On Wednesday (5), real estate investment fund GGR COVEPI RENDA (GGRC11) announced that Suzano S.A. will vacate its distribution center in Campinas. The lease was not renewed after 17 years of occupancy, and the pulp and paper company has until May to vacate the property.

"Following extensive discussions with Suzano S.A. regarding the renewal of the lease agreement, originally signed on June 2, 2008, for the Distribution Center located in Campinas/SP, the Fund was formally informed of Suzano’s decision not to renew the Agreement due to a corporate strategy," the company stated in a material fact announcement.

According to the document released by Zagros Capital, an agreement was reached for Suzano’s departure. In addition to rent payments, the company will make an additional payment of R$ 7 million by February 20.

The total amount paid by Suzano is estimated at approximately R$ 13.2 million. These funds will be allocated to property improvements, maintenance, strengthening the cash reserve, and distributing earnings, which translates to around R$ 0.10 per share.

According to official information, the property represents 4.94% of GGRC11’s gross leasable area (GLA) and contributes 3.76% of the fund’s total revenue.

Suzano informed REsource that it will transfer its operations to the city of Americana to optimize its logistics operations.

“In the first half of 2025, the company will relocate its Campinas Distribution Center to Americana, in the state of São Paulo, following the end of the lease agreement and aiming to enhance the company's operational efficiency. The transition will take place gradually, and all direct employees will be relocated to the new facility,” the company stated.

Zagros Capital did not respond to REsource’s inquiries by the time this article was published.