visitors annually with R$ 5 billion in total sales.

Differentiator

Problem solved

Functional benefit

Products and services

• Shopping Center Management Services End-to-end management of 12 shopping centers across Brazil, including operations, tenant commercialization (leasing), marketing, and property administration. Serves retail tenants (national brands, regional chains, and local retailers) looking to operate within Brazilian shopping centers; serves consumers through the 90 million annual visitors across the portfolio.
• Tenant Commercialization Services Leasing and tenant recruitment services for retail brands seeking space within Alqia's 12 Brazilian shopping centers. Covers anchor tenant sourcing, lease negotiation, and ongoing tenant relationship management.

Quantifiable outcome

• 90 million visitors per year across portfolio
• +2 more outcomes

Named customers16 records

Segments3 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• HSI (HSI Investimentos)flagshipStrategic or Co-development Partner · 1 January 2023HSI acquired Saphyr (which became Aqia) in 2023, making HSI the parent company of the shopping center management operation. HSI is a Brazilian investment group focused on real estate and shopping center assets. The partnership provides financial backing and strategic direction for the shopping center portfolio.

Scale indicators6 records

Recent moves14 records

Expansion highlights4 records

Direct peers

• Multiplan: Brazil's largest publicly listed shopping center operator managing a national portfolio of high-ABL malls. Closest direct competitor to Alqia in scale, geography, and tenant mix.
• BR Malls: Major Brazilian shopping center company owning and operating malls across the country. Comparable to Alqia in operating model, tenant focus, and full-service mall management capabilities.
• Iguatemi Group: Brazilian premium shopping center operator with a portfolio of high-end malls. Directly comparable to Alqia in shopping center ownership and management, with overlap in commercialization and tenant services.
• Ancar Ivanhoe: Brazilian shopping center administrator and operator with a multi-mall portfolio. Closely comparable to Alqia as a third-party shopping center management and commercialization firm.
• General Shopping Brasil: Brazilian shopping center operator focused on middle-market regional malls. Comparable to Alqia in asset class (regional shopping centers), tenant mix, and operating geography in Brazil.
• AD Shopping: Brazilian shopping center administration and management company serving regional and mid-size malls. Direct competitor to Alqia in third-party mall management services.

Broad incumbents

• JHSF: Diversified Brazilian real estate developer with shopping center operations as part of a broader luxury real estate, hospitality, and retail portfolio. Comparable shopping center activities but larger and more diversified than Alqia.
• Simon Property Group: Largest publicly listed US mall operator and a global benchmark for shopping center management. Comparable in business model (full-service mall management and tenant commercialization) but at substantially larger scale than Alqia.
• Unibail-Rodamco-Westfield: Global owner and operator of flagship shopping centers. Comparable to Alqia in shopping center management services, tenant leasing, and mixed-use mall operations, but at a vastly larger scale and with international diversification.

Others

• HSI Investimentos: Parent company of Alqia and Brazilian investment group focused on shopping center and real estate assets. Closely related as the strategic and capital owner of the platform Alqia manages.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/alqia

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Alqia