Altre, from Votorantim, pays R$ 200 million for the 2nd acquisition of a corporate building

Altre owned 50% of the property and is now holding full control. The slice was purchased from Tellus, an asset manager specializing in real estate assets. Altogether, the complex has 36,860 sq meters of gross leasable area (GLA), of which 93% is already leased to names such as PicPay and Drogaria São Paulo. Altre herself will take her office there, starting in December.

The acquisition of half of the Atlas Office Park came out for R$ 200 million, as found by the column from market sources. This values the property at R$400 million, or R$10.8 thousand per sq meter. The development is considered a high-standard property, one of the best in the region, where vacancy is above 20%. The rent there is around R$ 75 to 90 per sq meter, which generates a potential income of approximately R$ 2.8 million per month (considering the current 93% occupancy), according to data from consultants such as Newmark and the SiiLA real estate intelligence platform.

The Votorantim group's new company was created to develop urban projects, subdivisions, development, and construction through partnerships with companies in the sector and real estate funds. It is Altre's second acquisition, and the appetite is big. In September, Altre purchased 60% of the Alto das Nações building from WTorre, in a transaction valued at approximately R$1 billion.

The Atlas Office Park is strategic for Altre. It is located next to another project being developed by the group, called Spark – a complex with commercial rooms, and cultural, gastronomic, and innovation spaces.

Source: O Estado de S.Paulo